Wisconsin § 40.26 - Reentry into service.

§ 40.26. Reentry into service.

40.26(1) (1) Except as provided in sub. (1m) and ss. 40.05 (2) (g) 2. and 40.23 (1) (am) , if a participant receiving a retirement annuity, or a disability annuitant who has attained his or her normal retirement date, receives earnings that are subject to s. 40.05 (1) or that would be subject to s. 40.05 (1) except for the exclusion specified in s. 40.22 (2) (L) , the annuity shall be suspended, including any amount provided by additional contributions, and no annuity payment shall be payable after the month in which the participant files with the department a written election to be included within the provisions of the Wisconsin retirement system as a participating employee. 40.26(1m) (1m) 40.26(1m)(a) (a) Except as otherwise provided in sub. (6) , if a participant receiving a retirement annuity, or a disability annuitant who has attained his or her normal retirement date, is employed in a position in covered employment in which he or she is expected to work at least two-thirds of what is considered full-time employment by the department, as determined under s. 40.22 (2r) , the participant’s annuity shall be suspended and no annuity payment shall be payable until after the participant terminates covered employment. 40.26(1m)(b) (b) Except as otherwise provided in sub. (6) , if a participant receiving a retirement annuity, or a disability annuitant who has attained his or her normal retirement date, enters into a contract to provide employee services with a participating employer and he or she is expected to work at least two-thirds of what is considered full-time employment by the department, as determined under s. 40.22 (2r) , the participant’s annuity shall be suspended and no annuity payment shall be payable until after the participant no longer provides employee services under the contract. 40.26(2) (2) Upon suspension of an annuity under sub. (1) or (1m) , the retirement account of the participant whose annuity is so suspended shall be established on the following basis: 40.26(2)(b) (b) Crediting of amounts under suspended annuity. The amount of the annuity payments which would have been paid under the suspended annuity, from the original annuity suspension date to the subsequent retirement date, shall be credited to a memorandum account. 40.26(2)(c) (c) Establishment of subsequent retirement account. Upon becoming a participating employee, a subsequent retirement account shall be established, which includes crediting of interest and any contributions made and creditable service earned during the subsequent participating employment. 40.26(3) (3) Upon subsequent retirement, the suspended annuity shall be reinstated, including any amounts in a memorandum account under sub. (2) (b) . Upon application, the subsequent annuity shall be computed as an original annuity, based upon the participant’s attained age on the effective date of the subsequent annuity, in an optional form as elected by the participant under s.