Section 10.633. Debiting participant account to fund benefit.

 

(1)  Except as provided in sub. (2) , the date on which a participant's account in the employee accumulation reserve shall be debited to fund the benefit, as provided in s. 40.04 (4) (a) 3. , Stats., shall be as follows:

(a) For a retirement annuity under s. 40.23 or 40.24 , Stats., or s. ETF 20.04 , and for a beneficiary annuity under s. 40.73 (3) , Stats., the debit date shall be the twenty-first day of the same month as the date of the first payment.

(b) For a disability annuity under s. 40.63 , Stats., the debit date shall be the twenty-first day of the same month as the date of the first payment.

(c) For a lump sum payment of any kind, including a separation benefit under s. 40.25 (2) , Stats., or lump sum payments under s. 40.25 (1) or (4) or 40.73 (1) or (2) , Stats., the debit date shall be the date of the payment.

(2)  If the date specified under sub. (1) falls on a Saturday, Sunday or a holiday under s. 230.35 (4) (a) , Stats., then the debit shall be made on the next working day.

(3)  The department may correct its accounting of the participant's former account in the employee reserve after debiting the account. No corrections to the amount of the debit may affect the date of the debit provided in sub. (1) or (2) for other purposes, including those of ss. ETF 20.20 (2) , (3) and (4) , 50.31 , and 60.51 .

Cr. Register, January, 1996, No. 481 , eff. 2-1-96; correction in (1) (c) made under s. 13.93 (2m) (b) 7., Stats., Register, July, 1999, No. 523 ; CR 14-055 : am. (1), (a), (b), (c) Register May 2015 No. 713 , eff. 6-1-15.