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ETF 20.17 Note Note 1: Section 40.02 (17) (c), Stats., as in effect from January 1, 1982, until May 3, 1988, barred creditable service for persons in such positions after the first day of the fourth month commencing after attaining the age of 62.
ETF 20.17 Note Note 2: The referenced positions listed in s. 20.923 (4), (8) and (9), Stats., include the president of the university of Wisconsin system, which was so listed in s. 20.923 (4) (j) 1., Stats., effective from August 4, 1973, and at all times material to s. 40.285 (2) (c), Stats.
ETF 20.17(8)(c) (c) Exclusion from eligibility. No person who purchased creditable service under s. 40.02 (17) (e), Stats., as in effect from May 3, 1988, until July 26, 2003, is eligible to purchase creditable service under s. 40.285 (2) (c), Stats.
ETF 20.17(8)(d) (d) Calculation of amount due. The department's estimate shall be calculated based on all the years and fractions of a year of previously uncredited service that are available for purchase under s. 40.285 (2) (c), Stats., and this subsection. All participating employees purchasing service under s. 40.285 (2) (c), Stats., shall pay the same rate for such service, as prescribed by that statute, regardless of whether the participating employee is a present or former elected official or an appointee of such an official.
ETF 20.17(8)(e) (e) No retroactive effect on prior payment. No present or former elected official, or an appointee of such an official, who purchased service under former s. 40.02 (17) (e), Stats., as in effect from May 3, 1988 through August 14, 1991, shall be entitled to any refund or additional benefit based upon the amendment of s. 40.02 (17) (e), 1989 stats., by 1991 Wisconsin act 39 or the renumbering and subsequent amendment of s. 40.02 (17) (e), Stats., by 2003 Wisconsin act 33.
ETF 20.17 History History: CR 07-062: cr. Register June 2008 No. 630, eff. 7-1-08; CR 09-057: am. (4) (d) 2. (intro.) and g. Register May 2010 No. 653, eff. 6-1-10; correction in (1) (c) 3. a. made under s. 13.92 (4) (b) 7., Stats., Register August 2013 No. 692, eff. 9-1-13; correction in (3) (b) made under s. 13.92 (4) (b) 7., Stats., Register October 2013 No. 694, eff. 11-1-13; CR 14-055: r. (2) (d), am. (2) (f) 1. (intro.), (4) (b) 3. b., r. and recr. (4) (c) 6., am. (4) (c) 7. (intro.), a., e., cr. (4) (c) 8. Register May 2015 No. 713, eff. 6-1-15; 2015 Wis. Act 330 s. 20: am. (6) (b), (c) Register April 2016 No. 724, eff. 5-1-16; CR 19-126: am. (1) (b) 2., (d) 4., (4) (b) 3. b., (e) 5. b. Register May 2021 No. 785, eff. 6-1-21.
ETF 20.19 ETF 20.19 Treatment of purchased and other creditable service for percentage rates used to calculate retirement, disability and certain death benefits.
ETF 20.19(1)(1)Purpose. 1999 Wisconsin Act 11 provides a higher percentage rate under s. 40.23 (2m) (e), Stats., for creditable service performed before January 1, 2000. The purpose of this section is to further clarify what percentage rate will apply to creditable service added to a participant's account through service purchases, creditable military service, creditable prior service, and any other service added to the participant's account as a result of a court decision, legislation, or any other means, and assumed creditable service used to calculate a disability benefit as provided in s. 40.63 (8), Stats.
ETF 20.19(2) (2) Purchased and other creditable service. For purposes of s. 40.23 (2m) (e), Stats., all of the following shall apply:
ETF 20.19(2)(a) (a) For purposes of s. 40.23 (2m) (em) 1. a., Stats., creditable service is forfeited on the date the participant's benefit approval date for a benefit paid under s. 40.25 (2), Stats.
ETF 20.19 Note Note: See s. ETF 10.01 (1k).
ETF 20.19(2)(b) (b) Purchased service credit under s. 40.285 (2) (a), Stats., for service forfeited after January 1, 2000 shall be treated as post-1999 service, regardless of when the services were actually rendered. This same treatment applies to purchased service credit for service that was originally forfeited before January 1, 2000, then purchased under s. 40.285 (2) (a), Stats., or s. 40.25 (6), 1981-2001 stats., was subsequently forfeited after January 1, 2000, through a separation benefit paid under s. 40.25 (2), Stats., then later purchased under s. 40.285 (2) (a), Stats., or s. 40.25 (6), 1999-2001 stats.
