Pocan Helps Protect Wisconsin Workers’ Pensions
MADISON, WI—In September 2020, Congressman Mark Pocan (WI-02) led Representative Gwen Moore (WI-04), Representative Ron Kind (WI-03), and Senator Tammy Baldwin in a letter to the Internal Revenue Service (IRS) to request a full and fair consideration to the State Wisconsin Investment Board’s (SWIB) August 10th settlement proposal regarding State of Wisconsin Investment Board, Transferee v. Commissioner. The letter triggered a review by both the IRS and eventually the Department of Justice, eventually resulting in a more favorable settlement this week for the SWIB for less than the maximum potential liability.
“Over 650,000 public employees in Wisconsin rely on the Wisconsin Retirement System for their pensions, and this settlement ensures their retirement funds are not unnecessarily harmed,” said Congressman Pocan. “From first responders to teachers, Wisconsin’s state and local workers depend on these funds for their retirement. Ensuring the continued financial health of the Wisconsin Retirement System is critically important to our state and we will continue to do everything possible to protect public employees’ hard-earned pensions.”
SWIB is a tax-exempt organization charged with the management of funds in Wisconsin’s main public employee pension system, the Wisconsin Retirement System (WRS). Due to the WRS’s unique “shared risk” structure, any payment made in connection with this case affects the retirement funds available to the WRS’s 652,000 participants.
See the full letter sent on September 11, 2020 here.