Chapter 40 — PUBLIC EMPLOYEE TRUST FUND

40.01 Creation and purpose. (1) CREATION. A “public employee trust fund” is created to aid public employees in protecting themselves and their beneficiaries against the financial hardships of old age, disability, death, illness and accident, thereby promoting economy and efficien…

40.015 Compliance with federal tax laws. (1) The Wisconsin retirement system is established as a governmental plan and as a qualified plan for federal income tax purposes under the May 22, 2026, are designated by NOTES. (Published 5-22-26) 40.015 PUBLIC EMPLOYEE TRUST FUND Intern…

40.02 Definitions. In this chapter, unless the context requires otherwise: (1d) “Abortion” has the meaning given in s. 253.10 (2) (a). (1m) “Accumulation” means the total employee required contributions or employer required contributions or additional contributions as increased o…

40.03 Powers and duties. (1) EMPLOYEE TRUST FUNDS BOARD. The board: (a) Shall authorize and terminate the payment of all annuities and death benefits, except disability annuities, in accordance with this chapter and may adjust the computation of the amount, as provided by this ch…

40.04 (10), and then deducted from annuity payments, if the annuity is sufficient. The department shall provide for the direct payment of premiums by the insured to the insurer if the premium Updated 23-24 Wis. Stats. 22 to be withheld exceeds the annuity payment. Upon conversion…

40.05 (1) (a) 1. and 2., and for employers under s. 40.05 (2) (a), the actuary or actuarial firm may recommend, and the board may approve, combining the participant groups under s. 40.05 (1) (a) 1. and 2. if the combination is in the actuarial interest of the fund and would resul…

40.06 (1) (d) as a protective occupation participant. (n) Notwithstanding par. (d), each participant who is a county jailer and who is classified as a protective occupation participant shall be granted creditable service as a protective occupation participant for all covered serv…

40.07 Records. (1) Notwithstanding any other statutory provision, individual personal information in the records of the department is not a public record and shall not be disclosed except as provided in this section. (1m) Individual personal information, other than medical record…

40.08 Benefit assignments and corrections. (1) EXEMPTIONS. The benefits payable to, or other rights and interests of, any member, beneficiary or distributee of any estate under any of the benefit plans administered by the department, including insurance payments, shall be exempt …

40.19 Rights preserved. (1) Rights exercised and benefits accrued to an employee under this chapter for service rendered shall be due as a contractual right and shall not be abrogated by any subsequent legislative act. The right of the state to amend or repeal, by enactment of st…

40.20 Creation. A Wisconsin retirement system is created, including the benefits provided by this subchapter, the disability annuities provided by s. 40.63 and the death benefits provided by ss. 40.71 and 40.73. For purposes of determining an employee’s eligibility for social sec…

40.21 Participating employers. (1) Any employer shall be included within and thereafter subject to the provisions of the Wisconsin retirement system by so electing, through adoption of a resolution by the governing body of the employer. (2) Any employer who elected or was require…

40.22 (1) and shall refund the amount withheld directly to the employee if it is subsequently determined that the employee does not qualify as a participating or insured employee. (c) For state agencies, contributions paid by employers shall be made from the respective funds from…

40.23 Retirement annuities. (1) (a) Except as provided in par. (am), any participant who has attained age 55, and any protective occupation participant who has attained age 50, on or before the annuity effective date shall be entitled to a retirement annuity in accordance with th…

40.24 (1) (f), 40.25 (4), and 40.285 (2) (a) 1. c. do not apply to additional employer contributions made under this paragraph. 2. Under the rules promulgated under s. 40.03 (2) (r), a participant may, as a payout option for the deferred compensation plan established under subch.…

40.25 (1) that would have been an immediate annuity if paid as an annuity, if the employee meets all of the requirements for an immediate annuity including filing of application whether or not final administrative action has been taken. 5. Any participating state employee under t…

40.26 Reentry into service. (1) Except as provided in sub. (1m) and ss. 40.05 (2) (g) 2. and 40.23 (1) (am), if a participant receiving a retirement annuity, or a disability annuitant who has attained his or her normal retirement date, receives earnings that are subject to s. 40.…

40.27 Post-retirement adjustments. (1) SUPPLEMENTAL BENEFITS. Any person who received a supplemental benefit un- PUBLIC EMPLOYEE TRUST FUND 40.27 der s. 41.23, 1979 stats., s. 42.49 (10), 1979 stats., or s. 42.82, 1979 stats., is eligible to continue receiving a supplemental bene…

40.28 Variable benefits. (1) Any annuity provided to a participant whose accounts include credits segregated for a variable annuity shall consist of a core annuity and a variable annuity. (a) The initial amount of the variable annuity shall be the amount which can be provided on …

40.285 (2) (b) to fund the annuity in accordance with the actuarial tables in effect on the annuity effective date. (b) For a participant who initially becomes a participating employee on or after July 1, 2011, for purposes of calculating a money purchase annuity under par. (a), …

