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Wisconsin Retirement System

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Wisconsin Retirement System
WRS-logo.png
Basic facts
Location:Madison, Wisconsin
Top official:Steve Wilding, chair of the Wisconsin Retirement Board; Chris Heller, chair of the Teachers Retirement Board
Year founded:1975
Active members:263,737
Website:Official website
Total assets under management
2023:$132,132,800,000
See also: Public pensions in Wisconsin

The Wisconsin Retirement System (WRS) is a Wisconsin state pension fund that provides retirement, disability, and survivor benefits to the state's government employees, local police and firefighters, local government employees, publicly employed teachers, University of Wisconsin employees, and their families. The Wisconsin Retirement System had $132,132,800,000 ($132.1 billion) in total assets under management as of December 31, 2023.[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The Wisconsin Retirement System (WRS), founded in 1975 and co-managed by the Department of Employee Trust Funds and the State of Wisconsin Investment Board, operates as a defined benefit plan based on a formula established by Wisconsin state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's government employees, local police and firefighters, local government employees, publicly employed teachers, University of Wisconsin employees, and their families.[2][3][4]

WRS served over 263,737 active members and approximately 238,111 retirees and beneficiaries as of December 31, 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the Wisconsin Retirement System as of December 31, 2023:[1]

Wisconsin Retirement System performance (December 31, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets
2023 100% $5,000,000 $132,132,800,000

Assets and asset management

Environmental, social, and corporate governance
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Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[5][6]

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[7]

List of AMCs contracting with the State of Wisconsin Investment Board

The State of Wisconsin Investment Board (SWIB) manages the investment of funds for the Wisconsin Retirement System. SWIB contracted with 353 asset management companies (AMCs) as of March 31, 2022. Of those companies or funds, four were investor participants in Climate Action 100+, and four were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with SWIB:[8]

