Section 20.05. Accelerated payment annuity options.

 

(1)  A participant, alternate payee or beneficiary shall not be eligible for the accelerated payment annuity if the reduced annuity payable for life in the normal form under s. 40.24 (1) (e) , Stats., would be equal to or less than $129 per month for a benefit with an effective date in calendar year 2001 or, for a benefit with an effective date in a subsequent calendar year, the monthly amount applied under this section for the previous calendar year increased by the salary index, as defined in s. 40.02 (52) , Stats., ignoring fractions of the dollar.

(2)  Pursuant to s. 40.03 (2) (k) , Stats., the department will assume that the primary OASDHI benefit, as defined in s. 40.02 (44) , Stats., for a person eligible to receive a beneficiary annuity and selecting an option payable under s. 40.24 (1) (e) , Stats., will be based on the work record of the participant from whose account the benefit is being paid.

Cr. Register, June, 1979, No. 282 , eff. 1-1-80; cr. (2), (1) renum. from ETF 7.02 (1) and am., Register, November, 1982, No. 323 , eff. 12-1-82; am. (1), Register, December, 1987, No. 384 , eff. 1-1-88; CR 01-096 : am. (1) and (2), Register December 2001 No. 552 , eff. 1-1-02.