Section Adm 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 who has provided 15 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 VFF-EMT may elect to receive their length of service award under this subsection by notifying the program administrator and the participating municipality within the time period required by the program administrator or the applicable program. A VFF-EMT receiving an award under this subsection shall receive the full net asset value of their account.(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) A VFF-EMT who has discontinued providing eligible service after performing a minimum of 10 years of service for credit shall be partially vested and may elect to receive a partial length of service award under this subsection at any time after reaching age 53, by notifying the program administrator and the participating municipality within the time period required by the program administrator or the applicable program.(b) A VFF-EMT electing to receive a partial length of service award under this subsection shall be entitled to receive the award in the next calendar year following the date of the election. The VFF-EMT shall receive 50% of the net asset value of their account as of the date of the election for the first 10 years of service for credit performed. For each year of service for credit more than 10, but less than 15, performed by the VFF-EMT, ten percent of the net asset value of the account as of the date of the election shall be added. A VFF-EMT who has reached the age of 53 but has not reached the age of 60 and who has 15 or more years of service shall receive 95% of the net asset value of the account as of the date of the election. 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 53 but is not fully vested may continue to perform service for credit toward a length of service award.(d) A VFF-EMT who has discontinued providing eligible service after performing a minimum of 15 years of service for credit and who has not elected to receive a partial length of service award under this subsection may instead elect to receive their length of service award under sub. (1) upon reaching age 60. (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.Wis. Admin. Code Department of Administration Adm 95.07
Renumbered from VFF-EMT 1.07, 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, eff.1/1/2016Amended by, CR 18-011: am. (1) (a), (b), r. and recr. (2) (a), am. (2) (b), (c), cr. (2) (d) Register June 2018 No. 750, eff. 7/1/2018