Wisconsin Statutes
Wis. Stat. § 40.01 (2026)
Creation and purpose
✓ current as of July 2026
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40.01(1)(1) Creation. A “public employee trust fund” is created to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age, disability, death, illness and accident, thereby promoting economy and efficiency in public service by facilitating the attraction and retention of competent employees, by enhancing employee morale, by providing for the orderly and humane departure from service of employees no longer able to perform their duties effectively, by establishing equitable benefit standards throughout public employment, by achieving administrative expense savings and by facilitating transfer of personnel between public employers.
40.01(2)(2) Purpose. The public employee trust fund is a public trust and shall be managed, administered, invested and otherwise dealt with solely for the purpose of ensuring the fulfillment at the lowest possible cost of the benefit commitments to participants, as set forth in this chapter, and shall not be used for any other purpose. Revenues collected for and balances in the accounts of a specific benefit plan shall be used only for the purposes of that benefit plan, including amounts allocated under s. 40.04 (2), and shall not be used for the purposes of any other benefit plan. Each member of the employee trust funds board shall be a trustee of the fund and the fund shall be administered by the department of employee trust funds. All statutes relating to the fund shall be construed liberally in furtherance of the purposes set forth in this section.
40.01(3)(3) Compatibility of trustee responsibilities. Membership on the employee trust funds board, group insurance board, deferred compensation board, Wisconsin retirement board and the teachers retirement board shall not be incompatible with any other public office. The board members and the employees of the department shall not be deemed to have a conflict of interest in carrying out their responsibilities and duties in administering this chapter, or taking other appropriate actions necessary to achieve the purposes of this chapter, solely by reason of their being eligible for benefits under the benefit plans provided under this chapter. However, any board member or employee of the department is expressly prohibited from participating in decisions directly related to a specific benefit, credit, claim or application of the person and from participating in negotiations or decisions on the selection of actuarial, medical, legal, insurance or other independent contractors if the board member or employee of the department has a direct or indirect financial interest in or is an officer or employee or is otherwise associated with the independent contractor.
40.01 AnnotationMonies appropriated to the Public Employee Trust Fund are not “state funds”; therefore the legislature may not restrict the use of those funds by a statute governing the use of “state or local funds.” OAG 1-95.
Notes of Decisions
Cited in 15
cases, 1920–2019 · leading case: Wisconsin Prof'l Police Ass'n v. Lightbourn, 2001 WI 59 (Wis. 2001).
Wisconsin Prof'l Police Ass'n v. Lightbourn, 2001 WI 59 (Wis. 2001). “A second source of participant property interests and rights is Wis. Stat. § 40.01 . This section sets out the nature and purpose of the public employee trust fund: 40.”
Wisconsin Med. Soc'y, Inc. v. Morgan, 2010 WI 94 (Wis. 2010). “The second source of a property interest was in Wis. Stat. § 40.01 , "the nature and purpose of the *498 public employee trust fund.”
Helgeland v. Wisconsin Municipalities, 2008 WI 9 (Wis. 2008). “¶ 179 What is the municipalities' interest? ¶ 180 According to Wis. Stat. § 40.01 (a), the Public Employee Trust Fund was created to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age, disability, death, illness, and…”
Wisconsin Retired Teachers Ass'n v. Employe Trust Funds Bd., 558 N.W.2d 83 (Wis. 1997). “Wis. Stat. § 40.01 (1). The Department of Employe Trust Funds (DETF) is an executive branch agency administering the Trust Fund "under the direc *10 tion and supervision of the employe trust fund board.”
Boyden v. Conlin, 341 F. Supp. 3d 979 (W.D. Wis. 2018). “Health Care Coverage for State Employees As set forth in Wisconsin Statute § 40.01(1), the State provides insurance coverage to "aid public employees in protecting themselves .”
Cnty. of La Crosse v. Wisconsin Emp. Relations Comm'n, 488 N.W.2d 94 (Wis. 1992). “" [3] Section 40.01(2), Stats., provides in part: The public employe trust fund is a public trust and shall be managed, administered, invested and otherwise dealt with solely for the purpose of ensuring the fulfillment at the lowest possible cost of the benefit commitments to…”
Wisconsin Retired Teachers Ass'n v. Employe Trust Funds Bd., 537 N.W.2d 400 (Wis. Ct. App. 1995). “Section 40.01, Stats., creates a public employee trust fund "solely for the purpose of *1017 ensuring the fulfillment at the lowest possible cost of the benefit commitments to participants, as set forth in this chapter, and shall not be used for any other purpose.”
Welin v. Am. Fam. Mut. Ins., 2006 WI 81 (Wis. 2006). “Schermer, Automobile Liability Insurance § 40.01 (4th ed. 2004). 8 Langridge, 275 Wis.”
Fazio v. Dep't of Emp. Trust Funds, 2005 WI App 87 (Wis. Ct. App. 2005). “She notes as well that Wis. Stat. § 40.01 explains that the *849 WRS was created "to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age [and] death" (emphasis added).”
Socha v. Socha, 555 N.W.2d 152 (Wis. Ct. App. 1996). “" See § 40.01(2), Stats. Chapter 40 has no application to the issue presented here.”
Fazio v. Dept. of Emp. Trust Funds, 2006 WI 7 (Wis. 2006). “A "public employee trust fund" is created to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age, disability, death, illness and accident, thereby promoting economy and efficiency in public service by facilitating the…”
State v. Walters, 248 N.W. 777 (Wis. 1933). “, which provides for compulsory school attendance, excepting as to children living in the country more than two miles from the school, for whom no transportation has been provided by the district, it is necessary to also consider the provision in sec. 40.01, Stats., that “The…”
— Wis. Stat. § 40.01(1) — 2 cases
Boyden v. Conlin, 341 F. Supp. 3d 979 (W.D. Wis. 2018). “Health Care Coverage for State Employees As set forth in Wisconsin Statute § 40.01(1), the State provides insurance coverage to "aid public employees in protecting themselves .”
Wisconsin Prof'l Police Ass'n v. Lightbourn, 2001 WI 59 (Wis. 2001). “A second source of participant property interests and rights is Wis. Stat. § 40.01 . This section sets out the nature and purpose of the public employee trust fund: 40.”
— Wis. Stat. § 40.01(2) — 5 cases
Cnty. of La Crosse v. Wisconsin Emp. Relations Comm'n, 488 N.W.2d 94 (Wis. 1992). “" [3] Section 40.01(2), Stats., provides in part: The public employe trust fund is a public trust and shall be managed, administered, invested and otherwise dealt with solely for the purpose of ensuring the fulfillment at the lowest possible cost of the benefit commitments to…”
Wisconsin Retired Teachers Ass'n v. Employe Trust Funds Bd., 537 N.W.2d 400 (Wis. Ct. App. 1995). “Section 40.01, Stats., creates a public employee trust fund "solely for the purpose of *1017 ensuring the fulfillment at the lowest possible cost of the benefit commitments to participants, as set forth in this chapter, and shall not be used for any other purpose.”
Socha v. Socha, 555 N.W.2d 152 (Wis. Ct. App. 1996). “" See § 40.01(2), Stats. Chapter 40 has no application to the issue presented here.”
Fazio v. Dept. of Emp. Trust Funds, 2006 WI 7 (Wis. 2006). “A "public employee trust fund" is created to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age, disability, death, illness and accident, thereby promoting economy and efficiency in public service by facilitating the…”
Fazio v. Dep't of Emp. Trust Funds, 2006 WI 7 (Wis. 2006).
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