ETF 20.19 Note Note: Section 40.25 (6), Stats., was repealed by 2003 Wis. Act 33.
ETF 20.19(2)(c) (c) Purchased service credit under s. 40.285 (2) (a), Stats., for creditable service forfeited before January 1, 2000, will be treated as pre-2000 service if the creditable service in question was forfeited before January 1, 2000, regardless of when the service credit is purchased.
ETF 20.19(2)(d) (d) If for any reason a participant who is eligible to purchase service credit for both service that was forfeited before January 1, 2000 and service that was forfeited after January 1, 2000, purchases less than all of the available service credit, then the payment received shall first be applied to purchase credit for service treated as pre-2000 service.
ETF 20.19(2)(dm) (dm) Purchased service credits under s. 40.285 (2) (b), Stats., for other governmental service will be treated as pre-2000 or post-1999 service depending on when the actual services for which credit is purchased were rendered to the governmental entity described in s. ETF 20.17 (1) (f).
ETF 20.19(2)(e) (e) A qualifying period of service purchased under s. 40.285 (2) (d), Stats., shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(f) (f) Executive service purchased under s. 40.285 (2) (c), Stats., shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(g) (g) Creditable service granted under s. 40.02 (17) (gm), Stats., for services performed as an assistant district attorney shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(h) (h) Teacher improvement leave purchased under s. 40.285 (2) (e), Stats., shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(i) (i) Junior teacher service purchased under s. 40.285 (2) (f), Stats., shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(j) (j) Service performed as a member or employee of the legislature or employee of a legislative service agency that is purchased under 1999 Wis. Act 11, section 27 (2), shall be considered to be performed before January 1, 2000.
ETF 20.19(2)(k) (k) Creditable prior service credited under s. 40.02 (16), Stats., that was actually performed before January 1, 2000 shall be considered to be performed before January 1, 2000. Creditable prior service that was actually performed after December 31, 1999 shall be considered to be performed after that date.
ETF 20.19(2)(L) (L) Any other service actually performed before January 1, 2000 that is credited to the participant's account as a result of a court decision, legislation, or any other means shall be considered to be performed before January 1, 2000 for the purpose of determining the applicable percentage rate under s. 40.23 (2m) (e), Stats.
ETF 20.19(3) (3) Creditable military service. For purposes of s. 40.23 (2m) (em) 1. c., Stats.,the amount of creditable military service that is considered to be performed before January 1, 2000, is granted in proportion to the final amount of the participant's total creditable service, other than creditable military service, credited to the participant's account.
ETF 20.19(4) (4) Assumed service for disability benefits.
ETF 20.19(4)(a) (a) The assumed creditable service under s. 40.63 (8), Stats., that is calculated through December 31, 1999 shall be considered to be performed before January 1, 2000, and the assumed creditable service calculated for any period after December 31, 1999 shall be considered to be performed after that date.
ETF 20.19(4)(b) (b) Any assumed creditable military service for which a participant is eligible based on actual and assumed creditable service that is calculated through December 31, 1999 shall be considered to be performed before January 1, 2000. Any assumed creditable military service for which a participant is eligible based on actual and assumed creditable service that is calculated for any period after December 31, 1999 shall be considered to be performed after that date.
ETF 20.19(5) (5) Creditable service for periods of temporary disability. Creditable service granted for any period of temporary disability through December 31, 1999 under s. 40.29, Stats., shall be considered to be performed before January 1, 2000. The creditable service granted for any period of temporary disability after December 31, 1999 shall be considered to be performed after that date.
ETF 20.19(6) (6) Treatment of creditable service after a retirement annuity is terminated and the account reestablished. When a participant's account is reestablished under s. 40.26 (2), Stats., if the participant was not a participating employee after December 31, 1999 but before the effective date of the participant's retirement annuity that was terminated under s. 40.26 (1), Stats., the percentage rates under s. 40.23 (2m) (e), Stats., shall not apply to the creditable service considered to be performed before January 1, 2000 that was performed before the annuity effective date.
ETF 20.19(7) (7) Treatment of creditable service after a disability annuity is terminated and the account reestablished.
ETF 20.19(7)(a)(a) When a participant's account is reestablished under s. 40.63 (10), Stats., if the participant is a participating employee after December 31, 1999, all creditable service that is considered to be performed before January 1, 2000 under this section and under s. 40.23 (2m) (em), Stats., shall be considered to be performed before January 1, 2000, for any subsequent benefit calculations.
