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  4. <title>News &amp; Press</title>
  5. <link>https://wrea.net/news/</link>
  6. <description><![CDATA[ Read about recent events, essential information and the latest community news.  ]]></description>
  7. <lastBuildDate>Thu, 2 May 2024 04:49:36 GMT</lastBuildDate>
  8. <pubDate>Tue, 26 Mar 2024 13:48:00 GMT</pubDate>
  9. <copyright>Copyright &#xA9; 2024 Wisconsin Retired Educators&apos; Association</copyright>
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  12. <title>State Pension System Is a Huge Success</title>
  13. <link>https://wrea.net/news/668380/</link>
  14. <guid>https://wrea.net/news/668380/</guid>
  15. <description><![CDATA[<p><img alt="" src="https://wrea.net/resource/resmgr/images/bruce_murphy.jpg" /><br />Bruce Murphy<br /></p><p style="background: white; line-height: 24pt;"><b><span style="font-size: 21pt; font-family: Helvetica, sans-serif; color: #214185;">State Pension System Is a Huge Success</span></b></p><p style="background: white; line-height: normal;"><span style="font-size: 10.5pt; font-family: Helvetica, sans-serif; color: #444444;">Retirement system that Gov. Walker tried to change is nationally renowned, helps reduce wealth gap.</span></p><p style="background: white; line-height: normal;"><i><span style="font-size: 9.5pt; font-family: Helvetica; color: gray;">By&nbsp;</span></i><span style="color: black;"><a href="https://urbanmilwaukee.com/author/bruce/" title="Posts by Bruce Murphy"><i><span style="padding: 0in; font-size: 9.5pt; border: 1pt none windowtext; font-family: Helvetica; color: gray;">Bruce Murphy</span></i></a></span><i><span style="font-size: 9.5pt; font-family: Helvetica; color: gray;">&nbsp;- Mar 12th, 2024 12:09 pm</span></i></p><p style="background: white; line-height: normal;"><i><span style="font-size: 9.5pt; font-family: Helvetica; color: gray;"></span></i><span style="font-size: 11.5pt; text-align: center; font-family: Helvetica, sans-serif; color: #444444;">I doubt whether the average citizen in this state understands just what an incredible retirement system the state of Wisconsin has.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">For starters it is huge. It&nbsp;</span><span style="color: black;"><a href="https://www.visualcapitalist.com/wp-content/uploads/2022/11/The-Worlds-100-Largest-Pension-Funds.html"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">ranks</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;as the 25th largest pension fund</span><i><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica; color: #444444;">&nbsp;in the world</span></i><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;and the ninth largest in the U.S. Only the much bigger states of California, New York, Texas and Florida have larger funds.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">What makes Wisconsin’s system so much larger than in nearly every state is how all-encompassing it is. Nationally, there are&nbsp;</span><span style="color: black;"><a href="https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-and-local-backgrounders/state-and-local-government-pensions#question1"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">5,232 state and local pension plans</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;or an average of more than 100 per state. Pennsylvania leads the way with an astounding 1,594 retirement systems and Illinois is second, with 651.</span><br /></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> But in Wisconsin nearly every government worker is part of the state system, including public employees of the state and nearly every county, city, town, and village, as well as the University of Wisconsin system, vocational-technical colleges and 421 public school districts. Only the City of Milwaukee and Milwaukee County, which have their own pension systems, are not part of the state plan, but recent state legislation giving the city a new sales tax and increasing the county’s sales tax also calls for the eventual absorption of all city and county employees by the Wisconsin Retirement System (WRS).</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">As of Dec 31, 2022 there were&nbsp;</span><span style="color: black;"><a href="https://legis.wisconsin.gov/LAB/media/3646/23-14full_090228.pdf"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">677,905 individuals covered by the WRS</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">, including 260,504 active participants, 232,384 retirees, and 185,017 inactive participants, such as former employees, who were not yet receiving benefits.&nbsp;A remarkable “one in five Wisconsin residents are either a WRS member or are affected by the WRS as a family member,” its&nbsp;</span><span style="color: black;"><a href="https://etf.wi.gov/publications/et7100/download?inline="><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">website</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;notes.