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AB403,2 21Section 2. 20.515 (1) (k) of the statutes is created to read:
AB403,3,2422 20.515 (1) (k) Assistance to Wisconsin private retirement security board. All
23moneys transferred from the appropriation account under sub. (2) (a) for the
24activities of the department under s. 40.99 (3).
AB403,3 25Section 3. 20.515 (2) of the statutes is created to read:
AB403,4,7
120.515 (2) Private retirement security plan. (a) Initial costs. A sum sufficient
2to be transferred to the Wisconsin private retirement security plan administration
3trust fund and expended for the activities of the Wisconsin private retirement
4security board under s. 40.99 (2) (a) to (c) and for the initial establishment and
5administration of the Wisconsin private retirement security plan under s. 40.99 (2)
6(d) and to be transferred to the appropriation account under sub. (1) (k) and expended
7for the activities of the department under s. 40.99 (3).
AB403,4,138 (q) Initial administrative expenses; Wisconsin private retirement security plan
9administration trust fund.
From the Wisconsin private retirement security plan
10administration trust fund, all moneys transferred to that fund under par. (a) for the
11activities of the Wisconsin private retirement security board under s. 40.99 (2) (a) to
12(c) and for the initial establishment and administration of the Wisconsin private
13retirement security plan under s. 40.99 (2) (d).
AB403,4,1914 (r) Operating administrative expenses; Wisconsin private retirement security
15plan administration trust fund.
From the Wisconsin private retirement security
16plan administration trust fund, all moneys deposited in that fund under s. 40.99 (4)
17(b) for the administrative costs of the Wisconsin private retirement security plan
18under s. 40.99 (2) (d), for the investment costs of accounts under that plan, and for
19repayment of the amounts appropriated under par. (a).
AB403,4 20Section 4. 25.17 (1) (yu) of the statutes is created to read:
AB403,4,2221 25.17 (1) (yu) Wisconsin private retirement security plan administration trust
22fund (s. 25.52).
AB403,5 23Section 5. 25.52 of the statutes is created to read:
AB403,5,3 2425.52 Wisconsin private retirement security plan administration trust
25fund.
There is established a separate nonlapsible trust fund designated as the

1Wisconsin private retirement security plan administration trust fund, to consist of
2all moneys transferred to that fund under s. 20.515 (2) (a) and all moneys deposited
3in that fund under s. 40.99 (4) (b).
AB403,6 4Section 6. Chapter 40 (title) of the statutes is amended to read:
AB403,5,55 CHAPTER 40
AB403,5,86 public employee trust fund
7and private retirement
8 security plan
AB403,7 9Section 7. Subchapter X of chapter 40 [precedes 40.99] of the statutes is
10created to read:
AB403,5,1111 Chapter 40
AB403,5,1312 Subchapter X
13 private retirement security plan
AB403,5,14 1440.99 Private retirement security plan. (1) Definitions. In this section:
AB403,5,1515 (a) “Board" means the Wisconsin private retirement security board.
AB403,5,1716 (b) “Fund" means the Wisconsin private retirement security plan
17administration trust fund.
AB403,5,1918 (c) “Plan" means the private retirement security plan established under this
19section.
AB403,5,20 20(2) Duties of board. The board shall do all of the following:
AB403,6,421 (a) Feasibility study. Conduct a study to determine the feasibility of
22establishing a private retirement security plan to provide retirement benefits for
23residents of this state who choose to participate in the plan. The feasibility study
24shall estimate the potential population that is likely to choose to participate in the
25plan and the potential cost of implementing the plan and shall recommend a design

