ETF 10.30(3)(a)2. 2. Elections to participate in the variable division that are received by the department more than 30 calendar days after the date on which the person becomes a participant shall become effective on the January 1 following receipt of the form by the department.

ETF 10.30(3)(b) (b) The department shall accept elections to participate in the variable division up to 90 calendar days before the date on which a participant becomes a participating employee. Elections received by the department within this 90-day period or within the next 30 days after the person becomes a participating employee shall become effective on the date on which the person becomes a participating employee. Elections to participate in the variable division received by the department more than 90 calendar days before the date on which a person becomes a participant are invalid.

ETF 10.30(4) (4) Retroactive contributions.

ETF 10.30(4)(a) (a) Retroactive interest credited to contributions for late-paid earnings shall be credited at the core effective rates as provided in s. 40.06 (5), Stats.

ETF 10.30(4)(b) (b) Late-paid and other retroactive contributions shall be deposited in the core and variable trust accounts according to the participant’s variable participation status at the time the contributions are deposited, regardless of the participant’s variable participation status in the annual earnings period to which the contributions may be attributed for other purposes.

ETF 10.30(5) (5) Terminating participation in the variable division.

ETF 10.30(5)(a) (a) A participant may elect to terminate participation in the variable division and transfer the participant’s variable division contributions to the core division on one of the following bases:

ETF 10.30(5)(a)1. 1. For future contributions only: Effective as of the December 31 after the date on which the department receives an election to terminate participation in the variable division, all future contributions shall be deposited in the core division.

ETF 10.30(5)(a)2. 2. An unconditional basis: Effective as of the December 31 after the date on which the department receives an election to terminate participation in the variable division, all future contributions shall be deposited in the core division and all variable contributions and accrued gain or loss shall be transferred to the core division.

ETF 10.30(5)(a)3. 3. A conditional basis:

ETF 10.30(5)(a)3.a. a. For annuities, effective on the first January 1 after the department receives the election when the condition under s. 40.04 (7) (a) 1., Stats., is satisfied.

ETF 10.30(5)(a)3.b. b. For all accounts from which an annuity is not being paid, effective on the first January 1 after the department receives the election when the condition under s. 40.04 (7) (a) 2., Stats., is satisfied. As of the first January 1 after the Department receives the election, all future contributions shall be deposited in the core division. As of the first January 1 when the condition under s. 40.04 (7) (a) 2., Stats., is satisfied, all variable contributions and accrued gain or loss shall be transferred to the core division.

ETF 10.30 Note Example 1: A participant, alternate payee, named survivor or beneficiary who is receiving an annuity from the Wisconsin retirement system, and who also has an account from voluntary additional contributions from which no annuity is being paid, is not an annuitant under s. 40.04 (7) (a) with respect to the additional contributions.

ETF 10.30 Note Example 2: An alternate payee who was also a participating employee in the Wisconsin retirement system and who is receiving an annuity only from the alternate payee account is not an annuitant with respect to the separate account established as a participating employee.

ETF 10.30 Note Note: The form for electing to terminate participation in the variable division, “Election to Cancel Variable Participation,” ET-2313, can be obtained at no charge by writing to: department of employee trust funds, P.O. Box 7931, Madison, WI 53707-7931 or by calling: [phone] or toll free at [phone]. The form also is available on the department’s website: etf.wi.gov.

ETF 10.30(5)(b) (b) Except as provided in par. (c), an election to terminate participation in the variable division may be rescinded if the department receives a written request to rescind the election from an alternate payee, beneficiary, named survivor, or participant as defined in s. 40.02 (2m), (8), (41r) and (45), Stats., before the December 31 following the date on which the election to terminate participation in the variable division was received.

ETF 10.30 Note Note: No specific form exists for rescinding an election to terminate participation in the variable division. The written request must be dated and must make clear your intent and by including words to the effect of “I want to rescind my election to terminate participation in the variable division.” Participants may send a letter or fax with this request to the following address: department of employee trust funds, P.O. Box 7931, Madison, WI 53707-7931 or fax [phone].

ETF 10.30(5)(c) (c) An election to terminate participation in the variable division received within 30 days after the date on which the person became a participant may be rescinded if the department receives the participant’s written request to rescind the election no later than 30 days after the date on which the person became a new variable division participant as provided in sub. (3).

ETF 10.30(5)(d) (d) A rescinded election to terminate participation in the variable division shall be treated as if the election never existed.

ETF 10.30(5)(e) (e) When the department receives an election to terminate participation in the variable division more than 30 calendar days after the date on which a person became a new variable division participant as defined in sub. (3), the participant shall not be eligible to re-elect to participate in the variable division without meeting the requirements of sub. (2) (d).

ETF 10.30(5)(f) (f) For an account or annuity that includes additional contribution, when an election to terminate participation in the variable division pursuant to s. 40.04 (7) (a) 1. or 2., Stats., is made by an alternate payee, beneficiary, named survivor, or participant as defined in s. 40.02 (2m), (8), (41r) and (45), Stats., the determination of whether the variable contributions and accrued gain or loss shall be transferred to the core division shall be based on an evaluation of the combined total of the required and additional contributions and shall be effective as prescribed in this section.

ETF 10.30(5)(g) (g) An election to terminate participation in the variable division filed pursuant to s. 40.04 (7), Stats., shall be effective for all retirement contributions and benefits accrued as a participant except that for an annuitant who has variable accumulations from which no annuity is being paid, the effective date of an election shall be separately determined for the current annuity or annuities and for the variable division accumulations from which no annuity is being paid.

ETF 10.30(5)(h) (h) When multiple elections to terminate participation in the variable division for an account are received by the department, the last election received by the department shall supersede previous elections and shall be applied to the account if it is received before the December 31 on which the previous election to terminate variable division participation would become effective.

ETF 10.30(5)(i) (i) Any gains or losses at the effective date of a transfer pursuant to s. 40.04 (7), Stats., including subsequent interest credits, shall be reflected as an adjustment to the benefit at the time it is payable.

ETF 10.30(5)(j) (j) Participants may rescind elections to participate in the variable division under the following conditions:

ETF 10.30(5)(j)1. 1. If an election to participate in the variable division would become effective on a January 1 after it is received, as provided in sub. (2), the election shall be rescinded if the department receives an election to terminate participation in the variable division before the date on which the election would otherwise become effective.

ETF 10.30(5)(j)2. 2. If an election to participate in the variable division would become effective on the date on which the participant became a participating employee as provided in sub. (3), the election to participate shall be rescinded if the department receives an election to terminate participation in the variable division within 30 calendar days after the date on which the participant becomes a participating employee.

ETF 10.30(5)(k) (k) An election to terminate participation in the variable division received by the department after the date of death of the person making the election is invalid.

ETF 10.30(5)(L) (L) A person may be a participant, alternate payee, named survivor, beneficiary or combination thereof under the Wisconsin retirement system, and may have different accounts or annuities in each capacity. Except as otherwise provided in this paragraph, an election to terminate participation in the variable division applies to all of a person’s accounts and annuities. A person may specify that an election to terminate participation in the variable division applies only to one or more of the following: