State Treasurer, Wisconsin

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About

Agency Responsibility: The Office of the State Treasurer serves citizens and local government by providing for receipt, custody, oversight, and disbursement of moneys deposited by law with the state, as well as unclaimed property reported to the state.  The office also administers the state’s Section 529 college savings program.

Organization: The state treasurer, a constitutional officer elected for a 4–year term by partisan ballot in the November general election, heads the Office of the State Treasurer and is the fiscal trustee for the State of Wisconsin.

Functions: The state treasurer administers the Local Government Pooled–Investment Fund.  The office makes a daily determination of funds available for investment by the State of Wisconsin Investment Board.  The state treasurer serves as custodian of unclaimed and escheated property that is transferred to the state when owners and heirs cannot be found and runs outreach programs to locate rightful owners.  The state treasurer also administers EdVest and tomorrow’s scholar, the state’s $2 billion Section 529 college savings program.

History: The territorial treasurer, an office created in 1839, was appointed by the governor, but the Wisconsin Constitution, adopted in 1848, made the office an elective partisan position.  From 1848 through 1968, the state treasurer was elected to a 2–year term in the November general election.  Since 1970, following ratification of a constitutional amendment in April 1967, the state treasurer has been elected to a 4–year term.  Chapter 276, Laws of 1969, created the Office of the State Treasurer to assist the treasurer.