Report recommends no changes to Wis. pensions

By the Associated Press

CREATED Jul. 2, 2012

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MADISON, Wis. (AP) -- A highly anticipated report ordered by Gov. Scott Walker and the Republican-controlled Legislature is recommending no changes to Wisconsin's $77 billion pension system.

The report released Monday says that given the state pension's strong financial health and its unique risk-sharing features, the state should not move to an optional defined contribution plan or allow employees to opt out of the system all together.

Walker said Monday he has no plans to make "substantial" changes to the system, but he wants to ensure it remains "fiscally sustainable for both taxpayers and retirees."

The report released Monday was written jointly by Walker's Department of Administration, the Department of Employee Trust Funds and the Office of State Employment Relations.