The Bureau announces the release of Retirement Funds Investment Activity (report 22-12).
We provided unmodified opinions on the financial statements and related notes of the Retirement Funds investment activity for the year ended December 31, 2021. These financial statements were prepared by the State of Wisconsin Investment Board (SWIB), which invests assets for the Wisconsin Retirement System that are held in the Core Retirement Investment Trust Fund (Core Fund) and the Variable Retirement Investment Trust Fund (Variable Fund). Together, these funds are known as the Retirement Funds. The Core Fund was 94.1 percent of total investment assets of the Retirement Funds as of December 31, 2021. From December 31, 2020, to December 31, 2021, the net investment position of the Core Fund increased from $120.2 billion to $136.3 billion, while the net investment position of the Variable Fund increased from $9.6 billion to $10.9 billion. As of December 31, 2021, 49.0 percent of the investment assets of the Retirement Funds was managed internally by SWIB. We recommend that SWIB increase the transparency of its reporting of external investment management fees, which SWIB indicated totaled $571.5 million in 2021.
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