reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.18 - Establishing estimated monthly reductions

Current through June 24, 2024
(1) The department
			 may reduce monthly duty disability benefits consistently during a year by
			 estimating applicable reductions and correcting any resulting over- or
			 under-payments in an annual reconciliation.
(2) The department shall provide each
			 participant receiving duty disability benefits with a written statement showing
			 the monthly salary amount, effective date, maximum amount of duty disability
			 benefits and reductions to monthly benefits.
Note
"Monthly Payment and Offsets," Form
				ET-5507.
(3) A participant
			 eligible to receive duty disability benefits may request that his or her
			 estimated reductions be adjusted to more accurately conform to anticipated
			 income from sources specified in s.
			 40.65(5)
			 (b), Stats.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.20 - Collection of excess benefits paid in error

Current through June 24, 2024
The department shall inform the participant of any overpayment
				of duty disability benefits as identified and determined by the department. If
				not immediately repaid by the participant, the department shall utilize its
				authority under s.
				40.08(4),
				Stats., to collect the amount overpaid and the interest it determines to be
				due.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.22 - Death benefits

Current through June 24, 2024
(1) FATALITIES. For purposes of paying a
			 death benefit under s.
			 40.65(7)
			 (am), Stats., and sub. (2), a protective
			 occupation participant who suffers fatal injury while performing the
			 participant's duty, or who dies due to a disease contracted due to the
			 participant's occupation, is deemed to have died as the result of an injury for
			 which a benefit would be payable under s.
			 40.65(4),
			 Stats., even if there was no inability to perform the job immediately prior to
			 death.
(2) STATE EMPLOYEE DEATH
			 BENEFITS. Except as provided in par. (a) or (b), death benefits with respect to
			 deceased state employee participants receiving duty disability benefits are
			 determined under s.
			 40.65(7),
			 Stats.
(a) The treatment of s.
			 40.65(7)
			 (a) (intro.) and (am), 1985-86 Stats., by
			 1987 Wis. Act 363, affecting death benefits, does not apply to a state employee
			 covered by a collective bargaining agreement under subch. V of ch. 111, Stats.,
			 until the office of state employment relations notifies the department that the
			 treatment was approved by the collective bargaining representative and by the
			 joint committee on employment relations.
Note:
See 1987 Wis. Act 363, section 11 (2),
				concerning initial applicability.
(b) The treatment of s.
			 40.65(7)
			 (a) (intro.) and (am), 1985-86 Stats., by
			 1987 Wis. Act 363, affecting death benefits, does not apply to a state employee
			 not covered by a collective bargaining agreement under subch. V of ch. 111,
			 Stats., until the office of state employment relations notifies the department
			 that the treatment was recommended by the director of the office of state
			 employment relations and approved by the joint committee on employment
			 relations.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.24 - Required reporting by duty disability recipients; failure to submit

Current through June 24, 2024
(1) MONTHLY
			 EARNINGS FROM EMPLOYMENT. A person receiving duty disability benefits shall
			 keep records of all earnings received, including profits from self-employment,
			 during each month beginning with the effective date, whether paid by the
			 employer under whom the duty disability occurred or from any other employer.
			 The department shall request the records at least annually and, upon request,
			 the person shall supply the records to the department. As used in this
			 subsection and in s.
			 40.65(5)
			 (b) 6, Stats., the terms "earnings" and
			 "employer" have their broad, plain meaning and are not limited to the
			 definitions in s.
			 40.02(22) and
			 (28), Stats.
(2) DUTY TO REPORT RECEIPT. A person
			 receiving duty disability benefits shall respond within 30 days to any request
			 for income information from the department and, regardless of any requests,
			 shall disclose in writing, within 30 days after receipt, any retroactive or
			 other lump sum payment of any Social Security, worker's compensation,
			 unemployment compensation, disability or retirement benefit or employment
			 earnings, including sums received in lieu of earnings, such as an award for
			 lost earnings, which is received on any date after the participant's duty
			 disability benefit effective date.
(3) DUTY TO REPORT KNOWN ERRORS. A person
			 receiving duty disability benefits shall disclose in writing to the department
			 any error known to the person with regard to the amounts by which the
			 department is reducing the participant's monthly duty disability benefits due
			 to the participant's receipt of Social Security, worker's compensation,
			 unemployment compensation, disability or retirement benefit or earnings,
			 including sums received in lieu of earnings.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.26 - Termination of duty disability benefits

