Diana Felsmann
Today, the Employee Trust Funds Board appointed Deputy Secretary Diana Felsmann to be the next Secretary of the Department of Employee Trust Funds (ETF), effective July 26, 2026.
ETF administers Wisconsin Retirement System (WRS) retirement and retirement disability, insurance, deferred compensation, and other public employee benefits.
“Diana’s tenure and experiences at ETF have given her a broad and deep understanding of how the organization functions and the issues it faces,” said Bill Ford, Board Chair.
“The Board is confident that Diana’s leadership will help protect and improve the benefit programs administered by ETF,” Ford added.
Felsmann has been with ETF for almost 15 years, most recently serving as Deputy Secretary since 2025. Prior to that, Felsmann served as Chief Legal Counsel and in leadership roles that provided legal counsel for benefits and tax law compliance, and litigation. Felsmann has more than 25 years of experience as an attorney in the public and private sectors, primarily specializing in employee benefits and appellate law.
In accepting the position, Felsmann said, “I am extremely honored by the Board’s appointment of me as Secretary and humbled to take on the significant responsibility of safeguarding the WRS and ETF’s insurance programs for our 704,000 members. I approach the role with a deep sense of gratitude for the talented, purpose-driven ETF employees with whom I’ve worked for almost 15 years. Over that time, I have seen up close the impact our benefits have had on the well-being of our members and their communities.
“I look forward to building on Secretary Voelker’s many successes by preserving the WRS’s reputation for being well-managed and well-funded, and by continuing the modernization of our systems and business.”
Raised in Waukesha, WI, Felsmann received a law degree from UW-Madison and an undergraduate degree from Marquette University. In addition, Felsmann is trained in project management and business and policy analysis.
Felsmann will succeed Secretary John Voelker, who is stepping down in July after more than 12 years at ETF and 39 years in public service.
WRS FactsThe WRS has approximately 704,000 members, including current and former state and local government employees, retirees, and their beneficiaries. More than 1,600 units of government across Wisconsin participate in the WRS.The WRS has $159 billion in assets, as of April 30, 2026. Assets are under management of the State of Wisconsin Investment Board.In 2024, ETF paid $7.6 billion in pension benefits to retired members. Approximately 78% of those benefits were derived from investment returns.The fully funded WRS consistently ranks among the 10 largest U.S. public pension funds.