Remedial legislation affecting the Wisconsin Retirement System and the Department of Employee Trust Funds (suggested as remedial legislation by the Department of Employee Trust Funds). (FE)

2. The bill specifically authorizes the secretary of employee trust funds to implement any payment processing system to pay moneys owing to any person under benefit plans administered by DETF, including payment by direct deposit, electronic benefit transfer cards or other prepaid cards, electronic funds transfer, and automated clearinghouse procedures.

3. Under current law, one requirement of a qualified domestic relations order (QDRO) is that the determination of an alternate payee share in the QDRO may not require benefits to be paid to the alternate payee if those benefits are also required to be paid to another alternate payee. The bill clarifies that the determination of the alternate payee share in a QDRO may not require benefits to be paid to an alternate payee if a court has already required those benefits to be paid to another alternate payee under a previously determined QDRO.

4. The bill eliminates references to the transaction amortization account in the core retirement investment trust of the public employee trust fund, which no longer exists.

5. The bill eliminates a duplicative reference to a federated library system under the WRS.

6. Currently, among the conditions that a participant in the WRS must meet in order to qualify for an annuity is one that requires the individual to have separated from WRS-covered employment for at least 30 days. Other WRS provisions prohibit a participant from receiving an annuity if the individual returns to covered employment within 75 days after terminating employment. The bill eliminates the 30-day requirement for receiving an annuity under the WRS.

7. The bill eliminates a requirement under the WRS that an application for an annuity may not be filed more than 90 days before the employee's anticipated termination date from employment.

8. The bill changes application deadlines for an employer to join the WRS.

Under current law, if an employer elects to join the WRS and DETF receives the application on or before November 15, the effective date of inclusion is the ensuing January 1. If DETF receives the application after November 15, the effective date of inclusion is the January 1 after the ensuing January 1. The bill eliminates this provision.

For further information, see the Notes provided by the Law Revision Committee of the Joint Legislative Council.