ETF 10.12(5)(b) (b) Any separate retirement system that fails to certify upon the department’s request, and at least annually, that it continues to meet the criteria of par. (a), and any separate retirement system that the department determines does not meet the criteria of par. (a), shall be compelled to withdraw its entire investment as rapidly as permitted under sub. (4).

ETF 10.12(6) (6) Termination of program. The employee trust funds board or the secretary of the department may close the investment option under s. 40.03 (1) (n), Stats., to any or all separate retirement systems and compel withdrawal of investments under sub. (4) if the board or the secretary determines that the separate retirement system investment interferes with the duty to manage, administer, invest and otherwise deal with the public employee trust fund solely for the benefit of the participants in the benefits plans under ch. 40, Stats., and their beneficiaries as provided in that chapter.

ETF 10.12 Note Note: This rule requires a form which is available at no charge. The form can be obtained 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].

ETF 10.12 History History: Cr. Register, October, 1985, No. 358, eff. 11-1-85; am. (2) (e) and (f), Register, December, 1990, No. 420, eff. 1-1-91; am. (4) (b) and (c) and r. (4) (d), Register, June, 1998, No. 510, eff. 7-1-98; CR 05-114: renum. (intro.) to be (1g) and am., renum. (1) (a), (b) and (c) to be (1r) (a), (b) and (c), r. (1) (d), cr. (1r) (d), (4) (d), (5) and (6), r. and recr. (2), am. (4) (c) (intro.) Register September 2006 No. 609, eff. 10-1-06; CR 09-057: am. (1r) (b), (d), (2) (a), (b) and (e) Register May 2010 No. 653, eff. 6-1-10.

ETF 10.15 ETF 10.15 Annuity reserves. The amounts credited to and the liabilities of the reserves for annuities granted shall be determined by the actuary on the basis of separate male-female experience with adjustments as necessary to reflect actual and projected experience of participants under the retirement system and not on the basis of the combined male-female experience used in individual benefit computations.

ETF 10.15 History History: Renum. from ETF 7.07 and am. Register, December, 1983, No. 336, eff. 1-1-84.

ETF 10.20 ETF 10.20 Approval of group insurance plans for state employees.

ETF 10.20(1) (1) In addition to group insurance plans specifically provided in ch. 40, Stats., and pursuant to s. 20.921 (1) (a) 3., Stats., the group insurance board shall approve or disapprove group insurance plans for which payment of premiums is made through payroll deductions.

ETF 10.20(1)(a) (a) The group insurance board shall determine, after notice and hearing, whether the group insurance plan fulfills an important coverage need through consideration of, but not limited to, the following factors:

ETF 10.20(1)(a)1. 1. Number of employees affected.

ETF 10.20(1)(a)2. 2. Amount and variation in premiums.

ETF 10.20(1)(a)3. 3. Adequacy of other approved coverage providing the same or similar protection.

ETF 10.20(1)(a)4. 4. Duration of contract.

ETF 10.20(1)(a)5. 5. History, performance and acceptance of the plan by the employees.

ETF 10.20(1)(a)6. 6. New or additional coverage provided.

ETF 10.20(1)(b) (b) The group insurance board shall determine whether the plan is adequately supervised through consideration of, but not limited to, the following factors:

ETF 10.20(1)(b)1. 1. Continuing representation of employee participants with professional insurance guidance.

ETF 10.20(1)(b)2. 2. Maintenance of adequate statistical records relating to retentions, experience, premiums, participants and other data necessary for actuarial computations.

ETF 10.20(1)(b)3. 3. Procedures for negotiating coverage.

ETF 10.20(2) (2) Notwithstanding approval granted to any plan under sub. (1), the group insurance board may subsequently withdraw its approval, after notice and hearing, upon finding that the plan does not meet the criteria established by sub. (1) (a). Withdrawal of approval shall be effective, at the discretion of the group insurance board, on the first day of the month subsequent to issuance of a finding that the plan does not meet the criteria pursuant to sub. (1) (a) or on the anniversary date of the contract under which the plan is provided.

ETF 10.20 History History: Renum. from ch. Grp 26 and am. Register, December, 1983, No. 336, eff. 1-1-84.

ETF 10.25 ETF 10.25 Core retirement investment trust participation in the variable retirement investment trust. The core retirement investment trust may invest in the variable retirement investment trust subject to the following:

ETF 10.25(1) (1) Combined stock fund. A combined stock fund shall be established and shall operate as a separate account within the variable retirement investment trust as follows:

ETF 10.25(1)(a) (a) All investments in common and preferred stock by the core retirement investment trust and the variable retirement investment trust shall be made through the combined stock fund account.

ETF 10.25(1)(b) (b) The trusts shall transfer funds to be invested in common and preferred stocks to the combined stock fund account. In exchange, the core retirement investment trust and variable retirement investment trust shall receive shares in the combined stock fund.

ETF 10.25(1)(c) (c) Shares in the combined stock fund may be purchased only as of the first day of each month.

ETF 10.25(1)(d) (d) All shares purchased in the combined stock fund shall, at the time of purchase, have a book value of one dollar per share.

ETF 10.25(2) (2) Investment of combined stocks. All funds received in the combined stock fund from the core retirement investment trust and the variable retirement investment trust shall be used to invest in common or preferred stocks or the state investment fund.

ETF 10.25(3) (3) Earnings distributions. Earnings shall be distributed from the combined stock fund to the core retirement investment trust and the variable retirement investment trust according to the following: