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 NoteExample 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 NoteExample 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 NoteNote: 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: (608) 266-3285 or toll free at (877) 533-5020. 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 (c), an election to terminate participation in the variable division may be rescinded if the department receives a written request to rescind the election from an alternate payee, beneficiary, named survivor, or participant as defined in s.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 NoteNote: 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 (608) 267-4549.
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: ETF 10.30(5)(L)1.1. All accounts and annuities held in the capacity of a participant. ETF 10.30(5)(L)2.2. All accounts and annuities held in the capacity of an alternate payee of a specified participant. ETF 10.30(5)(L)3.3. All accounts and annuities held in the capacity of a named survivor of a specified participant. ETF 10.30(5)(L)4.4. All accounts and annuities held in the capacity of a beneficiary of a specified participant. ETF 10.30(5)(m)(m) The December 31 effective date for an election to terminate participation in the variable division means on December 31 after interest crediting under s. 40.04 (4) (a), Stats., has occurred. ETF 10.30(6)(6) Rights of beneficiaries, alternate payees, and named survivors. ETF 10.30(6)(a)(a) An election to participate in the variable division received by the department from an alternate payee, beneficiary, or named survivor as defined in s. 40.02 (2m), (8), and (41r), Stats., is invalid. ETF 10.30(6)(b)(b) A person receiving or eligible to receive benefits as the alternate payee, sole beneficiary, or named survivor of a participant as defined in s. 40.02 (2m), (8), and (41r), Stats., may elect to terminate participation in the variable division pursuant to s. 40.04 (7), Stats. ETF 10.30(6)(c)(c) Except as provided in pars. (d) and (e), terminating participation or rescinding an election to participate in the variable division shall be determined pursuant to sub. (5). ETF 10.30(6)(d)(d) If there is more than one beneficiary of an account from which no annuity is being paid, the multiple beneficiaries may jointly elect to terminate participation in the variable division pursuant to s. 40.04 (7), Stats. Participation in the variable division will be terminated effective on the December 31 following receipt of an election to terminate participation in the variable division from each of the multiple beneficiaries. Any one of the multiple beneficiaries may rescind his or her election to terminate participation in the variable division prior to the date it would otherwise have gone into effect, in which case the rescinded election to terminate participation in the variable division shall be treated as if the election never existed.