Current through June 24, 2024
(1) The department
			 may terminate duty disability benefits for any person who refuses to submit or
			 fails to timely submit information requested by the department, including but
			 not limited to income or benefit information, or information concerning a
			 person's marital status, or who submits false information.
(2) A person whose duty disability benefits
			 are terminated may not reapply for duty disability benefits based upon the same
			 disability.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 52 - Duty Disability Benefits › Section ETF 52.28 - Appeals

Current through June 24, 2024
(1) Except as provided in sub. (2) all
			 determinations made by the department under this chapter, including, but not
			 limited to the calculation of the applicant's monthly salary, are subject to
			 appeal to the Wisconsin retirement board as provided in ch. ETF 11. Both the
			 applicant and the employer may request an appeal.
(2) Determinations made by the department
			 under this chapter as to an applicant's eligibility for duty disability
			 benefits may be appealed to the division of hearings and appeals in the
			 department of administration under s.
			 40.65 (2) (b)
			 3, Stats. The department is a necessary
			 party.
(a) The employer may appeal a
			 determination granting an application for duty disability benefits, including
			 determinations based upon ss.
			 891.45,
			 891.453, and
			 891.455, Stats.
(b) If an application is denied based upon
			 receipt of a qualifying medical report and a medical report which was not a
			 qualifying medical report, and the participant appeals the denial as provided
			 in s. 40.65 (2) (b)
			 3, Stats., then the administrative law judge
			 determining eligibility may decide between the 2 conflicting medical reports to
			 determine eligibility.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter I - General Provisions › Section ETF 60.03 - Due dates

Current through June 24, 2024
A certification required in the administration of the group
				  life insurance plan, or a written request to cancel an application under this
				  chapter, which is due on a Saturday, Sunday or holiday when the state offices
				  are closed shall be timely if received in the department the next working
				  day.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter II - Group Life Insurance For State And Local Employees › Section ETF 60.31 - Group life insurance coverage requirement

Current through June 24, 2024
(1) An employer who
				has adopted a resolution to offer a group life insurance plan under s.
				40.70(1)
				(a), Stats., shall certify to the department
				all eligibility information specified by the department for employees eligible
				for group life insurance coverage on the effective date of the resolution. To
				verify that the participation requirement established under s.
				40.70(2),
				Stats., has been satisfied, the employer shall indicate the number of employees
				who have completed an application for coverage. The resolution shall be
				effective on January 1 if the certification of the eligibility information and
				the number of employees applying for coverage is received by the department no
				later than the preceding December 15. An employer may withdraw a resolution
				before it becomes effective if written notice by the governing body of the
				employer is received by the department no less than 5 working days before the
				resolution becomes effective.
(2)
				The department may review a participating employer's level of employee
				participation in the basic group life insurance plan provided under s.
				40.72(1),
				Stats. If in making a review of a participating employer's level of employee
				participation in the basic group life insurance plan the department determines
				that there is no employee participation, and this is confirmed by the employer,
				the department may terminate the life insurance resolution adopted under s.
				40.70(1)
				(a), Stats. If the department determines that
				employee participation has decreased below the level established under s.
				40.70(2),
				Stats., the department shall prepare a list of those employers for submission
				to the group insurance board and the group insurance board shall determine
				which resolutions will be terminated. The termination of a resolution shall be
				effective either after the end of the third full month following the date the
				group insurance board or the department terminates coverage or the end of the
				calendar year, whichever occurs later. If a resolution is terminated under this
				subsection another resolution may be submitted under s.
				40.70(1)
				(a), Stats., after a lapse of 6 months from
				the effective date of the termination.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter II - Group Life Insurance For State And Local Employees › Section ETF 60.32 - Group life insurance coverage for employees under a private pension plan

Current through June 24, 2024
Any insured employee who becomes an annuitant under a private
				  pension plan and who retires before attaining age 65 but who has 20 years of
				  service for the employer, may continue to be insured under the group life
				  insurance plan if:
(1) The employee
				requests the continuation of the insurance by filing a form provided by the
				department with the employer within 60 days after termination of employment
				from the employer and agrees to pay the required premiums until reaching age
				65; and
(2) The employer provides
				confirmation, to the department, of 20 years service.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter II - Group Life Insurance For State And Local Employees › Section ETF 60.33 - Successor employers