  • Activant IV
  • Advent GPE IX
  • Advent International GPE VI, L.P.
  • Advent International GPE VII, L.P.
  • Advent International GPE VIII, L.P.
  • Alchemy Special Opportunities Fund IV, L.P.
  • Aldrich Capital Partners II
  • Align Capital Partners Fund II LP
  • Altaris Health Partners III, L.P.
  • Altaris Health Partners IV, L.P.
  • American Pacific Group Fund I, LP
  • American Securities Partners V, L.P.
  • American Securities Partners VI, L.P.
  • American Securities Partners VII, L.P.
  • American Securities Partners VIII, L.P.
  • Anthos Fund V
  • Apollo European Principal Finance Fund II, L.P.
  • Apollo European Principal Finance Fund III, L.P.
  • Apollo European Principal Finance Fund, L.P.
  • Apollo Investment Fund IV, L.P.
  • Apollo Investment Fund V, L.P.
  • Apollo Investment Fund VI, L.P.
  • Arbor Debt Opportunities Fund I, L.P.
  • Arbor Debt Opportunities Fund II, L.P.
  • Arbor Investments IV, L.P.
  • Arbor Investments V, L.P.
  • Ares Corporate Opportunities Fund II, L.P.
  • Ares Corporate Opportunities Fund III, L.P.
  • Ares Corporate Opportunities Fund IV, L.P.
  • Ares Corporate Opportunities Fund V, L.P.
  • Ares Corporate Opportunities Fund VI
  • Ares Corporate Opportunities Fund, L.P.
  • Ascribe Capital Fund II, L.P.
  • Ashbridge Transformational Secondaries Fund II, LP
  • Atlas Capital Resources Fund II, LP
  • Atlas Capital Resources III, LP
  • Avenir III (Climate Action 100+)
  • Avenue Growth Fund I LP
  • Avenue Special Situations Fund VI, L.P.
  • Benefit Street Partners Debt Fund IV, L.P.
  • Blackstone Capital Opportunities Fund IV
  • Blackstone Capital Partners V, L.P.
  • Blackstone Capital Partners VI, L.P.
  • Blackstone Capital Partners VII, L.P.
  • Blackstone Capital Partners VIII, L.P.
  • Blackstone COF IV Co‐Investment Fund LP
  • Bookend Capital Partners I LP
  • Brandon Lane Partners Fund, LP
  • Bridgepoint Europe IV
  • BridgePoint Europe V L.P.
  • Bridgepoint Europe VI
  • Brinson 1998 Primary.Secondary Int
  • Brinson 1999 Primary
  • Brinson 2000 Primary
  • Brinson 2001 Primary
  • Brinson 2002 Primary
  • Brinson 2003 Primary
  • Brinson Non‐US 2003 Primary
  • Brinson Non‐US 2004 Primary
  • Caltius Partners IV
  • Caltius Partners V, L.P.
  • CapitalSpring Investment Partners VI
  • CapVest Equity Partners III, L.P.
  • CapVest Equity Partners IV
  • Centerbridge Capital Partners II, L.P.
  • Centerbridge Capital Partners III, L.P.
  • Centerbridge Special Credit Partners II, L.P.
  • Centerbridge Special Credit Partners III‐Flex, L.P.
  • Centerbridge Special Credit Partners III, L.P.
  • Charlesbank Credit Opportunities Fund II
  • Charlesbank Credit Opportunities Fund, LP
  • Charlesbank Equity Fund IX, L.P.
  • Charlesbank Equity Fund VIII, L.P.
  • Charlesbank Equity Fund X, LP
  • Charlesbank Equity Overage Fund X, LP
  • Chequers Capital XVI, L.P.
  • Chequers Capital XVII, L.P.
  • Clairvest Equity Partners VI
  • Clearlake Capital Partners III, L.P.
  • Clearlake Capital Partners IV, L.P.
  • Clearlake Capital Partners V, L.P.
  • Clearlake Capital Partners VI, LP
  • Clearlake Flagship Plus Partners, LP
  • Clearlake Opportunity Partners II, L.P.
  • Clearview Capital Fund IV, LP
  • Clearview Capital Mezzanine Fund I, L.P.
  • Clessidra Capital Partners II, L.P.
  • Coller International Partners V, L.P.
  • Coller International Partners VI, L.P.
  • Coller International Partners VII, L.P.
  • Cortec Group Fund V, L.P.
  • Cortec Group Fund VI, L.P.
  • Cortec Group Fund VII, L.P.
  • Council Capital IV
  • Coyote 2020 LP
  • CVC Capital Partners VI, L.P.
  • CVC Capital Partners VIII
  • CVC European Equity Partners IV
  • CVC European Equity Partners Tandem Fund L.P.
  • CVC European Equity Partners V, L.P.
  • CVC European Equity Partners VII, L.P.
  • Denali Growth I
  • Deutsche Private Equity IV
  • Dyal Columbus Co‐Investment Partners LP
  • Elephant IV
  • EnCap Energy Capital Fund IX, L.P.
  • EnCap Energy Capital Fund VIII Co‐Investors, L.P.
  • EnCap Energy Capital Fund VIII, L.P.
  • EnCap Energy Capital Fund X, L.P.
  • EQT IX (NZAM)
  • EQT V, L.P. (NZAM)
  • EQT VI, L.P. (NZAM)
  • EQT VII, L.P. (NZAM)
  • EQT VIII, L.P. (NZAM)
