The Department of Employee Trust Funds submitted its biennial budget request to the Department of Administration in September, after review and endorsement by the ETF Board. The period covers July 1, 2025 to June 30, 2027. Here are a few highlights of our request.
Spending authority request to replace antiquated legacy pension administration systems. ETF currently operates a portfolio of legacy systems that range in age from 11 to 38 years old. These systems significantly increase agency risks related to information security, fulfillment of business objectives, financial costs, and agency reputation. ETF has embarked on multiple projects intended to lessen these risks and enhance the quality of service we provide. The request included in this budget will provide the resources to support the successful implementation of these projects.
Position and spending authority request to help manage and reduce agency risk and continue to improve ETF’s information security management practices. ETF continues to adopt more digital technologies and pursue new business models to support enhanced customer experiences. While implementing modern IT systems is a good business practice, it also comes with increased risk of cyberattacks, data breaches, and other cyber events.
Position request to maintain service levels for basic, critical customer service functions for members and employers. ETF’s member and employer populations have significantly increased. For example, since 2014, the retiree population increased by 25%, and 250 more employers joined the WRS.
Position request for ETF to manage actuarial duties related to actuarial valuations and financial reporting.
The next steps in the process involve state budget office review and potential inclusion in Wisconsin’s 2025-2027 executive state budget, which will be introduced by Gov. Tony Evers in February. After that, the budget will be up for review and action by the state legislature.