Current through June 24, 2024
(1) Whenever any employer is created, the
				territory of which includes more than one-half of the assessed valuation of an
				employer which was at the time of creation a participating employer, and the
				newly created employer assumes the functions and responsibilities of the
				previous employer, the newly created employer shall be a participating employer
				under the group life insurance program from the inception of the
				employer.
(2) Any person covered on
				the day preceding the date of creation of the successor employer shall continue
				to be covered under the group life insurance program on the same
				basis.
(3) Any person who first
				becomes eligible for group life insurance coverage as a result of the
				consolidation of employers and who desires to enroll shall apply for coverage
				in accordance with the contract.
(4) The amount of group life insurance
				coverage for an insured employee of a successor employer shall be based on the
				aggregate of earnings from both the predecessor and successor employers in the
				previous calendar year.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter III - Wisconsin Retirement System Death Benefits › Section ETF 60.51 - Cancellation of death benefit and beneficiary annuity applications

Current through June 24, 2024
(1) Any
				lump sum death benefit or beneficiary annuity application canceled pursuant to
				this section shall have no force or effect, and any subsequent application
				shall be treated as a new application. Repayment in full of any sum paid under
				the application for which cancellation is sought shall be required. The
				employer may not make this payment on behalf of the recipient of the
				benefit.
(2) A request to cancel an
				application for a lump sum death benefit payment under s.
				40.73(1) or
				(2), Stats., must be in writing. The request
				to cancel shall be rejected unless received by the department by the close of
				regular office hours on the last working day preceding the date specified in s.
				ETF
				10.633(1) (c).
(3) A request to cancel an application for a
				beneficiary annuity under s.
				40.73(3),
				Stats., must be in writing. The request to cancel the application shall be
				rejected unless received by the department by the close of regular office hours
				on the last working day preceding the date specified in s.
				ETF
				10.633(1) (a).
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter III - Wisconsin Retirement System Death Benefits › Section ETF 60.53 - Death benefits - automatic distributions

Current through June 24, 2024
(1)
(a) A beneficiary of a deceased annuitant who
				is entitled to a continuation of the annuitant's monthly annuity under s.
				40.73 (2),
				Stats., may receive the benefit as a monthly annuity by filing a timely
				application. The application for a monthly annuity must be received by the
				department no later than the last day of the third full calendar month which
				begins after the date the department mails or otherwise provides the
				application to the beneficiary.
(b)
				If the department does not receive an application for a continuation of the
				monthly annuity within the deadline specified in sub. (1) the department shall
				pay the then present value of the death benefit to the beneficiary as a lump
				sum. The department may not accept a request to cancel the lump sum payment
				which is received after the deadline specified in sub. (1) or the deadline
				specified in s.
				ETF 60.51
				(2), whichever is earlier.
(c) If the beneficiary submits a waiver of a
				lump sum benefit under s.
				40.74 (2),
				Stats., and the department receives it on or before the deadline specified in
				s.
				ETF 60.51
				(2), the department shall defer automatic
				distribution of the benefit during the waiting period before the waiver
				effective date. Any new beneficiary who becomes eligible for a continuation of
				the monthly payments as a result of a waiver shall be granted the period
				specified in sub. (1) to apply for continuation of the monthly payments.
Note:
This rule (CR 09-057) amends ss.
				  ETF 20.07
				  (6) and
				  60.53 (1)
				  (c) to conform to the new effective date for
				  waivers in s. 40.08 (3),
				  Stats., as affected by 2007 Wis. Act 131.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 60 - Survivor Benefits › Subchapter III - Wisconsin Retirement System Death Benefits › Section ETF 60.60 - Conversion of life insurance coverage to pay premiums for health and long-term care insurance

