Press Release

For Immediate Release
October 30, 2002

Contact: Pam Henning, (608) 267-2929

ETF Deputy Secretary Named President of National Council on Teacher Retirement

MADISON -- The Department of Employee Trust Funds announced today the election of Deputy Secretary David Mills to President of the National Council on Teacher Retirement (NCTR). Mills, who as Deputy Secretary will continue to serve the 506,000 members of the Wisconsin Retirement System (WRS), moves into the position after five years on the national organization's Executive Committee, where he previously held posts as President-elect and Secretary/Treasurer. He was named NCTR President at the group's recently held annual convention.

Headquartered in Sacramento, California, the NCTR is an 80-year-old independent organization that works to safeguard the integrity of U.S. public teacher retirement systems and promote the rights and benefits of its members. NCTR's active membership covers 67 state, territorial, local, and university pension systems and seven associate member retirement systems. These systems serve over 13 million active and retired teachers, non-teaching personnel, and other public employees and have combined trust fund assets of over $1.3 trillion. Delegates voting at the annual conference included the 300 trustees and administrators of the member teacher retirement systems.

In addition to providing guidance in the development and management of financially sound and equitable retirement plans for public employees, the organization's mission is to:

• Foster progressive leadership and sound program management among plan directors, administrators, and trustees and act as a catalyst in dealing with federal legislative and regulatory issues that impact plan administration.
  
• Provide a national forum for the discussion and resolution of public policy issues affecting public pension funds.
• Encourage the development of standards of conduct for plan fiduciaries that assure control and management of plan assets for the exclusive benefit of members and beneficiaries.
• Encourage NCTR member systems to develop a statement of investment objectives and policies designed to protect plan assets and to achieve the best possible investment yields, consistent with the standards of prudence imposed upon funding fiduciaries.

Mills is the organization's first president from Wisconsin. He was named Deputy Secretary of the Department of Employee Trust Funds (ETF) in 1992, after serving five years as a division administrator. He previously held budget and policy administrative posts in the Wisconsin Department of Health and Family Services.