Wisconsin

AB 403 was introduced by Representative Genrich, et al. on June 21, 2017. 

LEGISLATIVE STATUS:

Introduced In Committee On Floor Calendar Passed Chamber
Assembly  ✓  ✓
Senate
Passed Legislature On Governor’s Desk Governor Acted Session Law
After Passage

July 5, 2017 – Fiscal estimates received. The Department of Employee Trust Funds is expected to incur costs in preparing and submitting funding requests for Board support to carry out the requirements of the bill. The State of Wisconsin Investment Board estimated that it would incur costs of $23,344 to cover compensation and travel costs during the 18-month study period for each member of the nine-member Board.

June 21, 2017 – Read first time and referred to Committee on State Affairs.

SB 302 was introduced by Senator Hansen, et al. on June 15, 2017.  

LEGISLATIVE STATUS: 

Introduced In Committee On Floor Calendar Passed Chamber
Assembly
Senate ✓ ✓
Passed Legislature On Governor’s Desk Governor Acted Session Law
After Passage

July 3, 2017- July 7, 2017 – Fiscal estimates received. The bill is anticipated to have no fiscal impact on the Department of Financial Institutions. The Department of Employee Trust Funds is expected to incur costs in preparing and submitting funding requests for Board support to carry out the requirements of the bill. The State of Wisconsin Investment Board estimated that it would incur costs of $23,344 to cover compensation and travel costs during the 18-month study period for each member of the nine-member Board.

June 15, 2017 – Read first time and referred to Committee on Workforce Development, Military Affairs and Senior Issues.

Last updated 12/20/2017.

PROPOSED STUDY BILL CHARACTERISTICS

Bill Number SB302; AB 403
Study Entity Wisconsin Private Retirement Security Board
Scope of Study The nine-member Board must:

  1. Conduct a study to determine the feasibility of establishing a plan. The feasibility study must estimate the potential population that is likely to choose to participate in the plan, the potential cost of implementing the plan, and must recommend a design and structure for the program.
  2. Hold public hearings to receive testimony relating to the feasibility study and to the recommended design and structure of the plan.
  3. Based on the feasibility study, the recommended design and structure of the plan, and the testimony received at the public hearings. The Board must design the plan so that the design and structure of the plan matches the design and structure of the Wisconsin Retirement System. The State of Wisconsin Investment Board and the Department of Employee Trust Funds will assist in the managing and investing the assets of the fund and the assets of the accounts of participants in the plan.
Program Funding The bill requires the Department of Employee Trust Funds to submit an estimate to Joint Committee on Finance (JCF) for supplemental funds from the general fund to be credited to the general purpose revenue (GPR) appropriation of the board created under the bill. The estimate must include the initial cost of establishing the board, conducting the feasibility study, holding the public hearings, designing the plan, and preparing and submitting the report.
Study Deadline By no later than the first day of the 18th month beginning after the effective date of the bill, submit a report to the legislature, the governor, and the members of the Joint Committee on Finance summarizing the conclusions of the feasibility study, the testimony received at the public hearings, and the design of the plan.

 

2017 State Legislative Session Dates: January 3, 2017 – * 

Visit the official website for the Wisconsin State Legislature.

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Source: Georgetown University’s Center for Retirement Initiatives