Assembly Bill 929 proposes several amendments to the Wisconsin Retirement System statutes, primarily aimed at correcting terminology and eliminating outdated provisions. The bill replaces the term "participant" with "participating employee" in various sections to clarify eligibility for making additional contributions to retirement accounts. It also specifies that individuals who are initially eligible for group insurance coverage can participate in both the group health insurance plan and the income continuation insurance plan, even if they are over the age of 70.

Additionally, the bill repeals the requirement for maintaining a social security account within the public employee trust fund, which is now considered obsolete under federal law. It also removes the state's liability for remittances related to social security contributions from employers participating in the Wisconsin Retirement System, further streamlining the regulations governing these contributions. Overall, the bill is presented as remedial legislation to improve clarity and compliance with current federal standards.

Statutes affected:
Bill Text: 40.02(2), 40.02, 40.02(25)(a)4, 40.04(8), 40.04, 40.05(1)(a)5, 40.05, 40.05(3)