Wis. Admin. Code Department of Employee Trust Funds ETF 20.23 - Adjusting annuities for equity after reentry into service
(1) Pursuant to s.
40.03(1) (a), Stats., in determining the monthly
amount of a recomputed annuity in the normal form under s.
40.26(3),
Stats., the applicant's estimated social security benefit shall not be greater
than the amount determined by:
(a) Dividing
the creditable service earned prior to the effective date of the prior annuity
by the participant's total creditable service.
(b) Dividing the final average earnings
determined for the new annuity computation by the final average earnings
determined in computing the prior annuity.
(c) Multiplying the result in par. (a) times
the result in par. (b) times the social security benefit amount used in
determining the amount of the prior annuity.
(d) Dividing the creditable service earned
since the effective date of the prior annuity by the participant's total
creditable service.
(e) Multiplying
the result in par. (d) times the social security benefit amount determined
under s.
ETF 20.03(2) based on the participant's
total service and earnings.
(f)
Adding the amounts determined in pars. (c) and (e).
(2) Pursuant to s.
40.03(1) (a), Stats., the monthly amount of a
recomputed annuity in the normal form under s.
40.26(3),
Stats., excluding any portion which on either the original or recomputed
annuity was a variable annuity, shall not be less than the monthly amount of
the original core annuity in the normal form increased by any dividends granted
prior to termination of the original annuity.
(3) The board may review adjustments made
under this section and may make other adjustments as necessary to prevent any
inequity.
Notes
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