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> And for those recipients, the pension helps them maintain a good life. The average pension amount is&nbsp;</span><span style="color: black;"><a href="https://etf.wi.gov/publications/et-8908/download?inline="><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">$26,933 per year</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">A new&nbsp;</span><span style="color: black;"><a href="https://www.nirsonline.org/resources/closing-the-gap/"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">study</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;by the National Institute on Retirement Security has found that such pensions have helped reduce the wealth gap in the U.S. The report found the wealth value of public pensions “is distributed more equitably by race and gender than other private financial assets, thereby narrowing the wealth gap among older families. For example, public pensions are a key pillar of Black middle-class economic security, increasing the median wealth of older Black families by 46 percent.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> The study found that 87% of public sector workers in Wisconsin participated in a retirement plan, compared to just 62% of private sector workers. The difference could be seen among all groups — men, women, whites, minorities, college educated or non-college educated — were all more likely to have a retirement plan if they worked in the public sector. And all groups benefitted financially. For instance, the study found the public sector employs 10% of workers of color and accounts for 18% of retirement plan participants of color in Wisconsin.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">And this tremendous financial benefit has come at a small cost to taxpayers because the WRS is so well-run. In another new&nbsp;</span><span style="color: black;"><a href="https://www.nasra.org/files/Issue%20Briefs/NASRACostsBrief.pdf"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">report</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">, released in February 2024, the National Association of State Retirement Administrators listed Wisconsin as the third-lowest-cost state in terms of contributions to pension as a percentage of all state spending at 2.12%. That was well below the 50-state average of 5.06% and far below the top state of Connecticut at 14.16%.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> According to a recent public pension fund administration study, the&nbsp;</span><span style="color: black;"><a href="https://etf.wi.gov/publications/wrs-studypdf/direct"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">annual administrative expenses</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;associated with WRS retirement and disability programs was $51 per member, compared to $79 per-member for peer systems. And Wisconsin employs one full-time equivalent staff person per 2,100 members, compared to the peer system median of one per 1,500 members.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> Over the past 10 years&nbsp;</span><span style="color: black;"><a href="https://etf.wi.gov/news/etf-board-approves-contribution-rates-2024#:~:text=Investment%20income%20accounts%20for%20approximately,the%20WRS%20is%20100%25%20funded."><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">84% of WRS revenues</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;have come from investment earnings, another measure of how well-run the system is.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> The WRS is also more fiscally solvent than nearly any state pension system. A September 2022&nbsp;</span><span style="color: black;"><a href="https://equable.org/unfunded-liabilities-for-state-pension-plans-2022/"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">ranking</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;by the government pension analyst Equable found Wisconsin was the fifth-best funded state pension plan in the nation, at 102% funded, meaning it actually had 2% more total assets than liabilities. This was far above the 50-state average of 77.9% funded and light years ahead of the worst states, New Jersey, Illinois, and Kentucky, which were just 52% funded.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> And that state average is likely to decline: A 2023&nbsp;</span><span style="color: black;"><a href="https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2023/11/public-retirement-systems-need-sustainable-policies-to-navigate-volatile-financial-markets"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">report</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;by the Pew Charitable Trusts noted the historic problems of underfunded state pension systems and predicted the 50-state average would dip to a projected 71% funded by the end of 2022.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">The report singled out Wisconsin and three other states as exceptions that have “demonstrated that fiscal discipline and sound policy can help states keep pension promises by maintaining full funding and stable costs.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">As impressive as these new reports are, research on the general excellence of Wisconsin’s system goes back many years. Yet Gov.&nbsp;</span><span style="color: black;"><a href="https://urbanmilwaukee.com/people/scott-walker"><b><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica; color: #444444;">Scott Walker</span></b></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;and some Republican legislators believed the state should consider a 401(k) system like most private companies have.&nbsp;To that end, the language of the Act 10 law decimating public worker unions commissioned a study of the state’s pension system to compare its “defined benefits” plan for employees to an optional “defined contribution” plan like a 401(k) option.