1and structure for the plan that is most reasonable in light of that potential population
2and cost. In conducting the feasibility study, the board may contract with actuarial
3consultants and any other person whose services are necessary for the board to
4conduct the feasibility study.
AB403,6,125 (b) Public hearings. Hold public hearings to receive testimony relating to the
6feasibility study conducted, and the design and structure recommended, under par.
7(a). The board shall hold not less than 5 public hearings under this paragraph and
8shall hold those hearings over a period of not more than 3 months. The board may
9hold no more than one public hearing under this paragraph in Madison and shall
10ensure that at least one public hearing under this paragraph is held in each
11geographic area of the state, including the southeastern part of the state, the western
12part of the state, the northern part of the state, and the northeastern part of the state.
AB403,6,2413 (c) Design of plan. Based on the feasibility study conducted, and the design and
14structure recommended, under par. (a) and the testimony received under par. (b),
15design a private retirement security plan to provide retirement benefits for residents
16of this state who choose to participate in the plan. The board shall design the plan
17so that, to the greatest extent possible, the design and structure of the plan are
18reasonably commensurate with the design and structure of the Wisconsin
19Retirement System. In designing the plan, the board shall provide for the
20investment board to assist the board in managing and investing the assets of the
21fund and the assets of the accounts of participants in the plan and shall provide for
22the employee trust funds board to assist the board in administering the plan. In
23designing the plan, the board may contract with actuarial consultants and any other
24person whose services are necessary for the board to design the plan.
AB403,7,10
1(d) Implementation of plan. By no later than the first day of the 18th month
2beginning after the effective date of this paragraph .... [LRB inserts date], submit a
3report to the legislature under s. 13.172 (2), the governor, and the members of the
4joint committee on finance summarizing the conclusions of the feasibility study
5conducted under par. (a), the testimony received at the public hearings held under
6par. (b), and the design of the plan under par. (c). The report shall also include an
7estimate of the cost of initial establishment and administration of the plan, an
8estimate of the amount of time necessary to make the plan viable, and a
9recommendation for any legislation that is necessary to implement the plan. If no
10legislation is recommended, the board shall implement the plan.
AB403,7,16 11(3) Duties of department. (a) Assistance to board. From the appropriation
12account under s. 20.515 (1) (k), the department shall be reimbursed for all of its costs
13incurred in establishing the board and plan and for providing staff and other
14resources to assist the board in the performance of the board's duties under sub. (2).
15The department may not expend any moneys from the public employee trust fund
16for its activities under this subsection.
AB403,7,2317 (b) Funding of initial costs. The department shall submit an estimate to the
18joint committee on finance of the initial cost of establishing the board, conducting the
19feasibility study under sub. (2) (a), holding the public hearings under sub. (2) (b),
20designing the plan under sub. (2) (c), and preparing and submitting the report under
21sub. (2) (d). The joint committee on finance shall, from the appropriation under s.
2220.865 (4) (a), supplement the appropriation under s. 20.515 (2) (a) in an amount
23equal to the estimated amount.
AB403,8,2 24(4) Repayment of general fund. (a) The board may charge reasonable fees to
25participants in the plan to cover the costs of administering the plan, to recover the

1investment costs of the accounts of those participants, and to repay the general fund
2for amounts transferred to the fund under s. 20.515 (2) (a) as provided in par. (b).
AB403,8,83 (b) A fee collected under par. (a) shall be deposited in the Wisconsin private
4retirement security plan administration trust fund and credited to the appropriation
5account under s. 20.515 (2) (r). From that appropriation, the board shall transfer to
6the general fund an amount equal to the amount expended from the appropriation
7under s. 20.515 (2) (a) when the board determines that the balance in the fund is
8sufficient to make the transfer. The board may transfer that amount in installments.
AB403,8,129 (c) Annually, by June 1, the board shall submit a report to the joint committee
10on finance on the amounts available for transfer under par. (b), the amounts
11previously transferred under par. (b), and the outstanding balance that remains to
12be transferred under par. (b).
AB403,8 13Section 8. Nonstatutory provisions.
AB403,8,2214 (1) Wisconsin private retirement security board; initial terms.
15Notwithstanding the length of terms for the members of the Wisconsin private
16retirement security board specified in section 15.165 (5) (a) of the statutes, the initial
17terms of the members appointed under section 15.165 (5) (a) 3. and 4. of the statutes
18shall expire on May 1, 2021, the initial terms of the members appointed under section
1915.165 (5) (a) 5. and 6. of the statutes shall expire on May 1, 2020, the initial terms
20of the members appointed under section 15.165 (5) (a) 7. and 8. of the statutes shall
21expire on May 1, 2019, and the initial term of the member appointed under section
2215.165 (5) (a) 9. of the statutes shall expire on May 1, 2018.
AB403,8,2323 (End)
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