Assembly Bill 376 proposes significant changes to the Wisconsin Retirement System (WRS) regarding rehired annuitants. The bill repeals several existing statutes and amends others to allow annuitants who return to work for a WRS-participating employer the option to either suspend their annuity and become a participating employee or continue receiving their annuity without becoming a participating employee. This change eliminates the previous requirement that mandated the suspension of an annuity for returning annuitants. Additionally, the bill reduces the waiting period for a WRS participant who has applied for a retirement annuity from 75 days to 30 days before they can return to covered employment.

The bill also includes the repeal of specific provisions related to the suspension of annuities and the eligibility criteria for becoming a participating employee. Notably, it removes the requirement that an annuity must be suspended if a participant receives earnings from a WRS employer, thereby providing more flexibility for annuitants. The amendments aim to streamline the process for rehired annuitants and enhance their ability to manage their retirement benefits while re-entering the workforce.

Statutes affected:
Bill Text: 40.22(1), 40.22, 40.22(2m)(intro.), 40.22(2r)(intro.), 40.22(3)(intro.), 40.26(1), 40.26, 40.26(1m), 40.26(2)(intro.), 40.26(5)(intro.), 40.26(5m), 40.26(6)