  • Everlane I L.P.
  • Excellere Capital Fund III, L.P.
  • Excellere Capital II, L.P.
  • Flexpoint Asset Opportunity Fund II‐A, L.P.
  • Flexpoint Fund III, L.P.
  • Flexpoint Fund IV‐A, L.P.
  • Flexpoint Overage Fund IV‐A, L.P.
  • Flexpoint Special Assets Fund, L.P.
  • Fortress Investment Fund IV (Coinvestment Fund)
  • Fortress Investment Fund IV 304
  • Fortress Investment Fund V (Coinvestment Fund)
  • Fortress Investment Fund V 304
  • FountainVest China Growth Capital Fund II
  • FountainVest China Growth Capital Fund III, L.P.
  • FountainVest Fund IV
  • FP Credit Partners II, LP
  • Francisco Partners Agility II, LP
  • Francisco Partners VI, LP
  • Gemspring Capital Fund II, LP
  • German Equity Partners IV, L.P.
  • German Equity Partners V, L.P.
  • GHK Fund I LP
  • Gilde Buy‐Out Fund V, C.V.
  • Gilde Buy‐Out Fund VI
  • Gilde Buyout Fund IV
  • Glendon Opportunities Fund II, L.P.
  • Glendon Opportunities Fund, L.P.
  • Gores Capital Partners II, L.P.
  • Gores Capital Partners III, L.P.
  • Graphite Capital Partners VII‐A
  • Graphite Capital Partners VII‐C
  • Great Range Capital Fund II, L.P.
  • Green Equity Investors V, L.P.
  • Green Equity Investors VI, L.P.
  • Green Equity Investors VII, L.P.
  • Green Equity Investors VIII, L.P.
  • GSO Capital Opportunities Fund II, L.P.
  • GSO Capital Opportunities Fund III, L.P.
  • GSO Energy Select Opportunities Fund II LP
  • GSO Europe Senior Debt Fund, L.P.
  • GSO European Senior Debt Fund II LP
  • GTCR Fund X, L.P.
  • GTCR Fund XI, L.P.
  • GTCR Fund XII, L.P.
  • GTCR Fund XIII
  • Harvest Partners Structured Capital Fund II, L.P.
  • Harvest Partners Structured Capital Fund, L.P.
  • Harvest Partners VII, L.P.
  • Harvest Partners VIII
  • Harvest Structured Capital Fund III, LP
  • Hedosophia IV
  • Hedosophia V
  • Hellman & Friedman Capital Partners IX, L.P.
  • Hellman & Friedman Capital Partners VI, L.P.
  • Hellman & Friedman Capital Partners VII, L.P.
  • Hellman & Friedman Capital Partners VIII, L.P.
  • Hellman & Friedman Capital Partners X, LP
  • Hg Genesis 9 (NZAM)
  • Hg Saturn 2 (NZAM)
  • HgCapital 7, L.P.
  • HgCapital 8, L.P.
  • Hughes & Company I
  • Inflexion 2010 Buyout Fund
  • Inflexion Buyout Fund IV, L.P.
  • Inflexion Buyout Fund V
  • Inflexion Enterprise Fund IV, L.P.
  • Inflexion Enterprise Fund V
  • Inflexion Partnership Capital Fund I, L.P.
  • Inflexion Partnership Capital Fund II
  • Insight Equity II LP (Climate Action 100+)
  • Insight Equity Mezzanine I LP (Climate Action 100+)
  • Insight Partners XII Buyout Annex Fund, L.P. (Climate Action 100+)
  • Insight Partners XII, L.P. (Climate Action 100+)
  • InvestIndustrial VII (NZAM)
  • Jade Equity Investors, LP
  • JMI Equity Fund VII, L.P.
  • JMI Equity Fund VIII, L.P.
  • JMI Equity Fund X
  • JMI Equity IX, L.P.
  • KLH Capital Fund IV, L.P.
  • Kohlberg Investors IX, L.P.
  • Kohlberg Investors VI, L.P.
  • Kohlberg Investors VIII, L.P.
  • Lake Pacific Fund II, L.P.
  • LFM Capital Partners III‐A, L.P.
  • LightBay Investment Partners, LP
  • Lindsay Goldberg III, L.P.
  • Lindsay Goldberg IV, L.P.
  • Lindsay Goldberg V, L.P.
  • LivingBridge 6, LP
  • LivingBridge 7
  • Lone Star Fund IV 304
  • Lone Star Fund VI, L.P.
  • Lone Star Fund VII, L.P.
  • Lone Star Fund VIII, L.P.
  • Merit Mezzanine Fund V, L.P.
  • Merit Mezzanine Fund VI, L.P.
  • Montefiore Investment IV
  • Montefiore Investment V S.L.P.
  • New Capital Partners Private Equity Fund III, L.P.
  • New State Capital Fund III
  • NGP Natural Resources X, L.P.
  • NGP Natural Resources XII, L.P.
  • NovaQuest Fund II
  • Oaktree European Principal Fund III, L.P.
  • Old Lane India Opportunities Fund ‐ T, L.P. (Climate Action 100+)
  • ParkerGale Capital II
  • Patria Brazilian Private Equity Fund V, L.P.
  • Patria‐Private Equity Fund VI, L.P.
  • Pegasus WSJLL Fund, L.P.
  • Peninsula Fund V, L.P.
  • Peninsula Fund VI, L.P.
  • Percheron Capital Fund I
  • PES Co‐Invest SCSP
  • Platte River Equity IV, L.P.
  • Pomona Capital VI, L.P.
  • Pomona Capital VII, L.P.
  • Prairie Capital VII, L.P.
  • Private Equity Solutions SCSp
  • Procuritas Capital Investors VI
  • Providence Debt Fund III, L.P.
