Among the many awful provisions contained in Wisconsin Act 10, Republican Gov. Scott Walker’s so-called “budget repair” bill, is a passage mandating a “study” of the Wisconsin Retirement System (WRS) to “specifically address establishing a defined contribution plan as an option for WRS participating employees[.]” As noted by blogger Kristen Emery, that provision could pave the way for a raid of the WRS by Gov. Walker’s administration.
In response to what could end up being an attempt by Gov. Walker’s administration to raid the approximately $80 billion currently held in the Wisconsin Retirement System, Kathleen March has set up an online petition folks can sign urging Gov. Walker not to turn the billions of dollars in the Wisconsin Retirement System over to investment houses, which would result in recipients losing the safety and security of one of the best-run and most well-funded retirement funds in the nation.