The Department of Employee Trust Funds submitted its biennial budget request to the Department of Administration in October, after review and endorsement by the ETF Board. The period covered is July 1, 2021-June 30, 2023. Here are a few highlights of our biennial budget request:
- Consolidate the Wisconsin Retirement Board and the Teachers Retirement Board into the ETF Board. The proposed merger reduces the number of boards from three to one and the number of retirement board member positions from 35 to 13. The practical result of this merger will create greater efficiencies, reduce costs, and mirror best practices for retirement board governance while retaining representation of WRS participants and stakeholders. All three boards worked together to request this change.
- Position requests for two computer and internet security analyst positions to enhance our robust cybersecurity program.
- Position request for a data services specialist to support our data management program and initiatives. This position is essential for ETF to build an effective data management program that supports a successful transition to modern benefit administration systems and on-going digital business operations into the future.
- Statutory changes necessary to complete ETF’s disability programs redesign project. The changes will streamline, simplify, and reduce duplication of the disability programs we currently offer to state and local government employees.
- Create an independent Office of Internal Audit at ETF. This change is consistent with auditing best practices of public employee retirement systems and is essential to ensure that ETF’s internal auditing function is an independent, objective consulting activity designed to add value and improve ETF’s operations.
The next steps in the process involve state budget office review and potential inclusion in Wisconsin’s 2021-2023 executive state budget, to be introduced by Governor Evers in February. After that, the budget is up for review and action by the state legislature.
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