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> The study, completed in 2012,&nbsp;</span><span style="color: black;"><a href="https://etf.wi.gov/publications/wrs-studypdf/direct"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">buried the idea</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;that a 401(k) system would be better for Wisconsin.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> It found Wisconsin has “one of the lowest pension system costs for taxpayers in the nation” and “contains many pension policy best practices, such as a disciplined funding model and risk-sharing mechanisms that have allowed it to minimize the risks for taxpayers.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">The study also found Wisconsin’s pension benefit, where employees earn 1.6 percent of their final average salary for each year worked, “is lower than the average 1.95% multiplier reported in the Wisconsin Legislative Council’s… study of major public employee retirement systems.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">As for a 401(k) plan, an actuarial analysis found that to provide a comparable benefit to employees, an optional defined contributions plan “would require higher contributions than employers and employees currently pay.” The study also noted “numerous” past studies that a voluntary plan like a 401(k) results in many employees not signing up, reducing the size and growth of the retirement fund, “because of reduced economies of scale as well as restricting investment in certain asset classes.” Having state investment experts making decisions on how to invest the money rather than each individual employee (as in 401(k) plans), has resulted in far greater investment returns.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">In reaction, Walker declared that the report “confirms that both taxpayers and pensioners are getting a great deal with the WRS,” adding “I want to be very clear: I am currently not planning to make any substantial changes to the WRS.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">But Walker often announced he didn’t favor something only to adjust the message in the opposite direction, as Urban Milwaukee&nbsp;</span><span style="color: black;"><a href="https://urbanmilwaukee.com/2014/12/23/murphys-law-scott-walker-master-of-deception/"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">documented</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">. Moreover, his statement that he didn’t plan “any substantial changes” left the way open for some change. And sure enough, in 2015 some Republican&nbsp;</span><span style="color: black;"><a href="https://urbanmilwaukee.com/2015/07/09/murphys-law-the-attack-on-government-pensions/"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">slipped in a last-minute budget provision</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;to overhaul the&nbsp;</span><span style="color: black;"><a href="https://urbanmilwaukee.com/government/joint-survey-committee-on-retirement-systems"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; font-family: Helvetica, sans-serif; color: #444444;">Joint Survey Committee on Retirement Systems</span></a></span><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">, created in 1947, which had helped safeguard the state pension system for 68 years.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> Under the law, the committee has 10 members, including six legislators and four experts: the secretary of the Employment Trust Fund (the state retirement fund), a public appointee who typically has expertise in this field, an assistant attorney general who is typically well-versed in pension laws, and the state Commissioner of Insurance or an experienced actuary designated by the Commissioner.</span></p><p> <span style="font-size: 11.5pt; line-height: 107%; font-family: Helvetica, sans-serif; color: #444444;"><br /> But the budget proposal would have dropped all the experts from the committee and stuffed it with 10 members of the Legislature structured as other standing committees are, meaning it would have a large majority of Republicans.&nbsp;</span><span style="font-size: 11pt; line-height: 107%; font-family: 'Times New Roman';"><a href="https://urbanmilwaukee.com/people/david-bennett"><b><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; line-height: 107%; font-family: Helvetica; color: #444444;">David Bennett</span></b></a></span><span style="font-size: 11.5pt; line-height: 107%; font-family: Helvetica, sans-serif; color: #444444;">, executive director of the&nbsp;</span><span style="font-size: 11pt; line-height: 107%; font-family: 'Times New Roman';"><a href="https://urbanmilwaukee.com/business/wisconsin-retired-educators-association/"><span style="padding: 0in; font-size: 11.5pt; border: 1pt none windowtext; line-height: 107%; font-family: Helvetica, sans-serif; color: #444444;">Wisconsin Retired Educators’ Association</span></a></span><span style="font-size: 11.5pt; line-height: 107%; font-family: Helvetica, sans-serif; color: #444444;">&nbsp;and its 12,000 members,&nbsp;</span><span style="font-size: 11.5pt; background-color: white; font-family: Helvetica, sans-serif; color: #444444;">called it “a very dangerous” proposal that would have “upset the balance of the retirement system” and create opportunities for mischief. “Public oversight is really important to the system,” he stressed. “One of the ways it’s been protected is by a lot of input from a lot of people with expertise in the system.”