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25.61   VendorNet fund.
25.62   Property tax relief fund.
25.65   County mining investment fund.
25.67   Children's trust fund.
25.68   Support collections trust fund.
25.69   Permanent endowment fund.
25.70   Historical society trust fund.
25.72   Historical legacy trust fund.
25.73   Historical society endowment fund.
25.74   History preservation partnership trust fund.
25.75   Lottery fund.
25.77   Medical assistance trust fund.
25.772   Hospital assessment fund.
25.774   Critical access hospital assessment fund.
25.776   Ambulance service provider trust fund.
25.78   Artistic endowment fund.
25.80   Tuition trust fund.
25.85   College savings program trust fund.
25.853   College savings program bank deposit trust fund.
25.855   College savings program credit union deposit trust fund.
25.90   PFAS fund.
25.95   Universal service fund.
25.96   Utility public benefits fund.
25.97   Air quality improvement fund.
25.99   911 fund.
Ch. 25 Cross-reference Cross-reference: See definitions in s. 24.01.
25.01 25.01 Definition. In this chapter, unless the context requires otherwise, “board" means the investment board.
25.01 History History: 1999 a. 83.
25.14 25.14 State investment fund.
25.14(1)(1)
25.14(1)(a) (a) There is created a state investment fund under the jurisdiction and management of the board to be operated as an investment trust for the purpose of managing the securities of all funds that are required by law to be invested in the state investment fund and all of the state's funds specified in s. 25.17 (1), except all of the following:
25.14(1)(a)1. 1. The state life fund.
25.14(1)(a)2. 2. The core retirement investment trust.
25.14(1)(a)3. 3. The variable retirement investment trust.
25.14(1)(a)4. 4. The capital improvement fund.
25.14(1)(a)5. 5. The bond security and redemption fund.
25.14(1)(a)6. 6. The state building trust fund.
25.14(1)(a)7. 7. The state housing authority reserve fund.
25.14(1)(a)8. 8. The children's trust fund.
25.14(1)(a)9. 9. The injured patients and families compensation fund.
25.14(1)(a)10. 10. The tuition trust fund.
25.14(1)(a)11. 11. Funds that under article X of the constitution are controlled and invested by the board of commissioners of public lands.
25.14(1)(a)12. 12. Funds that are required by specific provision of law to be controlled and invested by any other authority.
25.14(1)(a)13. 13. The university trust funds.
25.14(1)(a)14. 14. The trust funds of the state universities.
25.14(1)(a)15. 15. The college savings program trust fund.
25.14(1)(a)15b. 15b. The college savings program bank deposit trust fund.
25.14(1)(a)15d. 15d. The college savings program credit union deposit trust fund.
25.14(1)(a)15g. 15g. The permanent endowment fund.
25.14(1)(a)15m. 15m. Any redemption fund established under s. 18.561 (5).
25.14(1)(a)16. 16. Any redemption fund established under s. 18.562 (3).
25.14(1)(a)17. 17. Any fund established under s. 18.57 (1).
25.14(1)(a)18. 18. The artistic endowment fund.
25.14(1)(a)19. 19. The local government property insurance fund.
25.14(1)(b) (b) The respective authorities controlling the investment of any fund excluded under par. (a) may authorize the transfer of any temporary cash assets of any fund excluded under par. (a) to the state investment fund in accordance with subs. (2) and (3).
25.14(2) (2)At such time as the board determines, all of the securities held by any of the state's funds, except those specifically excluded in sub. (1), shall be transferred, at the market value plus accrued interest as of the date of transfer, to the state investment fund together with such amounts of cash as may be required to provide each contributing fund an equity in the state investment fund which may be expressed in terms of even thousands of dollars. Thereafter, the department of administration shall make such subsequent transfers of money between the individual funds and the state investment fund as in its judgment is advisable and in accordance with cash requirements of the individual funds, such transfer to be made on the basis of even thousands of dollars, and it shall furnish to the board such information with respect to daily balances of individual funds within the investment fund as may be required.
25.14(3) (3)The department of administration, upon consultation with the board, shall distribute all earnings, profits, or losses of the state investment fund to each participating fund in the same ratio as each participating fund's average daily balance within the state investment fund bears to the total average daily balance of all participating funds, except as provided in s. 16.401 (14) and except that the department of administration shall credit to the appropriation account under s. 20.505 (1) (kj) an amount equal to the amount assessed under s. 25.19 (3) from the earnings or profits of the funds against which an assessment is made. Distributions under this section shall be made at such times as the department of administration may determine, but must be made at least semiannually in each complete fiscal year of operation.
25.14(4) (4)The department of administration shall maintain such records as may be required to account for each contributing fund's share in the state investment fund.
25.14(5) (5)The assets of the state investment fund shall be invested as prescribed by s. 25.17 (3) (b), (ba), (bd), and (dg).
25.14 Annotation The State of Wisconsin Investment Board is an independent going concern not protected by sovereign immunity. Bahr v. SWIB, 186 Wis. 2d 379, 521 N.W.2d 152 (Ct. App. 1994).
25.15 25.15 Board; purpose and standard of responsibility.
25.15(1)(1)Purpose. The purpose of the board is to provide professional investment management of trusts, operating funds and capital funds established by law. It is the intent of the legislature that the board be an independent agency of the state which is to manage money and property for the state, its agencies and trust funds. The goal of board management shall be towards accomplishing the purpose of each trust or fund.
25.15(2) (2)Standard of responsibility. Except as provided in s. 25.17 (2) and (3) (c), the standard of responsibility applied to the board when it manages money and property shall be all of the following:
25.15(2)(a) (a) To manage the money and property with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity, with the same resources, and familiar with like matters exercises in the conduct of an enterprise of a like character with like aims.
25.15(2)(b) (b) To diversify investments in order to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so, considering each trust's or fund's portfolio as a whole at any point in time.
25.15(2)(c) (c) To administer assets of each trust or fund solely for the purpose of ensuring the fulfillment of the purpose of each trust or fund at a reasonable cost and not for any other purpose.
25.15(3) (3)Exemption. Sections 112.11 and 881.01 do not apply to investments by the board.
25.15(4) (4)Investments within standard of responsibility. Investments in reverse annuity mortgages may not be presumed to violate the standard of responsibility under sub. (2).
25.15(5) (5)Commissions. All records of commissions paid by the board for purchases and sales of investments are open to public inspection, except those relating to investments made or considered by the board in securities of entities that are in the venture capital stage.
25.15 Cross-reference Cross-reference: See also chs. IB 1 and 2, Wis. adm. code.
25.15 Annotation The State of Wisconsin Investment Board (SWIB) has the power to make investments that meet the standard of prudence under sub. (2), even if those investments are not specifically listed in this chapter. Prior to making investments other than the types enumerated in this chapter, SWIB is not required to make a threshold finding that investing solely in the “legal list" would not meet the standard of prudence. The statutory standard for prudence remains the same whether SWIB is investing in an enumerated investment, or one that is not enumerated. Because the standard of prudence, however, takes into account the trustees' powers to manage the funds, SWIB's expanded powers are a relevant factor in evaluating whether SWIB has met that standard. OAG 11-08.
25.15 Annotation The State of Wisconsin Investment Board (SWIB) has the statutory authority to issue debt as part of its broad management authority over the core retirement investment trust fund, provided that SWIB satisfies the prudent person and other standards listed in sub. (2). The statutory standards apply the same way to issuing debt as a management tool as they apply to any other strategy. OAG 2-22.
25.156 25.156 Powers and duties of members of the board.
25.156(1)(1)The members of the board shall be the governing body of the board and shall promulgate rules and formulate policies considered necessary and appropriate to carry out its functions.
25.156(2) (2)The board shall employ an executive director, who shall serve outside the classified service. The executive director shall be qualified by training and prior experience to manage, administer and direct the investment of funds. The board shall fix the compensation of the executive director and may award bonus compensation.
25.156(2m) (2m)The board shall employ an internal auditor, who shall serve outside the classified service. The board shall fix the compensation of the internal auditor.
25.156(3) (3)The members of the board shall appoint an investment director or deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, or chief risk officer to act as assistant director, except that until the appointment is made by the members of the board, the executive director may temporarily designate the assistant director.
25.156(4) (4)The members of the board shall promulgate rules restricting the executive director, deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer, investment directors, and employees from having financial interest, directly or indirectly, in firms or corporations providing services to the department and governing the receipt of gifts or favors therefrom, and also governing personal investments of all employees including the executive director, deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer, and investment directors to prevent conflicts of interest.
25.156(5) (5)The members of the board shall be the trustees of the state investment fund.
25.156(8) (8)The board shall keep full minutes of its proceedings.
25.156(9) (9)The chairperson of the board shall appear at least annually before any committee established in the senate, whose jurisdiction includes financial institutions, if that committee so requests.
25.156 Cross-reference Cross-reference: See also chs. IB 1 and 2, Wis. adm. code.
25.156 Annotation The board lacks authority to place one of its members or employees on the board of directors of a private corporation. 75 Atty. Gen. 213.
25.16 25.16 Executive director.
25.16(1)(1)The executive and administrative functions of the board, except for the functions performed by the internal auditor under s. 25.165 (2), shall be vested in an executive director, who shall perform the functions of executive director in conformity with the requirements of the members of the board and in accordance with policies, principles and directives determined by the members of the board.
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2021-22 Wisconsin Statutes updated through 2023 Wis. Act 71 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on January 31, 2024. Published and certified under s. 35.18. Changes effective after January 31, 2024, are designated by NOTES. (Published 1-31-24)