ETF 10.30(5)(d)(d) A rescinded election to terminate participation in the variable division shall be treated as if the election never existed.
ETF 10.30(5)(e)(e) When the department receives an election to terminate participation in the variable division more than 30 calendar days after the date on which a person became a new variable division participant as defined in sub. (3), the participant shall not be eligible to re-elect to participate in the variable division without meeting the requirements of sub. (2) (d).
ETF 10.30(5)(f)(f) For an account or annuity that includes additional contribution, when an election to terminate participation in the variable division pursuant to s. 40.04 (7) (a) 1. or 2., Stats., is made by an alternate payee, beneficiary, named survivor, or participant as defined in s. 40.02 (2m), (8), (41r) and (45), Stats., the determination of whether the variable contributions and accrued gain or loss shall be transferred to the core division shall be based on an evaluation of the combined total of the required and additional contributions and shall be effective as prescribed in this section.
ETF 10.30(5)(g)(g) An election to terminate participation in the variable division filed pursuant to s. 40.04 (7), Stats., shall be effective for all retirement contributions and benefits accrued as a participant except that for an annuitant who has variable accumulations from which no annuity is being paid, the effective date of an election shall be separately determined for the current annuity or annuities and for the variable division accumulations from which no annuity is being paid.
ETF 10.30(5)(h)(h) When multiple elections to terminate participation in the variable division for an account are received by the department, the last election received by the department shall supersede previous elections and shall be applied to the account if it is received before the December 31 on which the previous election to terminate variable division participation would become effective.
ETF 10.30(5)(i)(i) Any gains or losses at the effective date of a transfer pursuant to s. 40.04 (7), Stats., including subsequent interest credits, shall be reflected as an adjustment to the benefit at the time it is payable.
ETF 10.30(5)(j)(j) Participants may rescind elections to participate in the variable division under the following conditions:
ETF 10.30(5)(j)1.1. If an election to participate in the variable division would become effective on a January 1 after it is received, as provided in sub. (2), the election shall be rescinded if the department receives an election to terminate participation in the variable division before the date on which the election would otherwise become effective.
ETF 10.30(5)(j)2.2. If an election to participate in the variable division would become effective on the date on which the participant became a participating employee as provided in sub. (3), the election to participate shall be rescinded if the department receives an election to terminate participation in the variable division within 30 calendar days after the date on which the participant becomes a participating employee.
ETF 10.30(5)(k)(k) An election to terminate participation in the variable division received by the department after the date of death of the person making the election is invalid.
ETF 10.30(5)(L)(L) A person may be a participant, alternate payee, named survivor, beneficiary or combination thereof under the Wisconsin retirement system, and may have different accounts or annuities in each capacity. Except as otherwise provided in this paragraph, an election to terminate participation in the variable division applies to all of a person’s accounts and annuities. A person may specify that an election to terminate participation in the variable division applies only to one or more of the following:
ETF 10.30(5)(L)1.1. All accounts and annuities held in the capacity of a participant.
ETF 10.30(5)(L)2.2. All accounts and annuities held in the capacity of an alternate payee of a specified participant.
ETF 10.30(5)(L)3.3. All accounts and annuities held in the capacity of a named survivor of a specified participant.
ETF 10.30(5)(L)4.4. All accounts and annuities held in the capacity of a beneficiary of a specified participant.
ETF 10.30(5)(m)(m) The December 31 effective date for an election to terminate participation in the variable division means on December 31 after interest crediting under s. 40.04 (4) (a), Stats., has occurred.
ETF 10.30(6)(6)Rights of beneficiaries, alternate payees, and named survivors.
ETF 10.30(6)(a)(a) An election to participate in the variable division received by the department from an alternate payee, beneficiary, or named survivor as defined in s. 40.02 (2m), (8), and (41r), Stats., is invalid.
ETF 10.30(6)(b)(b) A person receiving or eligible to receive benefits as the alternate payee, sole beneficiary, or named survivor of a participant as defined in s. 40.02 (2m), (8), and (41r), Stats., may elect to terminate participation in the variable division pursuant to s. 40.04 (7), Stats.
ETF 10.30(6)(c)(c) Except as provided in pars. (d) and (e), terminating participation or rescinding an election to participate in the variable division shall be determined pursuant to sub. (5).
ETF 10.30(6)(d)(d) If there is more than one beneficiary of an account from which no annuity is being paid, the multiple beneficiaries may jointly elect to terminate participation in the variable division pursuant to s. 40.04 (7), Stats. Participation in the variable division will be terminated effective on the December 31 following receipt of an election to terminate participation in the variable division from each of the multiple beneficiaries. Any one of the multiple beneficiaries may rescind his or her election to terminate participation in the variable division prior to the date it would otherwise have gone into effect, in which case the rescinded election to terminate participation in the variable division shall be treated as if the election never existed.
ETF 10.30(6)(e)(e) If there is more than one beneficiary of an account from which no annuity is being paid, and the beneficiaries do not all elect to terminate participation in the variable division pursuant to s. 40.04 (7), Stats., as provided in par. (d), an individual beneficiary’s election to terminate participation in the variable division received by the department shall become effective on the December 31 on or after the effective date of the beneficiary’s annuity from that beneficiary’s portion of the participant’s account, unless previously withdrawn.
ETF 10.30(6)(f)(f) A participant’s election to terminate participation in the variable division received by the department before the participant’s date of death shall become effective as provided in sub. (2), and shall apply to any accounts or annuities that are payable to the participant’s beneficiaries unless the election is rescinded as provided in sub. (5).
ETF 10.30(7)(7)Incomplete elections.
ETF 10.30(7)(a)(a) An election to participate in the variable division or an election to terminate participation in the variable division that does not contain the name, social security number and signature of the person making the election shall be deemed incomplete.
ETF 10.30(7)(b)(b) An election to terminate participation in the variable division received by the department from a beneficiary or named survivor as defined in s. 40.02 (8) and (41r), Stats., that does not include the participant’s name and social security number in addition to the name, social security number and signature of the person making the election shall be deemed incomplete. For terminations, the election must include a cancellation type as specified in sub. (5) (a).
ETF 10.30(7)(c)(c) When the department receives an incomplete election, the election shall be returned by mail to the elector for completion. If a correctly completed election is received by the department within a grace period of 30 calendar days after the incomplete election was returned by mail to the elector, the original receipt date of the election shall be preserved for the purpose of determining the effective date of the election. The effective date for corrected elections that are not returned during the 30-day grace period shall be determined without regard to the original submission and based on the date a correctly completed election is received by the department.
ETF 10.30(8)(8)Electronic receipt.
ETF 10.30(8)(a)(a) Subject to s. ETF 10.82 (2), the department may accept correctly completed elections to participate in the variable division, elections to terminate participation in the variable division and notifications to rescind elections to terminate participation in the variable division that are received by the department’s facsimile machine or by electronic mail in a complete and legible form. The facsimile or electronic mail may be accepted as the original.