  • Providence Equity Partners V, L.P.
  • Providence Equity Partners VI, L.P.
  • Providence Equity Partners VII, L.P.
  • Providence Equity Partners VIII L.P.
  • Providence Strategic Growth Europe L.P.
  • Providence Strategic Growth II L.P.
  • Providence Strategic Growth III L.P.
  • Providence Strategic Growth IV L.P.
  • PSG Encore L.P.
  • PSG Encore Warehouse III L.P.
  • PSG Encore Warehouse L.P.
  • PSG V L.P.
  • Quantum Energy Partners VII, L.P.
  • RCP Small and Emerging Fund, L.P.
  • Recognize Fund I
  • Resource Capital Fund VI, L.P.
  • Ridgemont Equity Partners Energy Opportunity Fund, LP
  • Ridgemont Equity Partners Fund I, L.P.
  • Ridgemont Equity Partners II, LP
  • Ridgemont Equity Partners III, LP
  • Ridgemont Partners Secondary Fund I, L.P.
  • Riverstone Carlyle Global Energy & Power Fund IV, L.P.
  • Riverstone Global Energy and Power Fund V, L.P.
  • Riverstone Global Energy and Power Fund VI, L.P.
  • SAIF Partners IV, L.P.
  • Saros Investments L.P.
  • Seaside Equity Partners I‐A, L.P.
  • Segulah IV, L.P.
  • Sentinel Capital Partners V, L.P.
  • Shamrock Capital Content Fund I, L.P.
  • Shamrock Capital Content Fund II, L.P.
  • Shamrock Capital Debt Opportunities Fund I, L.P.
  • Shamrock Capital Growth Fund IV, L.P.
  • Sheridan Production Partners III‐B, L.P.
  • SilverStone III, L.P.
  • Sixth Street Opportunities Partners II, L.P.
  • Sixth Street Opportunities Partners III, L.P.
  • Sixth Street Opportunities Partners IV (A), L.P.
  • Sixth Street Specialty Lending Europe II
  • Sixth Street TAO Partners (D), L.P.
  • Sixth Street TAO Partners (TAO 5.0)
  • Sixth Street TAO Partners, L.P.
  • SkyKnight Capital Fund III, L.P.
  • SPC Wilson Point, L.P.
  • Sprints Capital IV
  • Sterling Group Credit Fund II, LP
  • Sterling Group Credit Fund, LP
  • Sterling Group Partners III, L.P.
  • Sterling Group Partners IV, L.P.
  • Sterling Group Partners V, LP
  • Telescope Partners II
  • Terrace Investment Holdings, LLC
  • The Resolute Fund III, L.P.
  • The Resolute Fund IV, L.P.
  • The Resolute Fund V, L.P.
  • Thoma Bravo Fund XIII, L.P.
  • Thoma Bravo Fund XIV, LP
  • Tidemark Fund I
  • Tower Arch Partners II, L.P.
  • TowerBrook Investors III, L.P.
  • TowerBrook Investors IV, L.P.
  • TowerBrook Investors V, L.P.
  • TPG Growth III, L.P.
  • TPG Growth IV, L.P.
  • TPG Partners V, L.P.
  • TPG Partners VI, L.P.
  • TPG Partners VII, L.P.
  • TPG Partners VIII, L.P.
  • Trident Capital Fund IV, L.P.
  • Trident V, L.P.
  • Trident VI, L.P.
  • Trident VII, L.P.
  • Trident VIII, L.P.
  • Triton Fund IV, L.P.
  • Triton Fund V, L.P.
  • TSG6 L.P.
  • TSG7 A L.P.
  • TSG7 B L.P.
  • TSG8, L.P.
  • Turn/River Capital IV (QP‐A), L.P.
  • Updata Partners V
  • Updata Partners VI, L.P.
  • Varsity Healthcare Partners III
  • Vinci Capital Partners III‐A, L.P.
  • Vista Credit Opportunities Fund II, L.P. (NZAM)
  • Vista Credit Partners Fund III, LP (NZAM)
  • Vista Equity Partners Fund III, L.P. (NZAM)
  • Vista Equity Partners Fund IV, L.P. (NZAM)
  • Vista Equity Partners Fund V, L.P. (NZAM)
  • Vista Equity Partners Fund VI, L.P. (NZAM)
  • Vista Equity Partners Fund VII, L.P. (NZAM)
  • Vista Foundation Fund II, L.P. (NZAM)
  • Vista Foundation Fund III, L.P. (NZAM)
  • VMG Partners V, L.P.
  • Volition Capital Fund IV, L.P.
  • Volition Capital Select Fund I, L.P.
  • Warburg Pincus China Fund, L.P.
  • Warburg Pincus Energy, L.P.
  • Warburg Pincus Global Growth, L.P.
  • Warburg Pincus Private Equity IX, L.P.
  • Warburg Pincus Private Equity X, L.P.
  • Warburg Pincus Private Equity XI, L.P.
  • Warburg Pincus Private Equity XII, L.P.
  • Warwick Partners IV, L.P.
  • Water Street Orion Fund, L.P. (Climate Action 100+)
  • Waterland Private Equity Fund IV, C.V.
  • Waterland Private Equity Fund V, C.V.
  • Waterland Private Equity Fund VI, C.V.
  • Waterland Private Equity Fund VII C.V.
  • Waterland Private Equity Fund VIII
  • Wayzata Opportunities Fund II, L.P.
  • Wayzata Opportunities Fund III, L.P.
  • Wind Point Partners V, L.P.
  • Wind Point Partners VI, L.P.
  • Wind Point Partners VII, L.P.
  • WP North America Private Equity, L.P.
  • Yellow Wood Co‐Invest Fortuna‐B, L.P.
  • Yellow Wood Fund III

