MADISON, Wis. (AP) -- A highly anticipated report ordered by Gov. Scott Walker and the Republican-controlled Legislature is recommending no changes to Wisconsin's $77 billion pension system.
The report released Monday was written jointly by Walker's Department of Administration, the Department of Employee Trust Funds and the Office of State Employment Relations.
The report says that given the state pension's strong financial health and its unique risk-sharing features, the state should not move to an optional defined contribution plan or allow employees to opt out of the system all together.
The report does include a number of areas to look at for future study.
Walker said last week that he was open to making changes with the pension system, but he wasn't proposing anything now.
Walker had no immediate comment on the report.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
Governor Walker’s Comment on Pension Report
Madison—Today the Department of Administration (DOA) and the Department of Employee Trust Funds (ETF) released a joint study that evaluated the Wisconsin Retirement System (WRS) over the last four years. The DOA and ETF study showed that the WRS is currently a sustainable system for both taxpayers and annuitants.
This joint study report comes on the heels of a PEW study, which showed that Wisconsin’s pension system is the only in the nation to be 100% funded.
In reaction to the ETF and DOA study, Governor Walker released the following statement:
The report released today confirms that both taxpayers and pensioners are getting a great deal with the WRS. Compared to other states, Wisconsin consistently rates among the best performing public pension systems in the country.
Both the State of Wisconsin and WRS must be fiscally sustainable moving forward to ensure that we can meet our outstanding benefit obligations, which I am confident we can do. The long term structural changes we made last year will help ensure that the state is able to fulfill the commitment it has made to pensioners.
I want to be very clear: I am currently not planning to make any substantial changes to the WRS. However, I will continue to work to ensure that the WRS is fiscally sustainable for both taxpayers and retirees.