ETF 20.19(8) (8) Creditable service divided per a qualified domestic relations order.
ETF 20.19(8)(a) (a) The percentage of a participant's account that is awarded to an alternate payee in qualified domestic relations order under s. 40.08 (1m), Stats., shall be applied equally to the creditable service considered to be performed both before January 1, 2000 and the service considered to be performed after December 31, 1999, which is credited or creditable to the participant's account as of the decree date.
ETF 20.19(8)(b) (b) The percentage of a participant's account that is awarded to an alternate payee in a qualified domestic relations order under s. 40.08 (1m), Stats., shall be applied equally to the creditable military service considered to be performed both before January 1, 2000 and the creditable military service considered to be performed after December 31, 1999, date for which the participant would be eligible based on the years of service that are credited or creditable to the participant's account as of the decree date. Creditable service performed after the decree date does not increase the amount of creditable military service that is awarded to the alternate payee.
ETF 20.19 History History: CR 00-022: cr. Register July 2001, No. 547 eff. 8-1-01; corrections in (2) (e), (f), (h) and (i) made under s. 13.93 (2m) (b) 7., Stats., Register January 2004 No. 577; CR 07-062: am. (2) (b), (d) and (3) (d) 2., r. and recr. (2) (c), cr. (2) (dm) Register June 2008 No. 630, eff. 7-1-08; CR 11-040: am. (3) (a), r. (3) (b) Register July 2012 No. 679, eff. 8-1-12; renum. (3) (a) to (3) under s. 13.92 (4) (b) 1., Stats., Register July 2012 No. 679; CR 19-126: renum. (6) (a) to (6) and am., r. (6) (b) Register May 2021 No. 785, eff. 6-1-21.
ETF 20.20 ETF 20.20 Cancellation of application for retirement annuity, separation or lump sum benefit.
ETF 20.20(1)(1)Any separation, retirement or lump sum benefit payment application canceled pursuant to this section shall have no force or effect, and any subsequent application shall be treated as a new application. Repayment in full of any sum paid under the application for which cancellation is sought shall be required. The employer may not make this payment on behalf of the recipient of the benefit.
ETF 20.20(2) (2)A request to cancel an application under this section shall be in writing. The request to cancel shall be rejected unless received by the department by the close of regular office hours on the last working day prior to the applicable deadline under sub. (3) or (4). If the deadline specified under sub. (3) or (4) falls on a Saturday, Sunday or holiday under s. 230.35 (4) (a), Stats., the request to cancel shall be timely only if received in the department by the close of regular office hours on the last working day preceding the Saturday, Sunday or holiday.
ETF 20.20 Note Example: If the date the account will be debited in response to the application falls on a Monday which is not a holiday, then the request to cancel must be received by the department no later than 4:30 p.m. on the preceding Friday, the last working day prior to the debiting date. If that Monday were a holiday, the debiting date would be Tuesday, the next working day as provided by s. ETF 10.633 (3), but the deadline for cancelling the application would remain Friday, the last working day preceding the debiting date.
ETF 20.20(3) (3)An application for a separation benefit under s. 40.25 (2), Stats., shall be canceled if:
ETF 20.20(3)(a) (a) The applicant's written request for cancellation is received by the department no later than the close of the department's regular office hours on the last working day before the participant's account in the employee accumulation reserve is debited for funding the benefit as provided by s. ETF 10.633 (1) (c).
ETF 20.20(3)(b) (b) The applicant becomes a participating employee within 30 days after the application was received by the department.
ETF 20.20(3)(c) (c) The applicant dies prior to the date of the separation benefit check.
ETF 20.20(4) (4)An application for a retirement annuity under s. 40.23 or 40.24, Stats., or s. ETF 20.04, or a lump sum payment under s. 40.25 (1) or (4), Stats., shall be canceled if the participant's written request for cancellation is received by the department no later than the close of the department's regular office hours on the last day before the participant's account in the employee accumulation reserve is debited for funding the benefit as provided by s. ETF 10.633 (1) (a) or (c) for retirement annuities or lump sum payments, respectively.
ETF 20.20 History History: Cr. Register, April, 1983, No. 328, eff. 5-1-83; am. (3) (intro.), Register, October, 1992, No. 442, eff. 11-1-92; am. (1), (2), (3) (intro.) and (a) and (4), Register, January, 1996, No. 481, eff. 2-1-96; correction in (3) (intro.) made under s. 13.93 (2m) (b) 7., Stats., Register, July, 1999, No. 523.
