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SB21-SSA1-SA21,2,66 6. One member appointed by the senate minority leader.
SB21-SSA1-SA21,2,77 7. One member appointed by the speaker of the assembly.
SB21-SSA1-SA21,2,88 8. One member appointed by the assembly minority leader.
SB21-SSA1-SA21,2,99 9. One member appointed by the governor.
SB21-SSA1-SA21,2,1510 (b) Not less than 5 of the members appointed under par. (a) shall have at least
1110 years of experience in making investments, but any person having a financial
12interest in, or whose employer is primarily a dealer or broker in, securities or
13mortgage or real estate investments is not eligible for appointment, and any member
14who acquires such an interest or accepts such appointment shall thereupon vacate
15his or her membership.
SB21-SSA1-SA21,3 16Section 3. 20.515 (1) (k) of the statutes is created to read:
SB21-SSA1-SA21,2,1917 20.515 (1) (k) Assistance to Wisconsin private retirement security board. All
18moneys transferred from the appropriation account under sub. (2) (a) for the
19activities of the department under s. 40.99 (3).
SB21-SSA1-SA21,4 20Section 4. 20.515 (2) of the statutes is created to read:
SB21-SSA1-SA21,3,221 20.515 (2) Private retirement security plan. (a) Initial costs. A sum sufficient
22to be transferred to the Wisconsin private retirement security plan administration
23trust fund under s. 25.52 and expended for the activities of the Wisconsin private
24retirement security board under s. 40.99 (2) (a) to (c) and for the initial establishment
25and administration of the Wisconsin private retirement security plan under s. 40.99

1(2) (d) and to be transferred to the appropriation account under sub. (1) (k) and
2expended for the activities of the department under s. 40.99 (3).
SB21-SSA1-SA21,3,113 (q) Administrative expenses; Wisconsin private retirement security plan
4administration trust fund.
From the Wisconsin private retirement security plan
5administration trust fund, all moneys transferred to that fund under par. (a) for the
6activities of the Wisconsin private retirement security board under s. 40.99 (2) (a) to
7(c) and for the initial establishment and administration of the Wisconsin private
8retirement security plan under s. 40.99 (2) (d), and all moneys deposited in that fund
9under s. 40.99 (4) (b) for the administrative costs of the plan, for the investment costs
10of accounts under that plan, and for repayment of the amounts appropriated under
11par. (a).
SB21-SSA1-SA21,5 12Section 5. 25.17 (1) (yu) of the statutes is created to read:
SB21-SSA1-SA21,3,1413 25.17 (1) (yu) Wisconsin private retirement security plan administration trust
14fund (s. 25.52), but subject to sub. (2) (fm).
SB21-SSA1-SA21,6 15Section 6. 25.17 (2) (fm) of the statutes is created to read:
SB21-SSA1-SA21,3,1916 25.17 (2) (fm) Invest the moneys belonging to the Wisconsin private retirement
17security plan administration trust fund and the moneys contributed to accounts
18established under that plan in any manner that does not violate the standard of
19responsibility under s. 25.15 (2).
SB21-SSA1-SA21,7 20Section 7. 25.52 of the statutes is created to read:
SB21-SSA1-SA21,3,25 2125.52 Wisconsin private retirement security plan administration trust
22fund.
There is established a separate nonlapsible trust fund designated as the
23Wisconsin private retirement security plan administration trust fund, to consist of
24all moneys transferred to that fund under s. 20.515 (2) (a) and all moneys deposited
25in that fund under s. 40.99 (4) (b).
SB21-SSA1-SA21,8
1Section 8. Chapter 40 (title) of the statutes is amended to read:
SB21-SSA1-SA21,4,22 CHAPTER 40
SB21-SSA1-SA21,4,53 public employee trust fund
4and private retirement
5 security plan
SB21-SSA1-SA21,9 6Section 9. Subchapter X of chapter 40 [precedes 40.99] of the statutes is
7created to read:
SB21-SSA1-SA21,4,88 Chapter 40
SB21-SSA1-SA21,4,109 Subchapter X
10 private retirement security plan
SB21-SSA1-SA21,4,11 1140.99 Private retirement security plan. (1) Definitions. In this section:
SB21-SSA1-SA21,4,1212 (a) "Board" means the Wisconsin private retirement security board.
SB21-SSA1-SA21,4,1413 (b) "Fund" means the Wisconsin private retirement security plan
14administration trust fund under s. 25.52.
SB21-SSA1-SA21,4,1615 (c) "Plan" means the private retirement security plan established under this
16section.
SB21-SSA1-SA21,4,17 17(2) Duties of board. The board shall:
SB21-SSA1-SA21,5,218 (a) Feasibility study. Conduct a study to determine the feasibility of
19establishing a private retirement security plan to provide retirement benefits for
20residents of this state who choose to participate in the plan. The feasibility study
21shall estimate the potential population that is likely to choose to participate in the
22plan and the potential cost of implementing the plan and shall recommend a design
23and structure for the plan that is most reasonable in light of that potential population
24and cost. In conducting the feasibility study, the board may contract with actuarial

1consultants and any other person whose services are necessary for the board to
2conduct the feasibility study.
SB21-SSA1-SA21,5,103 (b) Public hearings. Hold public hearings to receive testimony relating to the
4feasibility study conducted, and the design and structure recommended, under par.
5(a). The board shall hold not less than 5 public hearings under this paragraph and
6shall hold those hearings over a period of not more than 3 months. The board may
7hold no more than one public hearing under this paragraph in Madison and shall
8ensure that at one least one public hearing under this paragraph is held in each
9geographic area of the state, including the southeastern part of the state, the western
10part of the state, the northern part of the state, and the northeastern part of the state.
SB21-SSA1-SA21,5,2511 (c) Design of plan. Based on the feasibility study conducted, and the design and
12structure recommended, under par. (a) and the testimony received under par. (b),
13design a private retirement security plan to provide retirement benefits for residents
14of this state who choose to participate in the plan. The Wisconsin private retirement
15security board shall design the plan so that, to the greatest extent possible, the
16design and structure of the plan are reasonably commensurate with the design and
17structure of the Wisconsin Retirement System. In designing the plan, the Wisconsin
18private retirement security board shall provide for the investment board to assist the
19Wisconsin private retirement security board in managing and investing the assets
20of the fund and the assets of the accounts of participants in the plan and shall provide
21for the employee trust funds board to assist the Wisconsin private retirement
22security board in administering the plan. In designing the plan, the Wisconsin
23private retirement security board may contract with actuarial consultants and any
24other person whose services are necessary for the Wisconsin private retirement
25security board to design the plan.
SB21-SSA1-SA21,6,11
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. On
10enactment of that legislation, the board shall implement the plan in accordance with
11that legislation.
SB21-SSA1-SA21,6,17 12(3) Duties of department. (a) Assistance to board. From the appropriation
13account under s. 20.515 (1) (k), the department shall be reimbursed for all of its costs
14incurred in establishing the board and plan and for providing staff and other
15resources to assist the board in the performance of the board's duties under sub. (2).
16The department may not expend any moneys from the public employee trust fund
17for its activities under this subsection.
SB21-SSA1-SA21,6,2418 (b) Funding of initial costs. The department shall submit an estimate to the
19joint committee on finance of the initial cost of establishing the board, conducting the
20feasibility study under sub. (2) (a), holding the public hearings under sub. (2) (b),
21designing the plan under sub. (2) (c), and preparing and submitting the report under
22sub. (2) (d). The joint committee on finance shall, from the appropriation under s.
2320.865 (4) (a), supplement the appropriation under s. 20.515 (2) (a) in an amount
24equal to the estimated amount.
SB21-SSA1-SA21,7,4
1(4) Repayment of general fund. (a) The board may charge reasonable fees to
2participants in the plan to cover the costs of administering the plan, to recover the
3investment costs of the accounts of those participants, and to repay the general fund
4for amounts transferred to the fund under s. 20.515 (2) (a) as provided in par. (b).
SB21-SSA1-SA21,7,105 (b) A fee collected under par. (a) shall be deposited in the Wisconsin private
6retirement security plan administration trust fund and credited to the appropriation
7account under s. 20.515 (2) (q). From that appropriation, the board shall transfer to
8the general fund an amount equal to the amount expended from the appropriation
9under s. 20.515 (2) (a) when the board determines that the balance in the fund is
10sufficient to make the transfer. The board may transfer that amount in installments.
SB21-SSA1-SA21,7,1411 (c) Annually, by June 1, the board shall submit a report to the joint committee
12on finance on the amounts available for transfer under par. (b), the amounts
13previously transferred under par. (b), and the outstanding balance that remains to
14be transferred under par. (b).
SB21-SSA1-SA21,9112 15Section 9112. Nonstatutory provisions; Employee Trust Funds.
SB21-SSA1-SA21,8,216 (1) Wisconsin private retirement security board; initial terms.
17Notwithstanding the length of terms for the members of the Wisconsin private
18retirement security board specified in section 15.165 (5) (a) of the statutes, as created
19by this act, the initial terms of the members appointed under section 15.165 (5) (a)
203. and 4. of the statutes, as created by this act, shall expire on May 1, 2019, the initial
21terms of the members appointed under section 15.165 (5) (a) 5. and 6. of the statutes,
22as created by this act, shall expire on May 1, 2018, the initial terms of the members
23appointed under section 15.165 (5) (a) 7. and 8. of the statutes, as created by this act,
24shall expire on May 1, 2017, and the initial term of the member appointed under

1section 15.165 (5) (a) 9. of the statutes, as created by this act, shall expire on May 1,
22016.".
SB21-SSA1-SA21,8,4 32. Page 930, line 18: delete the material beginning with that line and ending
4with page 931, line 8.
SB21-SSA1-SA21,8,6 53. Page 933, line 19: delete the material beginning with that line and ending
6with page 934, line 9.
SB21-SSA1-SA21,8,8 74. Page 935, line 1: delete the material beginning with that line and ending
8with page 936, line 2.
SB21-SSA1-SA21,8,9 95. Page 1557, line 5: delete lines 5 to 7.
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