SUMMARY

We provided an unmodified opinion on the financial statements and related notes of the Wisconsin Retirement System (WRS) for calendar year 2015. The fiduciary net position of the WRS decreased from $92.1 billion as of December 31, 2014, to $88.5 billion as of December 31, 2015, or by 4.0 percent, primarily as a result of a decrease in investment income. In addition, we again report a significant deficiency in financial reporting and include a recommendation for the Department of Employee Trust Funds (ETF) to improve its processes.