2015 Act 187 makes the following remedial changes to the Wisconsin Retirement System and the operation of ETF. The changes clarify current law or codify current practice. These technical changes may require minor modifications to procedures and forms for members and employers, but do not make substantive changes.
The following changes are included in this legislation:
- Clarifies the treatment and uses of moneys credited to memorandum accounts of WRS participants who suspend their annuities in order to return to covered employment.
- Enables the Secretary of ETF to require retirees to receive their benefit payments electronically.
- Clarifies ETF’s Qualified Domestic Relations Order (QDRO) law to more closely mirror federal law.
- Removes references to Transaction Amortization Account.
- Eliminates redundant reference to Federated Library System.
- Clarifies and distinguishes initial eligibility to receive an annuity and return to work requirements.
- Eliminates from statutes a requirement under the WRS that an application for an annuity may not be filed more than 90 days before the employee’s anticipated termination date from employment. Note: Even though this was changed in the statutes, ETF’s policy still requires that an application for an annuity may not be filed more than 90 days before the employee’s anticipated termination date from employment.
- Changes application deadlines for an employer to join the WRS.
2015 Session - Enacted Into Law
Please contact Tarna Hunter, ETF’s Legislative Liaison, if you have any questions.