AB 414

This bill establishes a program under which participating employees in the

Wisconsin Retirement System (WRS) may purchase years of creditable service under

the WRS for all years of active service in the U.S. armed forces. A number of

conditions must be satisfied to receive creditable service under the program, the

most important of which include the following:

1. The employee pays to the Department of Employee Trust Funds (DETF) an

amount equal to the present value of the creditable service to be purchased, in

accordance with rates actuarially determined to be sufficient to fund the cost of the

increased benefits that will result from granting the creditable service.

2. The employee must have been discharged from the U.S. armed forces under

conditions other than dishonorable.

3. The employee may not receive creditable service under the program for any

service that is used for the purpose of establishing entitlement to, or the amount of,

any other benefit to be paid by any federal, state, or local government entity, except

a disability or social security benefit, a benefit under the federal retired pay for

nonregular military service program, and a benefit paid for service in the national

guard.

4. The employee must have at least three continuous years of creditable service

at the time of application to purchase the creditable service.

This bill will be referred to the Joint Survey Committee on Retirement Systems

for a detailed analysis, which will be printed as an appendix to this bill.