LRB-3603/1
RAC:kjf:pg
2005 - 2006 LEGISLATURE
October 11, 2005 - Introduced by Representatives Sherman, Boyle, Lehman,
Sinicki, Black, Bies, Albers, Pocan, Zepnick, Berceau and Toles, cosponsored
by Senators Jauch and Lassa. Referred to Joint Survey Committee on
Retirement Systems.
AB747,1,3
1An Act to amend 40.23 (2m) (fm) of the statutes;
relating to: calculating
2creditable service for purposes of early retirement under the Wisconsin
3Retirement System.
Analysis by the Legislative Reference Bureau
A participant in the Wisconsin Retirement System (WRS), other than a teacher,
librarian, or school administrator, with at least 0.75 of a year of creditable service in
an annual earnings period is currently treated as having one year of creditable
service for that annual earnings period for early retirement purposes. Full-time
employment for these participants is currently 1,904 hours per year, with the result
that they must have worked at least 1,428 hours in an annual earnings period in
order to receive one year of creditable service for early retirement purposes.
This bill provides that these WRS participants need only have worked 990
hours in an annual earnings period in order to receive one year of creditable service
for early retirement purposes.
This bill will be referred to the Joint Survey Committee on Retirement Systems
for a detailed analysis, which will be printed as an appendix to this bill.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB747, s. 1
1Section
1. 40.23 (2m) (fm) of the statutes is amended to read:
AB747,2,152
40.23
(2m) (fm) Notwithstanding s. 40.02 (17) (intro.), for purposes of
3determining creditable service under par. (f) 2., participants
with at least 0.75 of a
4year of creditable service who have worked for a participating employer for at least
5990 hours in any annual earnings period shall be treated as having one year of
6creditable service for that annual earnings period. To be eligible for the treatment
7provided by this paragraph, the participant must have earned only a partial year of
8creditable service in at least 5 of the 10 annual earnings periods immediately
9preceding the annual earnings period in which the participant terminated covered
10employment, and the participant must notify the department of the applicability of
11this paragraph to the participant's service. The participant is not eligible for the
12treatment provided by this paragraph if such notification is provided by the
13participant later than 60 days after the participant's annuity effective date. This
14paragraph does not apply to service credited under s. 40.02 (15) or to creditable
15service as a teacher.
AB747,2,1917
(1) This act first applies to the calculation of retirement benefits for
18participating employees in the Wisconsin Retirement System who terminate covered
19employment on the effective date of this subsection.
