LRB-0869/2
RAC:jld:rs
2005 - 2006 LEGISLATURE
December 27, 2005 - Introduced by Law Revision Committee. Referred to Joint
Survey Committee on Retirement Systems.
SB487,1,3
1An Act to create 40.80 (2) (g) of the statutes;
relating to: deferred compensation
2program (suggested as remedial legislation by the Department of Employee
3Trust Funds).
Analysis by the Legislative Reference Bureau
The bill clarifies that the Deferred Compensation Board serves as trustee of any
deferred compensation plan under its management.
For further information, see the Notes provided by the Law Revision
Committee of the Joint Legislative Council.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
Law Revision Committee prefatory note: This bill is a remedial legislation
proposal, requested by the Department of Employee Trust Funds and introduced by the
Law Revision Committee under s. 13.83 (1) (c) 4., stats. After careful consideration of the
various provisions of the bill, the Law Revision Committee has determined that this bill
makes minor substantive changes in the statutes, and that these changes are desirable
as a matter of public policy.
SB487, s. 1
4Section
1. 40.80 (2) (g) of the statutes is created to read:
SB487,2,45
40.80
(2) (g) Serve as trustee of any deferred compensation plan established
6under this section, hold the assets and income of the plan in trust for the exclusive
1benefit of the employees who participate in the plan and their beneficiaries, and
2maintain the plan as an eligible deferred compensation plan, as defined in
26 USC
3457 (b), and as a governmental plan for eligible employers, as defined in
26 USC 457 4(e) (1) (A).
Note: According to the department of employee trust funds, conforms statutory
language to current federal tax code requirements of
26 USC 457 (g) (1).
