Creation of a Wisconsin Private Retirement Security Board modeled after the highly successful Wisconsin Retirement System for public employees would help build a more financially secure future for Wisconsinites, “which means less reliance on social programs, a stronger economy and a more vibrant Wisconsin,” WEAC President Betsy Kippers said Thursday in testimony before a Senate committee.
Kippers spoke in support of Senate Bill 45, which would create the private retirement board and provide for the State of Wisconsin Investment Board to assist the board in managing and investing the assets of the fund and the assets of the accounts of participants in the plan and provide for the ETF board to assist the board in administering the plan.
“Senate Bill 45 would deliver a uniquely Wisconsin product. It applies lessons learned from our successful Wisconsin Retirement System (WRS) to create retirement options for private sector employees, leading to greater financial independence for Wisconsinites,” she told the Senate Committee on Labor and Government Reform.
“Why should the Wisconsin Retirement System serve as a model for a private retirement security option?” Kippers asked. “In answering this question, I am reminded of the lyrics to a hit song recorded by Tina Turner. It’s because the WRS is ‘simply the best, better than all the rest,’ as the song goes. Wisconsin can take pride that the WRS is one of the best managed and funded systems in the nation. In short, the WRS is working for Wisconsin, to which the educators across the state can attest. And with this bill, the WRS can serve as a model.”
Read Betsy Kippers’ entire testimony: