Wisconsin Coalition of Annuitants

August 17, 2026 Minutes

www.wicoa.org

Meeting called to order by Chair Diane Wilcenski at 9:32AM

DIRECTORS & ALTERNATES PRESENT: Sandy Drew, SWIB Retiree; Paul Haubrich, UW Milwaukee Retiree’s Assoc.; Scott Hildebrand, UWRA President; Brian Holmes, Epsilon Sigma Phi; Bruce Johnson, SWIB Retirees; Rick Klemme, Epsilon Sigma Phi; Allen Knop, WEAC-Retired; Kathy Kreul, WFT/AFT Retirees; Tara Leithold, Kettle Moraine Retired; John Maydak, West Allis Retirees; Fred Nepple, OCI; Robert Schaefer, WI Assoc of Retired Conservationists and State Engineering Association; Roger Springman, WFT/AFT Retirees; Jeanne Stangl, Dodge County Area REA; Jim Thiel, Association of Career Employees; Diane Wilcenski, WREA; Rick Wojciak, DNR; Christopher Wren, Wisconsin State Attorneys Association; and wicoa.org

DIRECTORS & ALTERNATES NOT PRESENT; Robert Beglinger, AFT-R; James Blank, Bay Lakes United Educators-R ; Dave Bosanko, Retired Professional Fire Fighters of WI; Jack Lawton, ACE; Diane Liebert, AFSCME Subchapter 52: Kevin Niemi, President Elect, UWRA;

DIRECTORS & ALTERNATES EXCUSED; Fluffy Aerts, WI AFSCME Retirees Chapter 32;

GUESTS; Tarna Hunter and Chris Preisler

Roll Call: Taken by Rick

Approval of the July Minutes: Minutes approved as printed.

GUEST: Tarna Hunter, Director of Budget and Management, ETF 

Tarna began her presentation with an update on ETF’s modernization efforts. On July 1st the Insurance Administration System went live for all employees. Overall, she felt it was a successful implementation. There were a couple of challenges related to COBRA, life insurance, and supporting employers. There are 900 employers who have their diverse needs. ETF is identifying resources to support these employers. The ETF Call Center had a 50% increase in calls. Tarna feels that this number will decrease as employers become familiar with the process. On July 23, ETF had an onsite celebration the system implementation and for all the hard work the staff had put in to make it successful.

The Pension Administration System project has begun. Discovery will begin in September. Heywood, which is ETF’s vendor from the UK, will be on site the week of September 14th. ETF will be holding a picnic that week so that staff can interact with them.

Heywood (the company that is building the system), ETF and Linea,( ETF’s consultant for the project), will be spending 6 months doing discovery which means really looking at the requirements that are needed for the system. From there they will develop a 4-year project plan to implement the system. ETF submitted a 13.10 to the Joint Finance Committee to request six four-year project positions. These positions are needed to provide extra help with the project. By the end of March 2026, ETF should have a very clear understanding of how the project is going to be structured and what resources will be needed. Tarna is hoping that the JFC will schedule a meeting to take up ETF’s request for additional positions.

Presently there are 20 open recruitments at ETF. 10 of these are for Trust Fund Specialists in the Division of Benefits Administration. The other 10 openings are based on retirement, promotions, and staff departures. ETF usually does the Trust Fund Specialist recruitment twice a year because it takes quite a bit of time to train a trust fund specialist. This way a smaller group goes through the multi-month training which results in better employee retention.

The Group Insurance Board met on August 12, 2026. One thing that they looked at was ETF’s wellness program. They have been monitoring this program over the past few years to assess what the return on investment for the wellness programs is. They found that the return on investment was not great. The board is presently looking at three things.

1. Reduce avoidable healthcare utilizations.

2. Slow progression and severity of chronic conditions.

3. Maximize the value and return on investments.

These are the three goals for the redesign of the wellness program. ETF staff are going to focus on these goals. They will then meet with the Group Insurance Board at their November meeting with a recommended plan of action for the redesign of the wellness programs.

The Board announced that there will be a 5% rate increase for the state plan and a 2.25% rate decrease for state employer contributions to the accidental death and dismemberment benefit for accidental deaths involving aviation. Revisions to the vendor contract and life insurance policy will align with the capabilities of My Insurance Benefits System and Administration Responsibilities. The annual report from Securian (ETF life insurance vendor) will also be reviewed.

The ETF Board will meet on September 24th, 2026. They will review ETF’s 27-29 Biennial Budget Requests which will go DOA right after that. Right now, ETF is just watching and waiting to see what the legislators are going to do. ETF will probably put together their strategy for the next session in November.

Guest: Chris Preisler, Senior Communications Specialist, SWIB

Performance final returns as June 30, 2026 Returns on a Five-year Basis

Core 5.77% Benchmark 5.55% Core 6.35% Benchmark 5.71%

Variable 12.08% Benchmark 12.11% Variable 11.57 % Benchmark 11.56%

Assets Under Management

Core Fund $147.8B Variable Fund $13.8B for a total of $161.6B in retirement fund assets

Preliminary returns as of July 31, 2026 Returns on a Five-year Basis

Core 5.26% Benchmark 5.12% Core 5.93% Benchmark 5.31%

Variable 11.70% Benchmark 11.84% Variable 11.32% Benchmark 11.35%

Sneak Peak of returns as of August 14th

Core 6.6% Variable 15.9%

Chris pointed out that SWIB is still seeing heavy fluctuations in the market.

The Federal Reserve will have a big decision to make regarding interest rates and whether to hold steady or possibly even increase rates.

