Section 70.02. Definitions.

  In this chapter, words and phrases shall have the following meanings:

(1)  "Administrator" means any company with which the board contracts to provide administrative services for deferred compensation plans authorized under s. 40.80 , Stats.

(2)  "Alternate administrator" means any company with which the board contracts to provide administrative services for an alternate deferred compensation plan authorized under s. 40.80 (2m) , Stats.

(3)  "Alternate plan" means any deferred compensation plan authorized under s. 40.80 (2m) , Stats., and offered by an alternate administrator.

(4)  "Beneficiary" has the meaning given in s. 40.02 (8) , Stats.

(5)  The "board" means the deferred compensation board.

(6)  The "department" means the department of employee trust funds.

(7)  "Employee" means any person who receives earnings as payment for personal services rendered for the benefit of any employer including officers of the employer and is eligible to participate in the deferred compensation program.

(8)  "Investment product" means any insurance or annuity contract, bank or credit union account, mutual or money market fund or other type of investment vehicle.

(9)  "Investment provider" means any company that manages and offers investments products.

(10)  "Member" means any employee electing to participate in the deferred compensation program.

(11)  "Plan and trust document" means the document developed by the department and approved by the board to describe in detail the regulations of the program and ensure program compliance with section 457 of the internal revenue code which requires the availability of this document to members.

(12)  "Primary administrator" means the company contracted to provide administrative services for the primary deferred compensation plan authorized under s. 40.80 (1) , Stats.

(13)  "Primary plan" means the deferred compensation plan authorized under s. 40.80 (1) , Stats., and offered by the primary administrator.

(14)  "Program" includes the primary plan and any alternate plan authorized under s. 40.80 , Stats., and approved by the board for offering to eligible employees.

History: Cr. Register, June, 1992, No. 438 , eff. 7-1-92; CR 08-016 : cr. (4m) Register August 2008 No. 632 , eff. 9-1-08; CR 11-040 : renum. (1) to (4m) to be (intro.) to (4) Register July 2012 No. 679 , eff. 8-1-12; CR 14-055 : am. (11) Register May 2015 No. 713 , eff. 6-1-15.