For Immediate Release July 2, 2012

Contact: State Rep. Brett Hulsey (608) 266-7521

Gov. Walker: Report Shows WI Retirement System in Good Shape-Dont Cause Any More $88 Million Flubs
Madison, WIWisconsin Legislator Brett Hulsey (D-Madison) today called on Governor Walker to heed the new Wisconsin Retirement System study and not make any more changes like the one that cost almost $88 million. The DOA retirement privatization and the Pew 2010 studies are clear Gov. Walker, dont mess with success, protect the best retirement system in the nation, said Rep. Brett Hulsey, who represents many system retirees. The study by GOP DOA Secretary Mike Huebsch, and head of ETF and OSER found: Given the current financial health and unique risk-sharing features of the WRS, neither an optional DC plan nor an opt-out of employee contributions should be implemented in Wisconsin at this time. Analysis included in this study from actuaries, legal experts, financial experts, and information from similar studies conducted in other states show that there are significant issues for both study items in terms of the actual benefit provided and potential for negative effects on administrative costs, funding, long term investment strategy, contribution rates, and individual benefits. Governor Walker and Legislative Republicans already make unnecessary changes costing our retirees almost $88 million, we can not afford for them to mess up again, said Hulsey. The June 22 Wisconsin State Journal story, Unintended consequence: Collective bargaining law may increase state pension costs by $87.5M, showed how former retirement fund director retired because Walker ignored warnings about what he was doing to the nations best retirement system. Governor Walker is using weasel words crafted by his lawyer like currently not planning to make substantial changes to our retirement system. Is this another big lie like not cutting school funding and taking away workers rights? Hulsey asks. ###