ETF 20.21 ETF 20.21 Changing annuity effective dates. An annuity effective date shall not be changed after the effective date of the annuity unless the applicant's written request for the change is received by the department within 60 days after the date on which the first annuity check, share draft or other draft is issued or funds are otherwise transferred.
ETF 20.21 Note Note: This rule (CR 09-057) codifies the department's use of a deadline pertaining to annuity effective date changes and makes that deadline consistent with the deadline for annuity option changes in s. 40.24 (4), Stats.
ETF 20.21 History History: CR 09-057: cr. Register May 2010 No. 653, eff. 6-1-10.
ETF 20.23 ETF 20.23 Adjusting annuities for equity after reentry into service.
ETF 20.23(1)(1)Pursuant to s. 40.03 (1) (a), Stats., in determining the monthly amount of a recomputed annuity in the normal form under s. 40.26 (3), Stats., the applicant's estimated social security benefit shall not be greater than the amount determined by:
ETF 20.23(1)(a) (a) Dividing the creditable service earned prior to the effective date of the prior annuity by the participant's total creditable service.
ETF 20.23(1)(b) (b) Dividing the final average earnings determined for the new annuity computation by the final average earnings determined in computing the prior annuity.
ETF 20.23(1)(c) (c) Multiplying the result in par. (a) times the result in par. (b) times the social security benefit amount used in determining the amount of the prior annuity.
ETF 20.23(1)(d) (d) Dividing the creditable service earned since the effective date of the prior annuity by the participant's total creditable service.
ETF 20.23(1)(e) (e) Multiplying the result in par. (d) times the social security benefit amount determined under s. ETF 20.03 (2) based on the participant's total service and earnings.
ETF 20.23(1)(f) (f) Adding the amounts determined in pars. (c) and (e).
ETF 20.23(2) (2)Pursuant to s. 40.03 (1) (a), Stats., the monthly amount of a recomputed annuity in the normal form under s. 40.26 (3), Stats., excluding any portion which on either the original or recomputed annuity was a variable annuity, shall not be less than the monthly amount of the original core annuity in the normal form increased by any dividends granted prior to termination of the original annuity.
ETF 20.23(3) (3)The board may review adjustments made under this section and may make other adjustments as necessary to prevent any inequity.
ETF 20.23 History History: Cr. Register, February, 1984, No. 338, eff. 3-1-84; CR 09-057: am. (2) Register May 2010 No. 653, eff. 6-1-10.
ETF 20.25 ETF 20.25 Core and variable annuity changes. Annuity changes shall be made as follows:
ETF 20.25(1)(a)(a) Except as otherwise provided in par. (b), a core annuity dividend, as recommended by the actuary and approved by the chair of the employee trust funds board and the department's secretary, shall be distributed based on each December 31 valuation as specified in s. 40.27 (2), Stats. The dividend shall be effective on the April 1 following the valuation date and shall apply to core annuities effective on or prior to the date of the valuation. As authorized under s. 40.27 (2) (b), Stats., different percentages shall be determined for annuities effective for less than a full year on the valuation date. The percentages shall be determined by multiplying the number of full months the annuity was in force times the percentage change applicable to annuities effective for the full year, dividing the result by 12 and rounding the answer to the nearest tenth of a percent. No increase shall be applied to any annuity for which the resulting increase would be less than one tenth of a percent.
ETF 20.25(1)(b) (b) The total amount distributed to the annuity reserve under 1999 Wis. Act 11, section 27 (1) (a) shall be distributed effective April 1, 2000, in the form of a percentage increase. The percentage shall be recommended by the actuary separate from the distribution of any surplus created by the annual distribution under s. 40.04 (3) (a), Stats., or otherwise. The percentage under this paragraph shall be the same for all affected annuities, including those with effective dates after December 31, 1998 and before January 1, 2000.
ETF 20.25(2) (2)Variable annuity changes, as recommended by the actuary and approved by the secretary, shall be made based on each December 31 valuation as specified in s. 40.28 (2), Stats. The changes shall be effective on the April 1 following the valuation and shall apply to variable annuities effective on or prior to the date of the valuation, regardless of whether the annuity becomes a core annuity in the following year.
ETF 20.25 History History: Cr. Register, November, 1957, No. 23, eff. 12-31-57; r. and recr. Register, December, 1976, No. 252, eff. 1-1-77; renum. from Ret 8.05 (2) and am., Register, January, 1983, No. 325, eff. 2-1-83; emerg. r. and recr. eff. 1-1-84; r. and recr. Register, April, 1984, No. 340, eff. 5-1-84; renum. (1) to (1) (a) and am., cr. (1) (b), Register, September, 2000, No. 537, eff. 10-1-00; CR 02-049: am. (1) (a) and (2) Register September 2002 No. 561, eff. 10-1-02; CR 03-062: am. (1) (a) and (2), Register January 2004 No. 577, eff. 2-1-04; CR 09-057: am. (intro.), (1) (a) and (2) Register May 2010 No. 653, eff. 6-1-10.
ETF 20.30 ETF 20.30 Annuity underpayments. Pursuant to s. 40.08 (7) (c), Stats., if an annuity under s. 40.23, 40.24, 40.63, or 40.73, Stats., is underpaid by more than $2 in a month, and if that underpayment is uncorrected for 12 or more months, then the payment to the annuitant to correct the underpayment shall include interest at 0.4% per month for each full month between the date the underpayment occurred and the date the retroactive correction is paid. The interest due shall be calculated separately for each month's underpaid amount. For purposes of this section, “full month" means the period from any date in a month to the corresponding date in the next month, or to the end of the month if there is no corresponding date.
ETF 20.30 Note Note: This rule (CR 09-057) changes the calculation of interest on underpayments to conform to s. 40.08 (7) (c), Stats., and pay monthly interest on a particular month's underpayment until it is corrected.
ETF 20.30 History History: Cr. Register, October, 1992, No. 442, eff. 11-1-92; CR 09-057: am. Register May 2010 No. 653, eff. 6-1-10.
ETF 20.35 ETF 20.35 Qualified domestic relations orders; division of WRS accounts and annuities.
ETF 20.35(1)(1)Scope and purpose.
ETF 20.35(1)(a)(a) This section applies to any order to divide any benefit of the Wisconsin retirement system which is received by the department.
ETF 20.35(1)(b) (b) The purpose of this section is to specify how the department shall apply a QDRO to the participant's account or annuity or respond to an order which is not a QDRO.
ETF 20.35(1)(c) (c) For purposes of ss. 40.02 (48m) and 40.08 (1m), Stats., and this section, a marriage is terminated upon entry of a judgment, decree or order of divorce, annulment or legal separation. A domestic partnership, as defined in s. 40.02 (21d), Stats., is terminated as provided in s. ETF 20.10 (3). A domestic partnership, as defined in s. 770.01 (2), Stats., is terminated as provided in s. 770.12, Stats.
ETF 20.35(1)(d) (d) The department must receive the DRO from either the participant or the alternate payee within 20 years after the marriage was terminated by a final judgment or decree, or the otherwise valid DRO shall have no effect on the participant's account or annuity.
ETF 20.35 Note Note: See s. ETF 10.82 concerning receipt by the department.
ETF 20.35(2) (2)All QDRO divisions. Upon receipt of a QDRO, the department shall divide WRS accounts and annuities in accordance with the percentage awarded to the alternate payee in the QDRO, based on the date on which the marriage was terminated by a court judgment, decree or order or the domestic relationship was terminated as provided in s. ETF 20.10 (3) or s. 770.12, Stats., as follows:
ETF 20.35(2)(a) (a) Percentages. The percentage of the participant's account or annuity that is awarded to the alternate payee by a QDRO is limited to a percentage between zero percent (0%) and fifty percent (50%) expressed to no more than 2 decimal places. A QDRO with a percentage awarded to the alternate payee expressed to more than 2 decimal places may not be rejected for that reason alone, but the department shall round the percentage to 2 decimal places.
ETF 20.35(2)(b) (b) Debts of the participant. Any debt, memorandum account or account receivable balance reflecting amounts owed by the participant to the department, the fund or any benefit plan, accrued as of the decree date and still outstanding at the time the account or annuity is divided, shall be divided between the participant and alternate payee in the same proportion as the participant's account or annuity.
