AB426-ASA1,1,95
20.515
(1) (bm)
Increased death benefits. A sum sufficient to pay the cost of any
6increased death benefits required under 1999 Wisconsin Act .... (this act), for
7individuals who were participating employes in the Wisconsin retirement system on
8June 30, 1999, but who terminated covered employment before the effective date of
9this paragraph .... [revisor inserts date].
AB426-ASA1,2,311
40.73
(1) (a) (intro.) Upon the death of a participant, other than an annuitant
12or a participating employe, the sum of the additional and employe required
1contribution accumulations credited to the participant's account on the beneficiary
2annuity effective date or, in the case of a lump sum payment, the first day of the
3month in which the death benefit is approved. In addition:
AB426-ASA1,2,105
40.73
(1) (am) Upon the death of a participating employe who has not attained
6age 55, and any protective occupation participant who has not attained age 50, the
7sum of the additional contribution and twice the employe required contribution
8accumulations credited, including any interest credited to the accumulations, to the
9participant's account on the beneficiary annuity effective date or, in the case of a
10lump sum payment, the first day of the month in which the death benefit is approved.
AB426-ASA1,3,612
40.73
(1) (c)
In lieu of the benefit payable under par. (a) or (b), upon Upon the
13death of a participating employe who, prior to death, met all of the requirements
14under s. 40.23 (1) except termination of employment and the filing of an application,
15if the beneficiary to whom a death benefit is payable is a
dependent of the
16participating employe natural person, or a trust in which
such a beneficiary the
17natural person has a beneficial interest, the present value on the day following the
18date of death of the life annuity to the beneficiary which would have been payable
19if the participating employe had been eligible to receive a retirement annuity,
20computed under s. 40.23 or 40.26, beginning on the date of death and had elected to
21receive the annuity in the form of a joint and survivor annuity providing the same
22amount of annuity to the surviving beneficiary as the reduced amount payable
23during the participant's lifetime. If there is more than one beneficiary the amount
24of the annuity and its present value will be determined as if the oldest of the
25beneficiaries were the sole beneficiary. If the death benefit payable to the beneficiary
1under this paragraph would be less than the amount determined under par.
(a) or 2(b) (am) the death benefit shall be payable under par.
(a) or (b) (am) and this
3paragraph shall not be applicable to the beneficiary. An annuitant receiving an
4annuity only under s. 40.24 (1) (f), which annuity was an immediate annuity, shall
5be deemed a participating employe for purposes of this paragraph only, but the
6amount payable under s. 40.24 (1) (f) shall not be changed.
AB426-ASA1,3,98
(1) This act first applies to death benefits for individuals who are participating
9employes in the Wisconsin retirement system on June 30, 1999.