Governance and accountability

This section features information about the two boards of trustees that oversee the Wisconsin Retirement System (WRS). A nine-member board of trustees oversees the non-teaching members of WRS and is titled the Wisconsin Retirement Board; a 13-member board oversees the teaching members of WRS and is titled the Teachers Retirement Board. The boards are specific to oversight of the Wisconsin Retirement System and do not exercise oversight duties for other state funds.[3]

Board selection method

The board of trustees that oversees the non-teacher members of WRS, the Wisconsin Retirement Board, is made up of nine members. The board consists of one member who is the chief executive or a member of the governing body of a participating city or village; one member who is a participating employee and the principal finance officer of a participating city or village; one member who is a participating employee of a participating city or village; one member who is the chairperson or a member of the governing body of a participating county or town; one member who is a county clerk or deputy county clerk of a participating county; one member who is a participating employee of a participating local employer other than a city or village; one member who is a participating state employee; one member who is a public member not a participant in or beneficiary of the Wisconsin retirement system; and the commissioner of insurance or the commissioner’s designee.[9]

The board of trustees that oversees the teaching members of WRS, the Teachers Retirement Board, is made up of 13 members. The board consists of six public school teachers who are participating employees in WRS elected by participating employees meeting the same criteria; one public school teacher from a technical college district who is a participating employee in WRS, elected by teacher participating employees from technical college districts; one administrator in Wisconsin’s public schools who is not a classroom teacher; two University of Wisconsin System representatives who are teacher participants in WRS and teach on different campuses; one representative who is a member of a school board; one annuitant who was a teacher participant in WRS, elected by the annuitants who were teacher participants; and one teacher in the city of Milwaukee who is a participating employee in WRS, elected by the teachers of the public schools in that city who are participating employees.[10]

Board of trustees membership

A nine-member board of trustees, the Wisconsin Retirement Board, oversees the operation and administration of the non-teaching members of WRS. The following individuals served on the board as of October 2024:[9]

  • Steve Wilding, chair
  • Angela Miller, vice chair
  • Becky Easland
  • Ginny Dankmeyer
  • Justin Nickels
  • Todd Romenesko
  • Christy Schwan
  • Tom Wegner
  • Kitzie Winters

A 13-member board of trustees, the Teachers Retirement Board, oversees the operation and administration of teaching members of WRS. The following individuals served on the board as of October 2024:[10]

  • Chris Heller, chair
  • Adam Balz, vice chair
  • Allison Pratt
  • Michael Abler
  • Brent Grochowski
  • Dylan Helmenstine
  • Ryan Kamien
  • Michael Langyel
  • Amy Mizialko
  • Andrew Moriarity
  • Anton Przybylski Jr.
  • David Schalow

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 Wisconsin Department of Employee Trust Funds, "Wisconsin Retirement System Forty-Third Annual Actuarial Valuation and Gain/Loss Analysis," December 31, 2023," October 9, 2024
  2. ↑ Wisconsin Department of Employee Trust Funds, "How the WRS Retirement Benefit Works," October 9, 2024
  3. ↑ 3.0 3.1 National Association of State Retirement Administrators, "Wisconsin Retirement System Informational Paper; Wisconsin Legislative Fiscal Bureau January, 2019," October 9, 2024
  4. ↑ State of Wisconsin Investment Board, "State of Wisconsin Investment Board," October 17, 2024
  5. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  6. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  7. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  8. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  9. ↑ 9.0 9.1 Wisconsin Department of Employee Trust Funds, "2024 Wisconsin Retirement Board Membership Roster," October 9, 2024
  10. ↑ 10.0 10.1 Wisconsin Department of Employee Trust Funds, "2024 Teachers Retirement Board Membership Roster," October 9, 2024
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