SUMMARY

We completed an evaluation of SWIB by analyzing investment performance, assessing expenses, and examining staffing and staff compensation for 2018 and 2019. As of December 2019, SWIB managed $128.8 billion in assets, 90.5 percent of which were assets of the Wisconsin Retirement System (WRS). We recommend SWIB expand the manner in which it reports investment returns, improve its reporting of carried interest amounts, continue to assess and convert its contracted positions, and improve its overall data management. The Legislature could consider creating a statutory requirement for SWIB related to performing and reporting the results of stress tests of the WRS.