</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;"><br /> As for Walker he made no statement opposing the proposal. But Bennett’s group succeeded in pressuring legislators to drop it. And Walker was never able to touch the WRS system.</span></p><p style="background: white; line-height: normal;"><span style="font-size: 11.5pt; font-family: Helvetica, sans-serif; color: #444444;">The gradual addition of the city and county pension systems will grow the size of the WRS, making it even larger compared to other systems in the world and giving it even greater economies of scale that should increase its efficiency and investment returns. It’s a wonderful example of how government can protect the common welfare while also exemplifying the “Wisconsin idea” of employing education and expertise to improve the state’s government and economy.</span></p>]]></description>
  16. <category>News</category>
  17. <pubDate>Tue, 26 Mar 2024 14:48:00 GMT</pubDate>
  18. </item>
  19. <item>
  20. <title>SWIB Announces 2023 WRS Preliminary Returns</title>
  21. <link>https://wrea.net/news/662632/</link>
  22. <guid>https://wrea.net/news/662632/</guid>
  23. <description><![CDATA[<div class="BL3dva" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-start: var(--postPageHorizontalPadding); padding-inline-end: var(--postPageHorizontalPadding); width: 898.261px; display: flex; flex-direction: column; align-items: center; color: #002f54; font-family: avenir-lt-w01_35-light1475496, avenir-lt-w05_35-light, sans-serif; font-size: 17px;"><div class="OSxNQL" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: var(--postPageWidth); --postpagewidth: 740px;"><div class="OFA52E" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div tabindex="-1" class="cD_92h y3TPob" data-hook="post-title" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 27px 0px 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><h1 class="UbhFJ7 nkqC0Q blog-post-title-font blog-post-title-color blog-text-color post-title blog-hover-container-element-color FG3qXk blog-post-page-title-font" data-hook="post-title" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin-top: 0px; margin-bottom: 0px; outline: 0px; padding: 0px; vertical-align: baseline; overflow-wrap: break-word; word-break: break-word; font-size: var(--post-titleFont-size, 40px); line-height: normal; text-decoration: var(--post-titleFont-text-decoration); color: rgb(var(--post-titleColor, var(--wix-color-5)));"><span class="post-title__text blog-post-title-font blog-post-title-color" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; font-size: var(--post-titleFont-size, 28px); line-height: normal; text-decoration: var(--post-titleFont-text-decoration);">SWIB Announces 2023 WRS Preliminary Returns</span></h1></div></div></div></div><div class="nLG8d5" data-hook="post-description" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 25px 0px 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: 898.261px; --postpagewidth: 740px; --ricosnormalpadding: calc((100% - var(--postPageWidth)) / 2); --ricosfullwidthpadding: 0; --ricosquotemargininlinestart: 0; color: #002f54; font-family: avenir-lt-w01_35-light1475496, avenir-lt-w05_35-light, sans-serif; font-size: 17px;"><article class="blog-post-page-font" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; font-variant-ligatures: ; font-variant-caps: ; 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position: relative;"><div class="fTEXDR A2sIZ4 QEEfz0" data-rce-version="9.16.9" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; flex: 1 1 auto; display: flex; flex-direction: column; --rce-text-color: #002f54; --rce-opaque-background-color: #ffffff; --rce-divider-color: rgba(0, 47, 84, 0.2); --rce-active-divider-color: rgba(0, 47, 84, 0.5); --rce-highlighted-color: #0099ff; --rce-link-hashtag-color: #0099ff; --rce-mobile-font-size: 16px; --rce-header-two-font-size: 27px; --rce-header-three-font-size: 21px; --rce-header-four-font-size: 19px; --rce-header-five-font-size: 17px; --rce-header-six-font-size: 15px; --rce-mobile-header-two-font-size: 24px; --rce-mobile-header-three-font-size: 20px; --rce-mobile-header-four-font-size: 20px; --rce-mobile-header-five-font-size: 20px; --rce-mobile-header-six-font-size: 20px; --rce-mobile-quotes-font-size: 20px;"><div class="U4I07" dir="ltr" data-id="content-viewer" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; font-family: var(--ricos-font-family,unset); -webkit-font-smoothing: antialiased; height: 1274.46px; position: relative;"><div class="hl-xW" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-text-color,#212121); font-size: 16px; height: 1274.46px; line-height: 1.5; overflow-wrap: break-word; width: 898.261px; tab-size: 40px; white-space-collapse: preserve !important;"><div type="first" data-hook="rcv-block-first" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div class="k5bj-" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: 898.261px;"><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><p class="-Zro6 -ZADH IjV6v AnCKd _57WYp" id="viewer-1t6m8" style="font-style: var(--ricos-custom-p-font-style,unset); font-variant: inherit; font-weight: var(--ricos-custom-p-font-weight,unset); font-stretch: inherit; font-size: var(--ricos-custom-p-font-size,unset); line-height: var(--ricos-custom-p-line-height,unset); font-family: var(--ricos-custom-p-font-family,unset); font-optical-sizing: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; direction: ltr; color: var(--ricos-custom-p-color,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The State of Wisconsin Investment Board (SWIB) today announced 2023 preliminary returns for the fully funded, $132 billion Wisconsin Retirement System (WRS).