Current through June 24, 2024
(1) PURPOSE. The purpose of this section is
				to interpret s.
				40.72(4r),
				Stats., and to establish procedures to implement this statute.
(2) DEFINITIONS. In this section:
(a) "Company" means the insurer under
				contract with the State of Wisconsin group insurance board to provide the life
				insurance program under s.
				40.72(1),
				Stats., and to administer the conversion accounts under s.
				40.72(4r),
				Stats.
(b) "Conversion" means the
				voluntary exchange of employer-provided group term life insurance under s.
				40.72,
				Stats., for employer-provided health insurance or long-term care insurance, or
				both, administered under subch. IV of ch. 40, Stats.
(c) "Conversion account" means the account
				established by the company to record the balance after conversion available to
				pay the health or long-term care insurance premiums of the insured who has
				elected conversion.
(d) "Conversion
				effective date" means the first day of the first month for which the premium
				for health or long-term care insurance is fully or partially paid from the
				conversion account. The conversion effective date is determined as provided in
				sub. (4) (a) 3.
(e) "Health
				insurance" means insurance which is provided under s.
				40.51,
				Stats.
(f) "Insured" means a person
				who has made, or who is eligible to make, the election provided in s.
				40.72(4r),
				Stats., and this section.
(g) "Life
				insurance" means insurance which is provided under s.
				40.72(1),
				Stats., and which has been reduced to a final amount as provided in s.
				40.72(2) and
				(3), Stats.
(h) "Long-term care insurance" means
				insurance which is provided under s.
				40.55,
				Stats., and which qualifies as an accident and health plan under section 106 of
				the internal revenue code.
Note:
This rule (CR 09-057) amends ss. ETF
				  60.60(2) (h) and 60.60(8) to conform to the definition of "internal revenue
				  code" in s.
				  40.02(39m),
				  Stats., added by 2007 Wis. Act 131 by deleting the former reference to s.
				  71.01(6),
				  Stats. Section
				  ETF
				  10.01 (intro.) already provides that definitions in s.
				  40.02, Stats., apply
				  throughout all ETF chapters.
(i) "Policyholder" means the state of
				Wisconsin group insurance board.
(j) "Present value of life insurance" means
				the sum which, if invested on the conversion effective date, would provide a
				death benefit equal to the face amount of the insured's life insurance coverage
				on the date of death of the insured, based on actuarial assumptions about
				future mortality rates and interest rates recommended by the company and
				approved by the department under sub. (5) (a).
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.01 - Statement of purpose

Current through June 24, 2024
The purpose of this chapter is to establish a procedure for
				  administration of a deferred compensation program as provided by s.
				  40.80,
				  Stats. The procedure includes requirements and regulations for the primary
				  deferred compensation plan and any alternate deferred compensation plan. All
				  plans shall be monitored, evaluated and approved by the deferred compensation
				  board. However, only the primary plan shall be supported by the board as the
				  official state of Wisconsin deferred compensation plan.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.02 - Definitions

Current through June 24, 2024
(1) "Administrator" means any company with
				which the board contracts to provide administrative services for deferred
				compensation plans authorized under s.
				40.80,
				Stats.
(2) "Alternate
				administrator" means any company with which the board contracts to provide
				administrative services for an alternate deferred compensation plan authorized
				under s.
				40.80(2m),
				Stats.
(3) "Alternate plan" means
				any deferred compensation plan authorized under s.
				40.80(2m),
				Stats., and offered by an alternate administrator.
(4) "Beneficiary" has the meaning given in s.
				40.02(8),
				Stats.
(5) The "board" means the
				deferred compensation board.
(6)
				The "department" means the department of employee trust funds.
(7) "Employee" means any person who receives
				earnings as payment for personal services rendered for the benefit of any
				employer including officers of the employer and is eligible to participate in
				the deferred compensation program.
(8) "Investment product" means any insurance
				or annuity contract, bank or credit union account, mutual or money market fund
				or other type of investment vehicle.
(9) "Investment provider" means any company
				that manages and offers investments products.
(10) "Member" means any employee electing to
				participate in the deferred compensation program.
(11) "Plan and trust document" means the
				document developed by the department and approved by the board to describe in
				detail the regulations of the program and ensure program compliance with
				section 457 of the internal revenue code which requires the availability of
				this document to members.
(12)
				"Primary administrator" means the company contracted to provide administrative
				services for the primary deferred compensation plan authorized under s.
				40.80(1),
				Stats.
(13) "Primary plan" means
				the deferred compensation plan authorized under s.
				40.80(1),
				Stats., and offered by the primary administrator.
(14) "Program" includes the primary plan and
				any alternate plan authorized under s.
				40.80,
				Stats., and approved by the board for offering to eligible employees.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.03 - Board responsibilities