ETF 20.35(3) (3)Dividing account when participant was not an annuitant on decree date. If the participant was not an annuitant on the decree date, the department shall divide the participant's account as provided in s. 40.08 (1m) (b) 1., (c), (d) and (f) 1., Stats., and as follows:
ETF 20.35(3)(a) (a) Creditable service. Creditable service which the participant has been granted as of the decree date is a part of the Wisconsin retirement system account of a participant and shall be divided in the same ratio as other account balances. The creditable service and amounts awarded to the alternate payee shall be in a separate account in the fund for the benefit of the alternate payee. After the division under this section, the alternate payee may apply for a separation benefit under s. 40.25 (2), Stats., provided the application is received by the department prior to the date on which the participant would have met the minimum age requirement for a retirement annuity under s. 40.23, Stats., or after the date on which the participant has met the minimum age requirement but is not vested, and payment of a separation benefit would comply with all provisions of the internal revenue code. After the date the participant reaches or would have reached the minimum retirement age, and is vested, the alternate payee may only apply for retirement benefits under s. 40.23, 40.24, or 40.25 (1), Stats.
ETF 20.35(3)(b) (b) DRO received after participant had become an annuitant. The participant shall retain the remainder in his or her separate account under s. 40.04 (4) (a), Stats., unless the participant is an annuitant at the time of the division. If the participant is an annuitant when the division occurs, the participant's creditable service and account as of the decree date shall be reduced by the percentage awarded to the alternate payee. The balances shall then be brought forward to the effective date of the current annuity, including any contributions and service for periods after the decree date, and the annuity option chosen by the participant shall be recalculated. The amount by which the monthly annuity payments previously made to the participant exceed the participant's recalculated monthly entitlement for the same period shall be a balance due from the participant. This balance due shall be due from the participant and may be collected as provided in s. 40.08 (4), Stats., including by a reduction of the present value of the participant's annuity as reduced by the division, resulting in a recalculation and reduction of the participant's monthly annuity.
ETF 20.35(3)(c) (c) Purchased service credits. Previously purchased service shall be divided in the same proportion as the other portions of the participant's account and creditable service. If an application to purchase creditable service is received prior to the decree date, as defined by s. 40.02 (18f), Stats., then service for which payment is made shall be included in the division. The department shall pay any refund due only to the participant and shall bill only the participant for any supplemental payment due for such purchased service. No refund shall be due to the participant from the department for the portion of any excess payment withdrawn from the public employee trust fund by the alternate payee. Credit for service purchased by an application received after the decree date shall not be divided by the qualified domestic relations order regardless of the source of the funds for the purchase or when the services were actually rendered.
ETF 20.35(3)(d) (d) Creditable military service. If the participant has active military service, the alternate payee shall be granted the percentage specified in the QDRO of the military service for which the participant would be eligible as of the decree date, based on the participant's total creditable service as of the decree date, regardless of when the participant requests the crediting or provides satisfactory documentation. If a participant does not provide to the department proof of active military service and the certification of active military service on the form prescribed by the department, the department shall nevertheless divide the participant's account without the military service provided the court order is otherwise a QDRO.
ETF 20.35(3)(e) (e) Actuarial adjustment for early retirement.
ETF 20.35(3)(e)1. 1. The actuarial reduction applied to the participant's and alternate payee's annuities as provided in s. 40.23 (2m) (f) and (fm), Stats., shall be calculated based on the participant's and alternate payee's actual ages on his or her respective annuity effective dates, using the creditable service that would otherwise have been credited to the participant's account on the respective annuity effective dates if the participant's creditable service had not been reduced per a QDRO.
ETF 20.35(3)(e)2. 2. For the purposes of determining the amount of service used to calculate the alternate payee's actuarial reduction for early retirement under the provisions of s. 40.23 (2m) (fm), Stats., if the participant has part-time service in at least five of the ten annual earnings periods immediately preceding the annual earnings period in which the alternate payee's retirement benefit becomes effective or the date on which the participant terminated covered employment, whichever is earlier, the provisions of s. 40.23 (2m) (fm), Stats., shall apply. If the decree date is prior to July 1, 2009, the provisions of s. 40.23 (2m) (fm), Stats., in effect prior to that date shall apply.
ETF 20.35(4) (4)Dividing account when participant was an annuitant on decree date.
ETF 20.35(4)(a) (a) Annuity division. Except as provided in par. (b), if the participant was an annuitant on the decree date, the department shall divide the present value of the annuity as provided in s. 40.08 (1m) (b) 2., (c), (d) and (f) 2., Stats., and sub. (3) (e), and as follows, and pay separate annuities to the participant and alternate payee, respectively. An annuity shall be divided so that the actuarial present value of the undivided annuity is equal to the aggregate actuarial present values of the 2 separate annuities resulting from the division as of the effective date of the division.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.