Contributions by protective occupation participants and separation from service for retirement benefits under the Wisconsin Retirement System (suggested as remedial legislation by the Department of Employee Trust Funds).
Impact
If enacted, SB1051 will refine the effective date of retirement annuities for certain participants who apply for long-term disability benefits or disability annuities but face disapprovals. The modification stipulates that the effective date for their regular annuity will be the later of either the date on which the denials would have taken effect, or the day following their separation from service. This adjustment is intended to maintain compliance with federal law while ensuring that eligible participants can transition smoothly from disability to regular annuity benefits without undue delay.
Summary
Senate Bill 1051 seeks to amend provisions related to contributions and effective dates for retirement benefits under the Wisconsin Retirement System (WRS), specifically for county jailers classified as protective occupation participants. The bill is presented as remedial legislation requested by the Department of Employee Trust Funds, aimed at correcting certain date references pertinent to the classification of county jailers and their contributions to the retirement system. The proposed changes are critical for aligning with federal regulations that prohibit benefit effective dates prior to a participant's legitimate separation from service.
Contention
There may be concerns surrounding how the amendments to the existing statutes, particularly those affecting county jailers newly certified as protective occupation participants, impact the understanding of retirement benefits among these employees. While the bill is largely seen as necessary to correct minor statutory issues, any disagreement might stem from differing perspectives on the urgency of the amendments and their implications for affected employees' financial security during the transition from disability to retirement annuities.
Correcting terminology for making additional contributions to the Wisconsin Retirement System; eliminating a social security account maintained in the public employee trust fund and removing a provision regarding liability for state employer social security remittances; and clarifying who may participate in an income continuation insurance plan provided by the Group Insurance Board (suggested as remedial legislation by the Department of Employee Trust Funds).
Correcting terminology for making additional contributions to the Wisconsin Retirement System; eliminating a social security account maintained in the public employee trust fund and removing a provision regarding liability for state employer social security remittances; and clarifying who may participate in an income continuation insurance plan provided by the Group Insurance Board (suggested as remedial legislation by the Department of Employee Trust Funds).
The management of assets of and the voting of ownership interests in securities by the Wisconsin Retirement System and the retirement systems of the City and County of Milwaukee. (FE)
The management of assets of and the voting of ownership interests in securities by the Wisconsin Retirement System and the retirement systems of the City and County of Milwaukee. (FE)
A bill for an act relating to benefits and contributions for members of the Iowa public employees' retirement system who are employed in a protection occupation.(Formerly HSB 265; See HF 1023.)