40.29 Temporary disability; creditable service. (1) If a participating employee receives temporary disability compensation under s. 102.43 for any period prior to termination of employment with the participating employer which commences on or after April 30, 1980, the employee sh…

40.30 Intrastate retirement reciprocity. (1) This section shall be construed as an enactment of statewide concern to encourage career public service by employees of the state, 1st class cities and counties having a population of 750,000 or more but shall not be construed to affec…

40.32 Limitations on contributions. (1) The sum of all employee post-tax contributions allocated to a participant’s account may not in any calendar year exceed the maximum contribution limitation established under section 415 (c) of the Internal Revenue Code, as adjusted under se…

40.40 State-federal agreement. The secretary may, upon receipt of a certified copy of a resolution adopted by the governing body of any employer in accordance with s. 40.41 execute on behalf of the state a modification of the state-federal agreement with the secretary of the fede…

40.41 Coverage. (1) Except as provided in sub. (6), all the employees of any employer shall be included under OASDHI through adoption of a resolution by the governing body of the employer providing for the coverage and stating the effective date of coverage. All groups covered by…

40.51 Health care coverage. (1) The procedures and provisions pertaining to enrollment, premium transmitted and cover- May 22, 2026, are designated by NOTES. (Published 5-22-26) 45 Updated 23-24 Wis. Stats. age of eligible employees for health care benefits shall be established b…

40.513 Payment of stipend in lieu of health care coverage for state employees. (1) Subject to sub. (3), a state employee who is eligible to receive health care coverage under s. 40.51 (6) may elect not to receive that coverage and instead be paid an annual stipend equal to $2,000…

40.52 (3). (5) A determination as to whether an employee has met or will meet the actual or anticipated performance of duty or other requirements of this section shall be made by the employer in accordance with rules of the department. The department may by rule identify circumst…

40.55 Long-term care coverage. (1) Except as provided in sub. (5), the state shall offer, through the group insurance board, to eligible employees under s. 40.02 (25) (bm) and to state annuitants long-term care insurance policies which have been filed with the office of the commi…

40.56 Abortion coverage prohibited. No abortion coverage or services, the performance of which is ineligible for funding under s. 20.927, may be provided in a health insurance plan or health care coverage plan offered under this subchapter. History: 2017 a. 191. SUBCHAPTER V DISA…

40.61 Income continuation coverage. (1) The procedures and provisions pertaining to enrollment, premium transmitted and coverage of eligible employees for income continuation benefits shall be established by contract or rule except as otherwise specifically provided by this chapt…

40.62 Income continuation insurance benefits. (1) The group insurance board shall establish an income continuation insurance plan providing for full or partial payment of the financial loss of earnings incurred as a result of injury or illness with separate provisions for short-t…

40.63 (10). 2. Credited as of each December 31 with interest on the prior May 22, 2026, are designated by NOTES. (Published 5-22-26) 17 Updated 23-24 Wis. Stats. year’s closing balance at the effective rate on all employee required contribution accumulations in the variable annui…

40.65 (5) (b) 4. shall be computed as though the participant’s account had not been divided. (i) The department, its employees, the fund and the board are immune from any liability for any act or omission under this subsection in accordance with a qualified domestic relations ord…

40.70 Life insurance coverage. (1) Except as provided in sub. (11), each eligible employee of an employer shall be insured under the group life insurance plan provided under this subchapter if all of the following apply: (a) The employer is a participating employer under the Wisc…

40.71 Death benefit eligibility. The following described persons are entitled to death benefits from the Wisconsin retirement system, in the form and at the times specified: (1) The beneficiary of any participant or of any annuitant on the date of death of the participant or annu…

40.72 Life insurance benefits. (1) Except as provided in sub. (2), (3), (3m), (8) or (10), the amount of group life insurance of an insured employee under age 70 shall be $1,000 of insurance for each $1,000 or part of $1,000 of the employee’s annual earnings during the prior cale…

40.73 (2) without regard to any other annuity payments payable to the beneficiary. An annuity under this paragraph may be initiated prior to any other annuity amount provided under this subchapter and prior to age 55 if all other qualifications for receiving an annuity payment ar…

40.74 Beneficiaries. (1) Payment to 2 or more persons as joint beneficiaries shall be equal unless the participant, employee or annuitant has designated otherwise in the written designation of beneficiary on file with the department. (2) A beneficiary of a deceased participant, a…

40.80 State deferred compensation plan. (1) The deferred compensation board shall select and contract with deferred compensation plan providers to be used by state agencies for providing deferred compensation plans to state employees. (2) The deferred compensation board shall: (a…

40.81 Deferred compensation plan authorization. (1) An employer other than the state or the University of Wisconsin Hospitals and Clinics Authority may provide for its employees the deferred compensation plan established under s. 40.80. Any employer, including this state and the …