Chris reminded us to keep in mind that through this, SWIB is staying focused on the long term, diversification, discipline, and trying to keep things as smooth as possible.

Sandy Drew asked Chris if there was still internal management for fixed income and equities. Chris said that SWIB is, and he would check on what the percentage was of those being managed internally.

Sandy then asked if SWIB is still investing in venture capital, especially in Wisconsin. Chris explained that SWIB does make investments in venture capital. Chris mentioned that the schedule of investments and the annual report from 2025 is now available on SWIB’s website. Microsoft Word - 2025 Annual Report DRAFT - Track Changes 5.20.26

Chris informed us that SWIB is statutorily required to submit the Goals for Investing in Wisconsin report every two years. The report is due at the end of this year. This report will give you an updated look at SWIB’s Wisconsin investments and venture capital investments are highlighted in there.

SWIB’s Head of Funds Alpha, Derek Drummond, was named to the Alts 50 With Intelligence list which recognizes the 50 most influential allocators shaping the future of alternatives and then also working to create new industry insight, networking, and recognition.

The next SWIB board meeting will be held Sept. 8 and 9 at the Madison Yards offices. Meeting materials and agendas will be posted on SWIB’s website.

Below is information about the next podcast. Derek Drummond and Ryan Johnston will be guests. They are going to talk about SWIB’s Beta One portfolio which Derek oversees.

Hunting for Alpha: Inside SWIB's Beta One Portfolio

In the latest episode of The SWIB Podcast, Head of Funds Alpha Derek Drummond and Senior Analyst Ryan Johnston offer a closer look at SWIB’s Beta One portfolio.

They explain the difference between “alpha” and “beta,” how SWIB identifies skilled external investment managers, and why active management can create additional value for the WRS.

The discussion also explores how SWIB combines different investment strategies to pursue consistent results across changing market conditions.

Drummond and Johnston share how SWIB’s experienced staff, strong governance, and long-term partnerships, collectively known as the “SWIB edge,” help the team evaluate opportunities and manage risk.

Most importantly, the episode looks at how the work of the Funds Alpha team connects to SWIB’s responsibility to benefit the WRS.

Correspondence: None

Old Business: Medicare Committee

Roger Springman spoke on behalf of the committee. They met three weeks ago. They had a wide-ranging discussion on upcoming health issues of all kinds. They talked about Medigap, our state programs, and the WISER national model program for Medicare. After their discussions, the group felt the National healthcare system is getting very tattered and worn out, which led to concerns about the future of our federal healthcare system. At this point, the group decided to slow down and take a look at our state program. Jack Lawton then took the lead to work with the group to come up with 8-10 questions. Jack put these questions together and sent them to Tarna.

Tarna will work with Renee Walk and others over in strategic health services to get some answers to these questions so we can understand the state program better. The group also thought that maybe they should visit with the long-term care board. After this group gets a better understanding of all these pieces, they are hoping to meet with Dr. Ed Weisbart to see what he recommends their next step should be.

Roger also added that the federal health system is planning on making some decisions that will weaken our health system and suggested that we find ways to strengthen our state system.

Sandy Drew pointed out that many of the public employees and public retirees are not under the state system and are not under the plan offered by ETF. She also added that there are a few things that the legislature has mandated that ETF include in its package.

Diane and Jim Blank chatted about maybe coordinating efforts between the two groups (WREA and WEAC) to get information distributed to people who are not on the state plan as well as information on Social Security.

Scott Hildebrand asked Roger if the concerns at the federal level are a result of long-term stuff or is it actions of the current administration. Roger stated that it was probably a little of both. The Trump administration and related administrations are promoting Medicare Advantage programs. Another concern is the use of AI and machine learning type systems to reduce cost and to manage prior authorization. An additional concern is the impact of the big, beautiful bill that passed last year that begins after this fall’s elections and goes into next year.

This item will be a standing item on the agenda for any updates, and when the committee meets again.

New Business: Nominations for officers

Start thinking about nominations for officers. This will take place at the October meeting with voting taking place in December. If you have somebody in mind, please check with that person to see if they are interested.

Jeanne will send a sympathy card to the family of Ann Wallace on behalf of WICOA.

WICOA Annual Conference

The conference is going to be held on the 12^th and 13^th of May,2027.

It will be held online (Zoom).

It will be held from 9:30 am until noon.

SWIB and ETF will both have speakers (one on each day)

Two additional speakers will speak on a topic our group chooses. (one each day)

Topics for our additional speakers:

Wisconsin State Senator or Wisconsin US Senator to talk about what they are going to do about Social Security.

Two senators from the federal level (one from each party). Give them each 20 minutes to explain their position.

Having our new governor come and speak.

We must have decisions made by the beginning of January to get it in the newsletter.

Mike Collins, who is an expert in Social Security.

Possible topics for the conference suggested at other meetings.

Medicare funding Social Security Funding

IRS Changes SAVE Bill

Caregiving Child Care

Economic Trends Medicaid

Healthcare Dr. Weisbart

Treasurer Report:

WCOA Income/Expense Report for 7/21/26 - 8/17/26

The balance as of July 1, 2024, was $7895.88

The balance as of July 31, 2024, was $7365.74

Receipts $0.00 Expenses $587.80

ASSETS

Savings Account $5.00

Checking Account - beginning balance $6694.09

Income $0.00

Expenses $587.80

Checking Account Balance as of this report $6106.29

TOTAL ASSESTS $6111.29

Next Meeting:

September 21^st at 9:30 AM via Zoom

Meeting adjourned at 12:13AM

Respectfully submitted,

Jeanne Stangl

WICOA Secretary.