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Employers

Employer Bulletin

All Employers
Vol. 17, No. 26
November 30, 2000

It's Possible to Void Variable Election Participation if Request Received in Department By January 2, 2001

In Employer Bulletin, Vol. 17, No. 16 dated August 28, 2000, the Department of Employee Trust Funds (ETF) notified employers that participants in the Wisconsin Retirement System (WRS) could elect to participate in the Variable Trust Fund effective January 1, 2001, if the Wisconsin Supreme Court rules that 1999 Wisconsin Act 11 is constitutional. We informed participants and employers that if a participant filed and then cancelled this election, the participant cannot re-enroll in the Variable Trust Fund in the future, even if the participant cancels the variable election before it becomes effective on January 1, 2001.

In response to inquiries from participants who filed a variable participation election and have subsequently changed their minds, ETF has determined that an Election to Participate in the Variable Trust Fund form (ET-2356) received at ETF prior to January 1, 2001 may be voided if ETF receives a Request to Void Pre-1/1/2001 Election to Participate in the Variable Trust Fund form (ET-2357), by 4:30 p.m. on Tuesday, January 2, 2001. This request to void a variable election is not considered a variable participation "cancellation", and therefore will not prohibit the participant from electing to participate in the Variable Trust Fund at some future date.

The Request to Void Pre-1/1/2001 Election to Participate in the Variable Trust Fund form applies only to participants who filed an election to participate in the Variable Trust during 2000, and have now changed their minds. A participant who elected to participate in the variable trust before April 30, 1980, who now wishes to cancel participation in the Variable Trust must instead file an Election to Cancel Variable Participation form (ET-2313). When a pre-April 30, 1980 variable participant files form ET-2313, that cancellation will constitute an irrevocable decision to cancel future participation in the Variable Trust.

The Request to Void Pre-1/1/2001 Election to Participate in the Variable Trust Fund (ET- 2357) form can be photocopied by employers. Participants can print it off our Internet website and mail the completed form to ETF, hand deliver it to the Madison or Milwaukee Office or fax the form to ETF at (608) 266-4549. The addresses for the Madison and Milwaukee Offices are:

Madison:

801 West Badger Road
P.O. Box 7931
Madison, WI 53707-7931
 

Milwaukee:

819 North Sixth Street, Room 550
Milwaukee, WI 53203

ETF asks your assistance in notifying your employees of this policy determination. Please post a copy of the attached notice in locations that are readily accessible to your WRS-covered employees. If you have any questions on this, please call the Employer Communication Center at (608) 264-7900.

 

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