40.23 (3) Except as provided in par. (b), the The
initial monthly amount of any 4
retirement annuity in the normal form shall not be less than the money purchase 5
annuity which can be provided by applying the sum of the participant's accumulated 6
additional and required contributions, including interest credited to the 7
accumulations, plus an amount from the employer accumulation reserve equal to the 8
participant's accumulated required contributions, less any accumulated 9
contributions to purchase other governmental service under s. 40.25 (7), 2001 stats., 10
or s. 40.285 (2) (b) to fund the annuity in accordance with the actuarial tables in effect 11
on the annuity effective date.
(1) This act first applies to participating employees under the Wisconsin 18
Retirement System who terminate covered employment under the Wisconsin 19
Retirement System on the effective date of this subsection.