Current through June 24, 2024
The board shall have the following responsibilities in
				  regard to the program:
(1) Act, at all
				times, in a manner consistent with that of a trustee with a fiduciary duty to
				the program and members.
(2)
				Determine and implement the most efficient and cost effective method for
				administration of the program consistent with high quality services to
				members.
(3) Establish standards by
				which the primary administrator shall be evaluated for initial and continued
				participation in the primary plan.
(4) Evaluate the performance of the primary
				administrator, biennially, to determine contractual compliance and compliance
				with standards as established under sub. (3).
(5) Declare the board's official support of
				the primary plan to participating employers and members in the publication
				prepared by the department as required in s.
				ETF 70.04(5)
				(c).
(6) Determine the initial eligibility of any
				potential alternate administrator that petitions the board to offer an
				alternate plan based on criteria established in s.
				ETF
				70.06.
(7)
				Evaluate alternate administrators, annually, based on criteria established in
				s.
				ETF
				70.06 to determine their continued
				eligibility.
(8) Define general
				categories of investment products to be offered under the primary plan and any
				alternate plan.
(9) Establish
				criteria by which specific investment products shall be evaluated for initial
				and continued participation in the primary plan or any alternate
				plan.
(10) Evaluate investment
				products offered by the administrator, annually, based on criteria established
				in sub. (9) to determine if the investment product continues to be acceptable
				for offering by the primary plan or alternate plan.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.04 - Department responsibilities

Current through June 24, 2024
The department shall be responsible for the following:
(1) Negotiate and implement contracts with
				administrators and investment companies.
(2) Monitor plan administration and ensure
				contract compliance.
(3) Develop
				and maintain a plan document that defines rules and requirements of the program
				regarding member enrollment in the program, member deferral amounts,
				distribution of account balances, and administration of the program that will
				be distributed, by the administrator, to new and current members by
				request.
(4) Provide information
				and recommendations to the board and its committees that shall be necessary to
				complete the evaluation of the primary and alternate administrator as required
				in s.
				ETF 70.03(4) and
				(7) and the investment products as required
				in s.
				ETF
				70.03(10).
(5) Prepare and distribute to members an
				annual publication that presents a balanced and impartial overview of the
				primary plan and any alternate plan that includes the following:
(a) Description of investment products and
				corresponding investment risks.
(b)
				Full disclosure of all direct and indirect costs to members.
(c) Announcement of the board's official
				support of the primary plan as required in s.
				ETF
				70.03(5).
(d) General information about deferred
				compensation plans including the maximum deferral amount allowed under internal
				revenue code section 457.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.05 - Primary plan administration

Current through June 24, 2024
(1) Based upon a
				request for proposal process, the board shall contract with one primary
				administrator to offer the primary plan that is approved and officially
				supported by the board. The administrator awarded the contract for the primary
				plan shall have:
(a) At least 5 years
				experience administering other section 457 deferred compensation programs. The
				administrator's experience shall include administering at least one program
				that meets each of the following:
1.
				Participation level of 30,000 members or more.
2. Program involves multiple payroll
				reporting agencies.
3. Record
				keeping includes consolidated record keeping for all investment products that
				are offered.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.06 - Alternate plan administration

Current through June 24, 2024
(1) At its
				discretion, the board may contract with an alternate administrator to offer an
				alternate plan. An alternate plan shall not be officially supported by the
				board. Any administrator that meets the criteria set forth in s.
				ETF 70.05(1), (2) and
				(3) may be allowed to offer an alternate
				plan. The board shall not contract with more than one alternate administrator
				at any one time.
(2) Investment
				products offered by an alternate administrator shall meet the criteria as
				established in s.
				ETF
				70.03(9) and be approved by the board
				and shall not duplicate any of the specific investment products offered by the
				primary administrator.
(3) The
				alternate administrator shall provide an annual report to the board that
				describes the investment performance of all investment products offered by the
				alternate plan, as measured by the criteria in s.
				ETF
				70.03(9).
(4) Potential alternate administrators who
				meet the minimum requirements as defined in subs. (1), (2) and (3) may petition
				the board for approval to participate in the program within a 30 day period
				beginning the day after publication of these rules in the Wisconsin
				Administrative Code and then from May 1 through May 31 of every other year
				starting in 1994 for approval to participate in the program as of the next
				calendar year. The board shall limit the number of alternate administrators to
				one through a request for proposal process should there ever be a second, or
				more, potential administrator that petitions the board.
(5) If the evaluation of an alternate
				administrator as required in s.
				ETF
				70.03(7) results in the termination
				of the alternate administrator's participation in the program or if their
				contract is not renewed, members shall be instructed to redirect deferrals and
				transfer existing balances from investment products offered by the terminated
				administrator to other investment products offered by the primary administrator
				or any other alternate administrator within a six-month period or other time
				period designated by the board. At the end of the six-month period or the date
				designated by the board, the board shall instruct the terminated administrator
				to redirect any deferrals and transfer any remaining account balances with
				investment products offered by the terminated administrator to board designated
				alternative investment products offered by the primary administrator. Surrender
				charges that are normally assessed against funds transferred from investment
				products offered by one administrator to another, shall not be assessed for
				transactions under this subsection.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.07 - Primary and alternate plan administration

