Section 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 that has provided 20 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 fully vested VFF-EMT age 60 or older shall notify the program administrator and the participating municipality of the VFF-EMT's request to receive their length of service award within the time period required by the program administrator or the applicable program.

(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) Upon reaching age 60, a VFF-EMT may request and receive their length of service award at any time after performing a minimum of 10 years of service for credit and discontinue providing eligible service.

(b) Upon reaching the age of 60, a VFF-EMT requesting to receive their length of service award after performing 10 years, but less than 20, of service for credit shall receive 50% of the net asset value of their account at the time of the request for the first 10 years of service for credit is provided. For each year of service for credit more than 10, but less than 20, performed by the VFF-EMT, five percent of the net asset value of the account at the date of the request shall be added. 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 60 but is not fully vested may continue to perform service for credit toward a length of service award.

(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.

History: CR 01-123 : cr. Register May 2002 No. 557 , eff. 6-1-02; CR 08-033 : am. (6) Register June 2009 No. 642 , eff. 7-1-09; corrections in (1) (c), (5) made under s. 13.92 (4) (b) 6. , Stats., correction in (4) made under s. 13.92 (4) (b) 7. , Stats., Register December 2015 No. 720 .