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 covered is July 1, 2023 – June 30, 2025. Here are a few highlights of our biennial budget request:
- Position and spending authority request to replace antiquated legacy IT systems. ETF currently operates a portfolio of legacy systems that range in age from 9 to 36 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 requests included in this budget will provide the resources to fully execute these projects.
- 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, from 2010 to 2020 the retiree population increased by 41.9%, and 147 more employers joined the Wisconsin Retirement System.
- Position request to enable ETF to manage actuarial and accounting responsibilities related to actuarial valuations, financial reporting, and the proper implementation of accounting statements promulgated by the Governmental Accounting Standards Board.
- Statutory changes necessary to complete ETF’s disability programs redesign project. The changes will streamline the state’s disability programs currently offered to employees. The changes, approved by the ETF Board and the Group Insurance Board, also support the long-term sustainability of the disability programs administered by ETF.
The next steps in the process involve state budget office review and potential inclusion in Wisconsin’s 2023-2025 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.
ETF’s Government Relations Web Page
The Department of Employee Trust Funds monitors legislation that may affect the Wisconsin Retirement System and its retirement, insurance and other benefit programs. Follow along—visit our Government Relations web page for news, information and resources. In addition, sign up for ETF E-mail Updates to receive email notices from ETF about legislation affecting the WRS. To register, click on the red envelope icon on our website.