Current through June 24, 2024
(1) All contracts
				with administrators shall be approved by the board and signed by the board
				chair or designee. Any administrator who participates in the program shall sign
				a contract in which the administrator agrees to:
(a) Follow all requirements and regulations
				of the program as defined in the plan and trust document.
(b) Share information, such as member's
				annual deferral amounts, with the department and any other administrator
				contracted by the board to ensure compliance with internal revenue code section
				457.
(c) Provide full disclosure of
				all revenues received by the administrator from members and investment
				providers of their plan to the department at least annually.
(d) Provide quarterly reports to the
				department to allow adequate monitoring of program administration and
				compliance with internal revenue code section 457 regulations.
(e) Provide an annual independently audited
				financial statement of the administrator to the department within 120 days from
				the end of the calendar year.
(f)
				Submit to the department an acceptable contingency plan to address both data
				processing systems failures and administrative services
				interruptions.
(g) Provide to
				members, upon enrollment, full disclosure of all fees and charges that are
				assessed, either directly or indirectly as an offset of earnings, by the
				administrator or the investment providers. A memorandum of understanding
				detailing key aspects and restrictions of the primary plan or any alternate
				plan shall be presented to and signed by employees enrolling in either the
				primary plan or any alternate plan.
(h) Provide to members, when requested, a
				copy of the fund prospectus and annual report for each investment product
				offered by the administrator and the ability to transfer account balances from
				investment products offered by one administrator to those offered by
				another.
(i) Provide statements to
				members, at least quarterly, detailing member's year to date annual deferral
				amounts, account balance information and disclosure of all fees and charges
				affecting member's interest earnings or account balances.
(j) Provide information and counseling to
				members at termination of employment or retirement, regarding the options
				offered by the administrator for distribution of their account and timely
				processing of payouts. The type of distribution options offered shall include
				lump sum and partial lump sum payments, installment payment options and annuity
				options.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.08 - Investment providers

Current through June 24, 2024
(1) Investment providers offering an
				investment product through the primary plan or an alternate plan shall be
				selected by the board based on the investment product categories and criteria
				established under s.
				ETF 70.03(8) and
				(9). All contracts with investment providers
				of the primary plan or an alternate plan shall be approved by the board and
				signed by the board chair or designee.
(2) Investment providers shall not be allowed
				to assess any direct or indirect costs to members.
(3) Based on the board's review required
				under s.
				ETF
				70.03(10), the board may determine
				that an investment product offered by the primary plan or an alternate plan is
				no longer acceptable for inclusion in the program. If the board decides to
				remove an investment product from the plan as a result of the product's failure
				to meet the criteria as established under s.
				ETF
				70.03(9), the product shall be phased
				out of the primary or alternate plan in a 2-step process over a 90-day period
				that shall commence on the first business day of the 3rd month following the
				board's decision, as follows:
(a) Phase 1 of
				the investment product termination process shall last for 45 days during which
				time current members and employees newly enrolling in the primary or alternate
				plan shall be informed in writing that the terminating investment product does
				not meet board's evaluation criteria and that this investment product is not
				open to new enrollments, and all of the following shall occur:
1. Any members already deferring to the
				terminating investment product shall be informed in writing that they need to
				redirect future deferrals from this product to an alternative investment
				product offered by the primary or alternate plan by notifying the administrator
				of their new investment choice.
2.
				At the end of the 45-day period, the board shall instruct the administrator to
				automatically redirect any member's deferrals that have not been redirected to
				an alternative investment product from the terminated product into a board
				designated alternative investment product offered by the primary or alternate
				plan.
3. Existing member account
				balances shall be allowed to remain in the terminating investment product
				during this period.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.09 - Member responsibilities

Current through June 24, 2024
(1) Employees electing to become a member of
				the primary or an alternate plan shall sign a memorandum of understanding prior
				to enrolling to certify that all program requirements and regulations have been
				clearly explained.
(2) A member
				shall select one administrator for his or her deferrals. A member may not
				simultaneously defer earnings to the primary plan and an alternate
				plan.
(3) Each member shall review
				information provided by the administrator and the department about the
				investment type and performance of the investment products offered to determine
				which investment products best meet the member's individual needs and financial
				objectives.
(4) Each member shall
				monitor his or her own annual deferral amounts to ensure the amount does not
				exceed the maximum deferral amount allowed under internal revenue code section
				457.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter I - General Provisions › Section ETF 70.10 - Emergency withdrawals

