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Bills · 2017-2018 Regular Session

SB 190

Died at session end Official bill text Atom feed

Relating to: increasing the minimum retirement age under the Wisconsin Retirement System and determining final average earnings for the purpose of calculating Wisconsin Retirement System annuities. (FE)

Legislature — Retirement systems, joint survey committee on Retirement — Protective service Retirement system, wisconsin

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

For individuals who first become participating employees in the Wisconsin

Retirement System on or after the effective date of this bill, this bill increases the

minimum retirement age for general participants from age 55 to age 60 and for

protective occupation participants from age 50 to age 52. The bill does not change

the minimum retirement age for an individual who was a participating employee in

the WRS before the effective date of the bill.

For individuals who first become participating employees in the WRS on or

after the effective date of this bill, this bill modifies the formula method for

calculating a participant's retirement annuity by calculating the participant's final

average earning using the participant's five highest annual earning periods rather

than three highest annual earning periods. Under current law, when a WRS

participant terminates covered employment and becomes eligible for an annuity, the

Department of Employee Trust Funds calculates the participant's annuity amount

using two methods and pays the participant an annuity using whichever method

results in a higher amount. The first method, known as the formula method, is based

on the participant's final average earnings, the participant's number of years of

creditable service, and a percentage multiplier. Under current law, a participant's

final average earnings is a monthly rate of earnings calculated based on the three

annual earnings periods in which the participant's earnings were highest. The

second method is to calculate the amount of a money purchase annuity, which is

determined based on the sum of a participant's accumulated required and additional

contributions plus an amount that equals the participant's accumulated required

contributions. This bill does not change the formula method for calculating a

participant's annuity if the participant was a participating employee in the WRS

before the effective date of the bill.

Because this bill relates to public employee retirement or pensions, it may be

referred to the Joint Survey Committee on Retirement Systems for a report to be

printed as an appendix to the bill.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Kapenga (R) , Marklein (R) , Moulton (R) , Nass (R) , Stroebel (R)

10 cosponsors

Allen (R) , August (R) , Craig (R) , Duchow (R) , Gannon (R) , Hutton (R) , Knodl (R) , LeMahieu (R) , Rohrkaste (R) , Steffen (R)

Full history

  1. Apr 20, 2017 · Senate

    Introduced by Senators Stroebel, Moulton, Kapenga, Nass and Marklein; cosponsored by Representatives August, Hutton, Allen, Duchow, Gannon, Knodl and Steffen

  2. Apr 20, 2017 · Senate

    Read first time and referred to Committee on Government Operations, Technology and Consumer Protection

  3. Apr 21, 2017 · Senate

    Senator LeMahieu added as a coauthor

  4. Apr 24, 2017 · Senate

    Report of Joint Survey Committee on Retirement Systems requested

  5. May 1, 2017 · Senate

    Senator Craig added as a coauthor

  6. May 3, 2017 · Senate

    Fiscal estimate received

  7. Oct 18, 2017 · Senate

    Representative Rohrkaste added as a cosponsor

  8. Mar 28, 2018 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1