State Codes and Statutes

25.187

25.187 Operating expenditures.

25.187(1)

(1) In this section, "operating expenditures" include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does not include costs or expenses incurred under s. 25.18 (1) (a), (c), (f) or (m) or (2) (d) or (e) or 40.04 (3) (intro.).

25.187(2)

(2)

25.187(2)(a)

(a) Subject to par. (c), on September 1 of each year, the investment board shall assess each fund for which the board has management responsibility for its share of the board's operating expenditures for the current fiscal year in an equitable manner. The board shall pay the assessment from the current income of each fund, unless an appropriation is made for payment of the assessment, in which case the assessment shall be paid from that appropriation account.

25.187(2)(c)

(c)

25.187(2)(c)1.

1. Except as provided in subd. 2., the total amount that the board may assess the funds for which the board has management responsibility for any fiscal year may not exceed the greater of the amount that the board could have assessed the funds in the 2nd year of the prior fiscal biennium or 0.0325% of the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the preceding fiscal year.

25.187(2)(c)2.

2. In addition to the amount assessed under subd. 1., the board may assess the funds for which the board has management responsibility for any fiscal year up to an additional 0.0025% of the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the preceding fiscal year if the board notifies the joint committee on finance in writing of the proposed assessment. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment within 14 working days after the date of the board's notification, the board may make the assessment. If, within 14 working days after the date of the board's notification, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the proposed assessment, the board may make the assessment only upon approval of the committee.

25.187(2)(c)3.

3. For the purposes of this paragraph, the board shall do all of the following:

25.187(2)(c)3.a.

a. Determine the total market value of the assets of the funds according to the methodology used to determine the market value of the core retirement investment trust under s. 25.17 (14).

25.187(2)(c)3.b.

b. Annually, no later than June 15, certify to the department of administration and to the joint committee on finance the average market value of the assets of the funds at the end of each month between November 30 and April 30 of the current fiscal year.

25.187(2)(c)3.c.

c. Annually, no later than June 15, certify to the department of administration and to the joint committee on finance the maximum amount that the board may assess the funds for which the board has management responsibility in the next fiscal year.

25.187(3)

(3) The investment board shall transmit a notice of each assessment to each fund at the time that the assessment is made, and shall transmit a statement of the board's actual expenditures for management of each fund at the close of each fiscal year both to the state agency having primary responsibility for expenditure of principal or earnings of the fund and to the department of administration or, if there is no state agency, only to the department of administration.

25.187 - ANNOT.

History: 1999 a. 9, 185; 2005 a. 25, 153; 2007 a. 20.