Current through June 24, 2024
(1) A participant or beneficiary may make
				emergency withdrawals in the event of an unforeseeable emergency under the
				following conditions and limitations:
(a) As
				defined in
				26
				USC 457(b) (5) and
				26
				CFR 1.457-2(h) (4), an unforeseeable emergency is one which causes severe
				financial hardship to the participant or beneficiary as a result of a sudden
				and unexpected illness or accident of the participant or beneficiary or of a
				dependent of the participant or beneficiary, loss of the participant's or
				beneficiary's property due to casualty, or other similar extraordinary and
				unforeseeable circumstances arising as a result of events beyond the control of
				the participant or beneficiary.
Note
: "A dependent of the participant" as used
				  here is defined by the secretary of the treasury as one specified in
				  26 USC
				  152(a).
(b) The need to send a participant's or
				beneficiary's child to college or the desire to purchase a home are examples of
				what are not unforeseeable emergencies.
(c) The facts of each case shall be
				ascertained to determine if the circumstances constitute an unforeseeable
				emergency.
(d) Withdrawal payment
				may not be made to the extent that the hardship is or may be relieved:
1. Through reimbursement or compensation by
				insurance or otherwise,
2. By
				liquidation of the participant's or beneficiary's assets to the extent the
				liquidation of these assets would not itself cause severe financial hardship,
				or
3. By cessation of deferrals
				under the plan.
(e) The
				withdrawal, because of an unforeseeable emergency, shall be limited to an
				amount reasonably needed to satisfy the emergency need.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter II - State Deferred Compensation Plan for Local Employees › Section ETF 70.11 - Participation in the deferred compensation plan

Current through June 24, 2024
The governing body of any employer as defined under s.
				  40.02(28),
				  Stats., other than the state, may provide the state's deferred compensation
				  plan for its employees by the adoption of a resolution in the form approved by
				  the department. The employer shall forward a certified copy of the resolution
				  to the department and the then current administrative plan provider as defined
				  in s.
				  40.02(18s),
				  Stats.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter II - State Deferred Compensation Plan for Local Employees › Section ETF 70.12 - Effective date

Current through June 24, 2024
Local implementation of the deferred compensation plan and
				  enrollment of eligible employees may begin immediately upon acceptance, by the
				  department, of the resolution under s.
				  ETF
				  70.11.
Wisconsin Administrative Code › Department of Employee Trust Funds › Chapter ETF 70 - Deferred Compensation Plans › Subchapter II - State Deferred Compensation Plan for Local Employees › Section ETF 70.15 - Terminating participation in the deferred compensation plan

Current through June 24, 2024
The governing body of an employer, other than the state, may
				  terminate participation in the state deferred compensation plan after a minimum
				  of one year from the date the certified copy of the resolution required under
				  s.
				  ETF
				  70.11 was accepted by the department, by adopting a
				  resolution in the form approved by the department and forwarding a copy of the
				  resolution to the department and the then current administrative plan provider
				  as defined in s.
				  40.02(18s),
				  Stats. Enrollment and payroll deferral activities shall cease 90 days after
				  receipt by the department of the certified copy of a resolution to terminate
				  participation in the state's deferred compensation plan. Treatment of previous
				  individual deferral investment specifications, accounts and benefits shall
				  continue to be governed by the plan and investment plan provider contracts,
				  unless the employer exercises its right of ownership under 26 CFR 1.457- 2(j)
				  to provide for different treatment.
Chapter
					 ETF
					 70 requires several forms which are available at no
					 charge by contacting either the department of employee trust funds or the
					 current administrative plan provider. The forms may be obtained at no charge by
					 writing to: department of employee trust funds, P.O. Box 7931, Madison, WI
					 53707-7931, or by calling: (608) 266-3285 or toll free at (877) 533-5020. The
					 forms also are available on the department's website: etf.wi.gov or on the
					 Wisconsin deferred compensation program's website:
					 www.wdc457.org.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 3 - Parity With National Banks › Section DFI-Bkg 3.001 - Definition

Current through June 24, 2024
In this chapter:
(1)
				"Depository institutions" means state or national banks, state or federal
				savings banks, state or federal savings and loan associations, or state or
				federal credit unions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 3 - Parity With National Banks › Section DFI-Bkg 3.03 - Use of data processing equipment and furnishing of data processing service

