LRBb0824/1
RAC:kmg&jlg:kjf
1999 - 2000 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 1999 ASSEMBLY BILL 133
June 23, 1999 - Offered by Representative Travis.
AB133-ASA1-AA1,1,64
40.23
(2m) (e) 1. For each participant for creditable service of a type not
5otherwise specified in this paragraph
that is credited before January 1, 2000, 1.8%;
6for such creditable service that is credited on or after January 1, 2000, 1.6%.
AB133-ASA1-AA1,1,108
40.23
(2m) (e) 2. For each participant for creditable service as an elected official
9or as an executive participating employe
that is credited before January 1, 2000,
102.2%; for such creditable service that is credited on or after January 1, 2000, 2%.
AB133-ASA1-AA1,2,4
140.23
(2m) (e) 3. For each participant subject to titles II and XVIII of the federal
2social security act, for service as a protective occupation participant
that is credited
3before January 1, 2000, 2.2%; for such creditable service that is credited on or after
4January 1, 2000, 2%.
AB133-ASA1-AA1,2,96
40.23
(2m) (e) 4. For each participant not subject to titles II and XVIII of the
7federal social security act, for service as a protective occupation participant
that is
8credited before January 1, 2000, 2.7%; for such creditable service that is credited on
9or after January 1, 2000, 2.5%.".
AB133-ASA1-AA1,2,12
11"
(1tu) Transfer of funds from the transaction amortization account of the
12fixed retirement investment trust.
AB133-ASA1-AA1,2,21
13(a) On December 31, 1999, or on the effective date of this paragraph, whichever
14is later, after the annual distribution required under section 40.04 (3) (a) of the
15statutes for the 1999 calendar year is made, the amount determined under
16paragraph (am) shall be distributed from the transaction amortization account of the
17fixed retirement investment trust to the employe accumulation, employer
18accumulation and annuity reserves of the fixed retirement investment trust in an
19amount equal to a percentage of the total distribution determined by dividing each
20reserve's balance on the prior January 1 by the total balance of the fixed retirement
21investment trust on the prior January 1.
AB133-ASA1-AA1,3,2
22(am) No later than the first day of the 2nd month after the effective date of this
23paragraph, the actuary retained under section 40.03 (1) (d) of the statutes shall
24determine the amount to be transferred from the transaction amortization account
1under paragraph (a) that is necessary to fully fund any liabilities created by the
2treatment of section 40.23 (2m) (e) 1., 2., 3. and 4. of the statutes in this act.
AB133-ASA1-AA1,3,6
3(b) The increase in the employer accumulation reserve that results from the
4distribution under paragraph (a) shall, on the recommendation of the actuary, be
5applied to funding any liabilities created by the treatment of section 40.23 (2m) (e)
61., 2., 3. and 4. of the statutes in this act.
AB133-ASA1-AA1,3,10
7(c) The total amount distributed to the employe accumulation reserve under
8paragraph (a) shall be equitably credited to participants' accounts based on their
9account balances as of January 1, 1999, pursuant to section 40.04 (4) (a) 2. of the
10statutes.
AB133-ASA1-AA1,3,12
11(d) The total amount distributed to the annuity reserve under paragraph (a)
12shall be distributed as provided under section 40.27 (2) of the statutes.
AB133-ASA1-AA1,3,15
13(1tv) Administration of benefit improvements. No later than the first day of
14the 6th month beginning after the effective date of this subsection, the department
15of employe trust funds shall do all of the following:
AB133-ASA1-AA1,3,17
16(a) Implement the changes required by the amendments to section 40.23 (2m)
17(e) 1., 2., 3. and 4. of the statutes in this act.
AB133-ASA1-AA1,3,21
18(b) If necessary, adjust the benefits paid to any participant in the Wisconsin
19retirement system who terminated covered employment between the effective date
20of this paragraph and the first day of the 6th month beginning after the effective date
21of this paragraph.".
AB133-ASA1-AA1,4,2
23"
(1tu) The treatment of section 40.23 (2m) (e) 1., 2., 3. and 4. of the statutes first
24applies to the calculation of retirement benefits for individuals who are participating
1employes in the Wisconsin retirement system on January 1, 2000, or on the effective
2date of this subsection, whichever is later.".
