{"id":3567,"date":"2012-06-26T09:04:05","date_gmt":"2012-06-26T14:04:05","guid":{"rendered":"http:\/\/profs.wisc.edu\/?p=3567"},"modified":"2012-06-26T09:04:05","modified_gmt":"2012-06-26T14:04:05","slug":"pew-wrs-strongest-in-nation-study-due-june-30-governor-open-to-changes","status":"publish","type":"post","link":"https:\/\/profs.wisc.edu\/?p=3567","title":{"rendered":"Pew: WRS Strongest in Nation; Study Due June 30; Governor Open to Changes"},"content":{"rendered":"

\"\"As reported<\/a> earlier this year,\u00a0Wisconsin Act 32<\/a> (the 2011-13 biennial budget)\u00a0calls<\/a> for a study of the Wisconsin Retirement System (WRS). The study, due later this week, will examine the establishment of a defined contribution plan, like a 401(k), as an option for participating employees. Employees are currently served by a pension-style defined benefit plan.<\/p>\n

The\u00a0Department of Employee Trust Funds<\/a>, the\u00a0Department of Administration<\/a>, and the\u00a0Office of State Employee Relations<\/a> will jointly conduct the investigation, which will also consider allowing employees to opt-out of making contributions to WRS.<\/p>\n

Both the Milwaukee Journal Sentinel<\/a><\/em> and Wisconsin State Journal<\/a><\/em> have written extensively on WRS and pension issues. Most recently, the papers noted that the Pew Center on the States<\/a> found that WRS is fully funded and one of just a few “solid performers” in the country. A fact sheet<\/a> about the state’s pension fund in 2010 shows that Wisconsin paid 108 percent of the recommended contribution to its pension fund. According to Pew,<\/a> most experts say that a fund should be at least 80 percent funded. Wisconsin also compares favorably to other states for retiree health care costs, which are 38 percent funded, compared to a national average of just 8 percent.<\/p>\n

Governor Scott Walker addressed<\/a> the Chicago Commercial Club Monday afternoon to talk about pension reforms<\/a>. Illinois’ pension system is only 45 percent funded, the lowest in the nation according to the Pew report<\/a>. Walker told<\/a> reporters after the speech that while he is not currently proposing changes to WRS, he is open to future changes:<\/p>\n

“What I’ve said is I’m not proposing any changes at this time. That doesn’t mean I won’t be open to them.”<\/p><\/blockquote>\n

Any changes to WRS would require approval by the governor and legislature. Walker also noted that he cannot change the benefits of those participants who are already retired.<\/p>\n","protected":false},"excerpt":{"rendered":"

As reported earlier this year,\u00a0Wisconsin Act 32 (the 2011-13 biennial budget)\u00a0calls for a study of the Wisconsin Retirement System (WRS). The study, due later this week, will examine the establishment of a defined contribution plan, like a 401(k), as an…<\/p>\n

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