Wis. Admin. Code Department of Administration Adm 95.07 - Vesting and receipt of length of service award
A VFF-EMT is required to provide 10 years of service for which credit has been given before the VFF-EMT may receive any benefits under the program.
(1) FULL VESTING.
(a) A VFF-EMT who has provided 15 years of
service for credit to a participating municipality shall be fully vested and
paid a length of service award upon reaching age 60.
(b) A VFF-EMT may elect to receive their
length of service award under this subsection by notifying the program
administrator and the participating municipality within the time period
required by the program administrator or the applicable program. A VFF-EMT
receiving an award under this subsection shall receive the full net asset value
of their account.
(c) Upon
receiving payment of a length of service award, a fully vested VFF-EMT age 60
or older may continue to provide service for credit toward a length of service
award under a new account, but shall be paid any subsequent contributions made
on the VFF-EMT's behalf by the participating municipality or the department
immediately after they are received by the program administrator.
(2) PARTIAL VESTING.
(a) A VFF-EMT who has discontinued providing
eligible service after performing a minimum of 10 years of service for credit
shall be partially vested and may elect to receive a partial length of service
award under this subsection at any time after reaching age 53, by notifying the
program administrator and the participating municipality within the time period
required by the program administrator or the applicable program.
(b) A VFF-EMT electing to receive a partial
length of service award under this subsection shall be entitled to receive the
award in the next calendar year following the date of the election. The VFF-EMT
shall receive 50% of the net asset value of their account as of the date of the
election for the first 10 years of service for credit performed. For each year
of service for credit more than 10, but less than 15, performed by the VFF-EMT,
ten percent of the net asset value of the account as of the date of the
election shall be added. A VFF-EMT who has reached the age of 53 but has not
reached the age of 60 and who has 15 or more years of service shall receive 95%
of the net asset value of the account as of the date of the election. The
amounts not paid to a VFF-EMT under this subsection shall be forfeited and
equally distributed among all other open VFF-EMT accounts sponsored by that
municipality at the time of the forfeiture.
(c) A VFF-EMT who has reached age 53 but is
not fully vested may continue to perform service for credit toward a length of
service award.
(d) A VFF-EMT who
has discontinued providing eligible service after performing a minimum of 15
years of service for credit and who has not elected to receive a partial length
of service award under this subsection may instead elect to receive their
length of service award under sub. (1) upon reaching age 60.
(3) NEW ACCOUNTS. At any time a
VFF-EMT receives a length of service award associated with an account, they may
discontinue providing eligible service and accruing service credit under that
account, and begin providing eligible service under a new account.
(4) PRIOR SERVICE CREDIT. For vesting
purposes under this section and s.
16.25,
Stats., credit for service performed by a VFF-EMT may include prior service for
credit under s.
Adm 95.06(1)
(a).
(5) FORM OF BENEFIT DISTRIBUTION. A VFF-EMT
may receive their length of service award payment either in a lump sum or by
any other method offered by the program administrator and approved by the
department. The form of benefit distribution shall be determined by the program
administrator and approved by the department. The chosen form shall be stated
in the specific plan documents provided by the program administrator.
(6) SIMULTANEOUS SERVICE. For purposes of
determining vesting under this section and s.
16.25,
Stats., if a VFF-EMT simultaneously renders service to 2 or more
municipalities, or two or more separate and distinct services for a single
municipality, only one year of service may be credited toward any length of
service award in any calendar year the VFF-EMT provided multiple
service.
Notes
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