2015 AB 70 and 2015 SB 45 create the Wisconsin Private Retirement Security Board, which must establish a private retirement security plan to provide retirement benefits for residents of the state who choose to participate in the plan. The board is created within ETF by Chapter 15.
The bill requires the Board, with the assistance of ETF, to conduct a study to determine the feasibility of establishing a plan, conduct at least five public hearings throughout the state and design the plan.
Eighteen months after the effective date, the Board must submit a report to the legislature, the governor and the Joint Committee on Finance with the following information:
- The conclusions of the feasibility study.
- A summary of the testimony received at public hearings.
- The proposed design of the plan.
- An estimate of the cost of the cost of the initial establishment and administration of the plan.
- An estimate of the amount of time necessary to make the plan viable.
- A recommendation for any legislation necessary to implement the plan
ETF is required to provide staff and resources to assist the board. The bill creates new appropriations within ETF’s Chapter 20 to fund ETF’s and the Board’s responsibilities. ETF shall submit a request to the Joint Committee on Finance for a supplement for the initial costs of funding activities required by this bill. The bill provides that no moneys from the public employee trust fund may be expended for activities required by this bill.
2015 SB 45 was introduced by Sen. Hansen and referred to the Senate Committee on Labor and Government Reform. 2015 AB 70 was introduced by Rep. Genrich and was referred to the Assembly Committee on Financial Institutions.
A public hearing on 2015 SB 45 has been scheduled for December 10, 2015.
Please contact Tarna Hunter, ETF’s Government Relations Director, if you have any questions.