</span></span></p></div><div type="paragraph" data-hook="rcv-block1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-d7btf1176" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">The Core Fund, the larger of the two WRS trust funds with more than $122 billion in assets, ended the year with a preliminary one-year net return of 11.4% and a preliminary five-year net return of 9.3% The Core Fund’s 10-year and 20-year returns, net of external manager fees, continue to exceed its target return of 6.8% with SWIB outperforming the Core Fund benchmark for all these periods.</span><br /></span></div></div><div type="paragraph" data-hook="rcv-block3" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-wefny182" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">Strong absolute investment returns in four of the past five years are expected to result in a positive annuity adjustment for beneficiaries this spring and stable employer and employee contribution rates in 2025. SWIB’s solid investment management has delivered positive annuity adjustments in nine of the past 10 years. According to a recent study by Pew Charitable Trusts, despite recent high inflation, WRS retirees have experienced more protection from inflation compared to the typical public retiree.&nbsp;</span><br /></span></div></div><div type="paragraph" data-hook="rcv-block5" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-4go32260" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">“Significant market volatility over the past several years reinforces the importance of maintaining a fully funded pension system. Given the challenges investors continue to navigate, we remain focused on a long-term investment strategy for the WRS that is designed to weather a variety of market climates,” said SWIB Executive Director and Chief Investment Officer Edwin Denson. “We will maintain a disciplined process and stick to fundamentals to help ensure the pension fund can meet its obligations to WRS participants.”</span><br /></span></div></div><div type="paragraph" data-hook="rcv-block7" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-5d6yu344" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">SWIB diversifies its assets among many types of public and private investments and actively manages its assets to grow and protect the WRS trust funds. Over the last 20 years, SWIB’s active management and diversification generated over $29 billion for the Core Fund above what would have been earned in a low-cost passive portfolio consisting of 60% global equities and 40% domestic bonds. Further, SWIB’s investment management has added value to the WRS trust funds of more than $3 billion above benchmark returns over the five years ending December 31, 2023.&nbsp;</span><br /></span></div></div><div type="paragraph" data-hook="rcv-block9" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-pikv7434" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">The Variable Fund, an optional stock-only fund with more than $9 billion in assets, ended the year with a preliminary one-year net return of 22.2% and preliminary five-year net return of 12.7% The Variable Fund’s 10-year and 20-year returns, net of external manager fees, were 9.3% and 8.4%, respectively.</span><br /></span></div></div><div type="paragraph" data-hook="rcv-block11" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">&nbsp;</div><div data-breakout="normal" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; padding-inline-end: var(--ricos-breakout-normal-padding-end,0); padding-inline-start: var(--ricos-breakout-normal-padding-start,0);"><div class="-Zro6 -ZADH IjV6v _57WYp" id="viewer-u89km530" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: var(--ricos-custom-p-color,unset); font-family: var(--ricos-custom-p-font-family,unset); font-size: var(--ricos-custom-p-font-size,unset); font-style: var(--ricos-custom-p-font-style,unset); font-weight: var(--ricos-custom-p-font-weight,unset); line-height: var(--ricos-custom-p-line-height,unset); min-height: var(--ricos-custom-p-min-height,unset); text-decoration: var(--ricos-custom-p-text-decoration,unset); text-align: initial !important;"><span class="d0767" style="font: inherit; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: inherit; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; display: block; text-align: initial !important;"><span style="font-size: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit; text-align: initial; font-family: inherit; color: var(--ricos-custom-p-color,unset);">The Department of Employee Trust Funds will soon provide estimated ranges for annuity adjustments for the Core Fund and the Variable Fund and announce actual adjustments in March. Investment performance also affects contribution rates for public employees and employers, with rates for 2025 to be set in June.</span></span></div></div></div></div></div></div></div></div></div></article></div>]]></description>
  24. <category>News</category>
  25. <pubDate>Wed, 17 Jan 2024 13:20:00 GMT</pubDate>
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