Department of employee trust funds; creation

There is created a department of employee trust funds under the direction and supervision of the employee trust funds board. (1) Employee trust funds board. The employee trust funds board shall consist of the governor or the governor’s designee on the group insurance board, the administrator of the division of personnel management in the department of administration or the administrator’s designee and 11 persons appointed or elected for 4-year terms as follows: (a) Four members shall be members of the teachers retirement board, appointed by that board. 1. At least one appointee under this paragraph shall have been appointed or elected to the board under s. 15.165 (3) (a) 1. or 2. 2. At least one appointee under this paragraph shall have been appointed to the board under s. 15.165 (3) (a) 4. 3. At least one appointee under this paragraph shall have been elected to the board under s. 15.165 (3) (a) 7. 4. At least one appointee under this paragraph shall have been appointed to the board under s. 15.165 (3) (a) 3. or 5. (b) Four members shall be members of the Wisconsin retirement board, appointed by that board. 1. At least one appointee under this paragraph shall have been appointed to the board under s. 15.165 (3) (b) 1., 2., 4., 5. or 8. 2. At least one appointee under this paragraph shall have been appointed to the board under s. 15.165 (3) (b) 3., 6. or 7. 3. At least one appointee under this paragraph shall have been appointed to the board under s. 15.165 (3) (b) 7. or 8. (c) One member shall be a public member who is not a participant in or beneficiary of the Wisconsin retirement system, with at least 5 years of experience in actuarial analysis, administration of an employee benefit plan or significant administrative responsibility in a major insurer. It is the intent of the legislature that the member appointed under this paragraph shall represent the interests of the taxpayers of this state and shall not be representative of public employee or employer interests. (d) One member shall be an annuitant, as defined for purposes other than life insurance under s. 40.02 (4), elected by annuitants, as defined for purposes other than life insurance under s. 40.02 (4). (f) One member who is a participant in the Wisconsin retirement system and who is a technical college educational support personnel employee, as defined in s. 40.02 (55g), or an educational support personnel employee, as defined in s. 40.02 (22m), elected by participating employees meeting the same criteria.