40.08 Benefit assignments and corrections.

461 words·~2 min read·/wi/chapter-40/40-08

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Exemptions. The benefits payable to, or other rights and interests of, any member, beneficiary or distributee of any estate under any of the benefit plans administered by the department, including insurance payments, shall be exempt from any tax levied by the state or any subdivision of the state and shall not be assignable, either in law or equity, or be subject to execution, levy, attachment, garnishment or other legal process except as specifically provided in this section. The exemption from taxation under this section shall not apply with respect to any tax on income.

(1c)Withholding of annuity and certain benefit payments. Notwithstanding sub.

(1), any monthly annuity paid under s. 40.23 , 40.24 , 40.25

(1)or

(2), or 40.63 and any benefit paid under s. 40.62 or duty disability payment paid under s. 40.65 is subject to s. 767.75 . The board and any member or agent thereof and the department and any employee or agent thereof are immune from civil liability for any act or omission while performing official duties relating to withholding any payment pursuant to s. 767.75 .

(1g)Withholding of lump sum payments. Notwithstanding sub.

(1), any lump sum payment made under s. 40.23 , 40.24 , 40.25

(1)or

(2), or 40.63 is subject to s. 49.852 . The board and any member or agent thereof and the department and any employee or agent thereof are immune from civil liability for any act or omission while performing official duties relating to withholding any lump sum payment pursuant to s. 49.852 .

(1m)Division of benefits.

(a)Notwithstanding sub.

(1), a participant’s accumulated rights and benefits under the Wisconsin retirement system shall be divided pursuant to a qualified domestic relations order only if the order provides for a division as specified in this subsection.

(b)The creditable service and the value of the participant’s account that are subject to division on the decree date shall be equal to one of the following:

1. The creditable service and the dollar amounts credited to all parts of the participant’s account through the day before the decree date, if the participant is not an annuitant on the decree date.

2. The present value of the annuity being paid if the participant is an annuitant.

(c)The present value of the annuity specified in par.

(b)2. shall be computed in accordance with the actuarial tables then in effect and shall consider the number of remaining guaranteed payments, if any. If the participant is an annuitant who is not receiving an annuity from all parts of the participant’s accounts, then par.

(b)1. applies to those parts of the account from which the annuity is not being received.