Newsmakers: Public Employee Pension System
The Department of Employee Trust Funds (ETF) oversees the pension system for 566,317 working and retired public employees, using a five-year formula to set future benefits. The State of Wisconsin Investment Board (SWIB) manages those pension-fund assets, which totaled $75.8 billion on Nov. 30. In a Newsmakers interview taped in the WisconsinEye studio on Dec. 15, Secretary David Stella of Dept. of Employee Trust Funds and SWIB Executive Director Keith Bozarth discussed how the 2008 financial crisis caused drops in both pension benefits and SWIB assets, and how both systems are still recovering from that crisis. A recent national report rated Wisconsin as one of only a few states with adequately funded public pension systems.