MADISON (WXOW) -- After an analysis of the Wisconsin Retirement System, an independent consulting firm has concluded that the pension program for the state's public employees is in very good shape and it is not necessary to make changes to it.
The state hired the actuarial firm of Gabriel, Roeder and Smith to determine if the plan was sustainable or if another system, such as a 401k plan, was needed.
While the actuaries determined that a 401k or any other "defined contribution plan" wouldn't cost anything extra, they concluded that it wasn't necessary to keep the program sustainable.
The analysis comes on the heels of a Pew Research study which showed that Wisconsin's pension system was the only one in the nation to be 100 percent funded.
Governor Scott Walker has vowed to follow the advice of the independent study from Gabriel, Roeder and Smith.
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