40.32 Limitations on contributions.
(1) The sum of all employee post-tax contributions allocated to a participant's account may not in any calendar year exceed the maximum contribution limitation established under section 415 (c) of the Internal Revenue Code, as adjusted under section 415 (d) of the Internal Revenue Code and any applicable regulations adopted by the federal department of the treasury.
(2) The department may provide by rule additional limitations for participants who are participating in more than one retirement system.
(3) Any contribution that the department receives, which is allocated to the account of a participant and which exceeds the contributions limitation under this section, may be refunded or credited as provided in s. 40.08 (6). If the department refunds any contributions that exceed the limitation under this section, the department shall first refund amounts voluntarily contributed by a participating employee as an additional contribution under s. 40.05 (1) (a) 5.
History: 1995 a. 302; 1997 a. 237; 2011 a. 10; 2013 a. 20.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 40 - Public employee trust fund.
40.015 - Compliance with federal tax laws.
40.04 - Accounts and reserves.
40.05 - Contributions and premiums.
40.08 - Benefit assignments and corrections.
40.21 - Participating employers.
40.22 - Participating employees.
40.27 - Post-retirement adjustments.
40.285 - Purchase of creditable service.
40.29 - Temporary disability; creditable service.
40.30 - Intrastate retirement reciprocity.
40.31 - Maximum benefit limitations.
40.32 - Limitations on contributions.
40.40 - State-federal agreement.
40.513 - Payment of stipend in lieu of health care coverage for state employees.
40.515 - Health savings accounts; high-deductible health plan.
40.55 - Long-term care coverage.
40.56 - Abortion coverage prohibited.
40.61 - Income continuation coverage.
40.62 - Income continuation insurance benefits.
40.65 - Duty disability and death benefits; protective occupation participants.
40.70 - Life insurance coverage.
40.71 - Death benefit eligibility.
40.72 - Life insurance benefits.
40.80 - State deferred compensation plan.
40.81 - Deferred compensation plan authorization.
40.85 - Employee-funded reimbursement account plan.
40.87 - Treatment of compensation.