40.23 Retirement annuities.

1,169 words·~5 min read·/wi/chapter-40/40-23-3

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

(a)Except as provided in par.

(am), any participant who has attained age 55, and any protective occupation participant who has attained age 50, on or before the annuity effective date shall be entitled to a retirement annuity in accordance with the actuarial tables in effect on the effective date of the annuity if the participant submits an application for a retirement annuity on a form furnished by the department and all of the following apply:

1. The participant is separated, regardless of cause, and continues to be separated until the annuity effective date, from all employment meeting the qualifications for inclusion specified in s. 40.22 for any participating employer.

2. The participant is not on authorized leave of absence from any participating employer.

1. In this paragraph “part-time service” is service in a position normally requiring actual performance of duty during fewer than 1,044 hours per calendar year.

2. Any participant who has attained age 55 and who is a participant because of employment other than part-time service as an elected official and who is also a participating employee because of part-time service as an elected official and any protective occupation participant who has attained age 50 and who is also a participating employee because of part-time service as an elected official may, after termination of all covered employment other than service as a part-time elected official, waive further participation under the fund for his or her current, and any future, part-time service as an elected official.

Any election under this paragraph is irrevocable and is effective beginning the day after the date of election. Notwithstanding par.

(a), any participant who elects under this paragraph may receive a retirement annuity for all service under the fund credited to the participant to the date he or she elects. The date a participant elects under this paragraph is deemed to be the date of separation from the last participating employer by which that participant was employed.

3. No participant who elects under subd. 2. may have his or her annuity suspended under s. 40.26

(1)because of earnings received for any part-time services as an elected official.

(b)Except as provided in par.

(bm), all retirement annuities shall be effective on the day following, or on the first day of a month following, the date of separation from the last participating employer by which the participant was employed, as specified by the participant in the written application for the annuity. However, the date shall not be more than 90 days prior to the date of receipt of the application by the department. The participant may specify that additional contribution accumulations shall not be applied to provide an annuity until a subsequent application is filed for an annuity to be paid from the additional contribution accumulations. The subsequent application shall be made as specified under sub.

(4)or the department shall automatically distribute the accumulated additional contribution accumulations as a lump sum.

(bm)If an application by a participant age 55 or over, or by a protective occupation participant age 50 or over, for long-term disability insurance benefits is disapproved under rules promulgated by the department, the date which would have been the effective date for the insurance benefits, or the day after the date of separation from the last participating employer, whichever is later, shall be the retirement annuity effective date if requested by the applicant within 60 days of the disapproval or, if the disapproval is appealed, within 60 days of the final disposition of the appeal.

(d)An application for an annuity to be effective on the day following termination of employment may be filed prior to the employee’s anticipated termination date. The participant shall state the anticipated termination date in the application and the department shall not make an annuity payment until the employee has terminated.

(e)Whenever it is determined that an annuity effective date is incorrect, the annuity effective date shall be corrected and any related computational and payment adjustments shall be made.

(f)Any participating employee may be retired by the employer after attainment of the employee’s normal retirement date, under policies established or agreed to by the employer, except:

1. As prohibited by federal law or by s. 111.33 .

2. Each elected official’s and each sheriff’s employment shall be continued to the end of the official’s or sheriff’s term of office and to the end of each subsequent term of office to which elected.

4. Any employer may, in a collective bargaining agreement, limit its right to require retirement.

(2)Except as provided in s. 40.19

(2), this subsection applies only to participants who are not participating employees after March 9, 1984. The retirement annuity in the normal form shall be an annuity payable for the life of the annuitant with a guarantee of 60 monthly payments. Except as provided in sub.

(3), the initial monthly amount of the normal form annuity shall be the amount which, when added to the OASDHI benefit, equals 85 percent of the participant’s final average earnings plus the amount which can be provided under pars.

(a)and

(c)and adjusted under pars.

(d)and

(e)or, if less, shall be in the monthly amount equal to the sum of the amounts determined under pars.

(a),

(b)and

(c)as modified by pars.

(d)and

(e)and in accordance with the actuarial tables in effect on the annuity effective date.

(a)The annuity which can be provided from a sum equal to 200 percent of the excess accruing after June 30, 1966, for teacher participants, or December 31, 1965, for all other participants, of the participant’s required contribution accumulation reserved for a variable annuity over the amount to which the contributions would have accumulated if not so reserved. If the participant’s required contribution accumulation reserved for a variable annuity is less than the amount to which the contributions would have accumulated if not so reserved, the annuity shall be reduced by the amount which could be provided by a sum equal to 200 percent of the deficiency.

(b)A monthly annuity in the normal form computed on the basis of the participant’s final average earnings and creditable service, if the annuity becomes effective on or after the normal retirement date of the participant, determined by multiplying the participant’s final average earnings by the participant’s creditable service and the following applicable percentage:

1. For each participant for creditable service of a type not otherwise specified in this paragraph, 1.3 percent.

2. For each participant for creditable service as an elected official and for executive service, as defined under s. 40.02

(31), 1985 stats., 1.8 percent.

3. For each participant, subject to Titles II and XVIII of the federal social security act, for service as a protective occupation participant, 1.8 percent.

4. For each participant not subject to Titles II and XVIII of the federal social security act, for service as a protective occupation participant, 2.3 percent.