Mon. Dec 4th, 2023

The Wisconsin Retirement System is one of the best funded and managed retirement systems in the United States, and it can be a model for employees in the private sector. Gov. Tony Evers has a good idea with his “WisconsinSaves” proposal.

It should be noted that the WRS is designed for public employees. All employees are covered, and a percentage deduction is made from every paycheck. In addition, the employer also pays a percentage into the system. The employees do not decide when a payment will be made or what the percentage will be — it is automatic. This system is straight forward and reliable.

Under a plan suggested in the Feb. 20 letter to the editor “Let private sector into state plan,” people would randomly decide to whip out their credit cards and pay whatever they want when they want. And that plan does not address employer contributions.

To accommodate these issues would require a whole separate system that then would need to be integrated with the existing and successful WRS system. This would be an expensive process and provide zero benefit to WRS and the people it serves.

By senior