40.80 State deferred compensation plan.

471 words·~2 min read·/wi/chapter-40/40-80

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

(1)The deferred compensation board shall select and contract with deferred compensation plan providers to be used by state agencies for providing deferred compensation plans to state employees.

(2)The deferred compensation board shall:

(a)Determine the requirements for and the qualifications of the deferred compensation plan providers.

(b)Approve the terms and conditions of the proposed contracts for administrative and investment services.

(c)Determine the procedure for the selection of the deferred compensation plan providers.

(d)Approve the terms and conditions of model salary reduction agreements which shall be used by each state agency.

(e)Require as a condition of the contractual agreements entered into under this section that approved deferred compensation plan providers shall provide service to state agencies only as approved by the deferred compensation board.

(f)Require as a condition of the contractual agreements entered into under this section that the deferred compensation plan providers shall reimburse the department, to be credited to the administrative account of the public employee trust fund in s. 40.04

(2), for any costs incurred directly or indirectly by the department in soliciting, evaluating, monitoring and servicing deferred compensation plans.

(g)Serve as trustee of any deferred compensation plan established under this section, hold the assets and income of the plan in trust for the exclusive benefit of the employees who participate in the plan and their beneficiaries, and maintain the plan as an eligible deferred compensation plan, as defined in section 457

(b)of the Internal Revenue Code, and as a governmental plan for eligible employers, as defined in section 457

(A)of the Internal Revenue Code.

(2g)The deferred compensation board may accept timely appeals of determinations made by the department affecting any right or benefit under any deferred compensation plan provided for under this section.

(2m)The deferred compensation board shall promulgate rules establishing procedures, requirements and qualifications for offering deferred compensation plans to state employees in addition to the deferred compensation plans offered by deferred compensation providers selected and contracted with under sub.

(2).

(a)In this subsection, “domestic relations order” means a judgment, decree, or order issued by a court pursuant to a domestic relations law of any state or territory of the United States that does all of the following:

1. Relates to a marriage that terminated after December 1, 2001.

2. Assigns all or part of a participant’s accumulated assets held in a deferred compensation plan under this subchapter to a spouse, former spouse, child, or other dependent to satisfy a family support or marital property obligation.

3. Names the deferred compensation plan established under this subchapter and is submitted to the deferred compensation plan provider selected under sub.

(1).

4. Satisfies the requirements established by the deferred compensation board under par.

(c).