Current through June 24, 2024
As part of its banking business and incidental thereto, a
				  bank may collect, transcribe, process, analyze, and store, for itself and
				  others, banking, financial, or related economic data. In addition, incidental
				  to its banking business, a bank may do all of the following:
(1) Market a by-product (such as program or
				output) of a data processing activity described in this rule.
(2) Market excess time on its data processing
				equipment so long as the only involvement by the bank is furnishing the
				facility and necessary operating personnel.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 3 - Parity With National Banks › Section DFI-Bkg 3.06 - Purchase of shares of investment companies

Current through June 24, 2024
(1) AUTHORITY. A
				bank may purchase for its own account shares of investment companies registered
				with the securities and exchange commission or a privately offered fund
				sponsored by an affiliated commercial bank if the investment company shares
				meet all of the following requirements:
(a)
				The bank has an equitable and equal proportionate undivided interest in the
				underlying assets of the investment company.
(b) The bank is shielded from personal
				liability for acts or obligations of the investment company.
(c) The portfolio of each fund consists
				solely of investment securities which are eligible for purchase by banks
				pursuant to ch. 219, Stats., ss.
				220.04 (6) (d),
				221.0301 (5),
				221.0320 (3), (6), and (8)
				(b), Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 3 - Parity With National Banks › Section DFI-Bkg 3.07 - Procedure for chartering a savings and loan as a bank

Current through June 24, 2024
(1) A savings and
				loan association may be converted into a state chartered bank with the approval
				of the administrator of the division of banking.
(2) A savings and loan association seeking to
				convert into a state chartered bank shall pay the administrator of the division
				of banking a fee of $2,000 plus the actual costs incurred by the administrator
				of the division of banking in investigating the proposed
				reorganization.
(3) The
				stockholders or members of the savings and loan association shall make, execute
				and acknowledge articles of organization as required by ch. 221, Stats., and
				set forth the written consent of the stockholders or members.
(4) Upon the filing of the articles as
				provided by ch. 221, Stats., and upon the approval of the administrator of the
				division of banking, the savings and loan association shall be deemed to be
				converted and thereupon all assets, real and personal, of the converted savings
				and loan association shall be vested in and become the property of the new
				bank, subject to all the liabilities of the savings and loan association not
				converted.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 3 - Parity With National Banks › Section DFI-Bkg 3.08 - Debt cancellation contracts and debt suspension agreements

Current through June 24, 2024
(1) DEFINITIONS. In
				this section:
(a) "Actuarial method" means
				the method of allocating payments made on a debt between the amount financed
				and the finance charge pursuant to which a payment is applied first to the
				accumulated finance charge and any remainder is subtracted from, or any
				deficiency is added to, the unpaid balance of the amount financed.
(b) "Bank" has the meaning set forth in s.
				220.01 (1),
				Stats.
(c) "Closed-end credit"
				means consumer credit other than open-end credit as defined in this
				section.
(d) "Contract" means a
				debt cancellation contract or a debt suspension agreement.
(e) "Customer" means an individual who
				obtains an extension of credit from a bank primarily for personal, family or
				household purposes.
(f) "Debt
				cancellation contract" means a loan term or contractual arrangement modifying
				loan terms under which a bank agrees to cancel all or part of a customer's
				obligation to repay an extension of credit from that bank upon the occurrence
				of a specified event. The agreement may be separate from or a part of other
				loan documents.
(g) "Debt
				suspension agreement" means a loan term or contractual arrangement modifying
				loan terms under which a bank agrees to suspend all or part of a customer's
				obligation to repay an extension of credit from that bank upon the occurrence
				of a specified event. The agreement may be separate from or a part of other
				loan documents. "Debt suspension agreement" does not include loan payment
				deferral arrangements in which the triggering event is the borrower's
				unilateral election to defer repayment or the bank's unilateral decision to
				allow a deferral of repayment.
(h)
				"Open-end credit" means consumer credit extended by a bank under a plan in
				which all of the following apply:
1. The bank
				reasonably contemplates repeated transactions.
2. The bank may impose a finance charge from
				time to time on an outstanding unpaid balance.
3. The amount of credit that may be extended
				to the customer during the term of the plan, up to any limit set by the bank,
				is generally made available to the extent that any outstanding balance is
				repaid.
(i) "Residential
				mortgage loan" means a loan secured by 1-4 family, residential real
				property.