62.63 Benefit funds for officers and employees of 1st class cities.
(1) Establishment of funds. By a majority vote of the members-elect, the common council of a 1st class city may create, establish, maintain and administer annuity and benefit funds for city officers and employees, including officers and employees of boards, agencies, departments and divisions of the city government and of a housing authority established under s. 66.1201.
(2) Retirement board. By a majority vote of its members, the common council of a 1st class city may create a retirement board to administer an annuity and benefit fund under this section. The retirement board may make rules and regulations under which all participants contribute to and receive benefits from the fund. Members of the board shall serve without compensation. Three members of the board shall be city employees elected by the members of the retirement system and shall serve 4-year terms and 5 members shall be appointed under s. 62.51 and shall serve 3-year terms. The common council may provide for contribution by the city to the annuity and benefit fund. The executive director of the retirement board shall be appointed under s. 62.51.
(3) Investment of retirement funds. The board of a retirement system of a 1st class city, whose funds are independent of control by the investment board, may invest funds from the system, in excess of the amount of cash required for current operations, in the same manner as is authorized for investments under s. 881.01.
(4) Exemption of funds and benefits from taxation, execution and assignment. Except as provided in s. 49.852 and subject to s. 767.75, all moneys and assets of a retirement system of a 1st class city and all benefits and allowances, both before and after payment to any beneficiary, granted under the retirement system are exempt from any state, county or municipal tax or from attachment or garnishment process. The benefits and allowances may not be seized, taken, detained or levied upon by virtue of any executions, or any process or proceeding issued out of or by any court of this state, for the payment and ratification in whole or in part of any debt, claim, damage, demand or judgment against any member of or beneficiary under the retirement system. No member of or beneficiary under the retirement system may assign any benefit or allowance either by way of mortgage or otherwise. The prohibition against assigning a benefit or allowance does not apply to assignments made for the payment of insurance premiums. The exemption from taxation under this section does not apply with respect to any tax on income.
(5) Treatment of abandoned retirement accounts. Funds in employee retirement accounts of a retirement system of a 1st class city, which are presumed abandoned under subch. II of ch. 177, are not subject to the custody of the state as unclaimed property under ch. 177, but shall be retained by the retirement system and used to reduce employer funding obligations to the retirement system. The board of a retirement system of a 1st class city shall devise rules and regulations for determining the conditions under which employee retirement accounts are presumed abandoned and for determining the manner in which funds in the abandoned employee retirement accounts may be used to reduce employer funding obligations to the retirement system.
History: 1999 a. 150 ss. 15, 569, 571, 574, 575; 2005 a. 189; 2005 a. 443 s. 265; 2009 a. 191; 2011 a. 260 s. 81; 2021 a. 87.
Sub. (4) bars a court from directly dividing the pension. However, the pension is a marital asset accumulated during the course of the marriage. The court has discretionary authority to order the employee spouse to make a specific payout election or enter other orders in the event a selection is made that is counter to the non-employee spouse's interests. Sub. (4) does not usurp the court's ability to effectuate an equitable division of the parties' assets, including the pension. Waln v. Waln, 2005 WI App 54, 280 Wis. 2d 253, 694 N.W.2d 452, 04-1271.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
62.02 - Repeal of special charters.
62.03 - First class cities excepted.
62.04 - Intent and construction.
62.071 - Annexations to cities of the first class.
62.075 - Detachment of farm lands from cities.
62.08 - Alteration of aldermanic districts.
62.115 - Defense of officers by city attorney.
62.13 - Police and fire departments.
62.135 - Highway safety coordinator.
62.14 - Board of public works.
62.155 - Acquisition of facilities without bids.
62.16 - Street grades; service pipes.
62.17 - Enforcement of building codes.
62.175 - Sewer and water extensions in 1st and 2nd class cities; sewage from other municipalities.
62.185 - Sewer district bonds.
62.19 - Water and heat pipe extensions.
62.22 - Acquiring property; opening or changing streets.
62.225 - Recycling or resource recovery facilities.
62.231 - Zoning of wetlands in shorelands.
62.232 - Required notice on certain approvals.
62.233 - Zoning of annexed or incorporated shorelands.
62.234 - Construction site erosion control and storm water management zoning.
62.237 - Municipal mortgage housing assistance.
62.50 - Police and fire departments in 1st class cities.
62.51 - Mayoral appointments in 1st class cities.
62.53 - Real property used for school purposes; 1st class cities.
62.55 - Requirements for surety bonds of officers and employees in 1st class cities.
62.57 - Uniform salaries in 1st class cities.
62.59 - Police authority to alderpersons in 1st class cities repealed.
62.61 - Health insurance; 1st class cities.
62.62 - Appropriation bonds for payment of employee retirement system liability in 1st class cities.
62.621 - Agreements and ancillary arrangements for certain notes and appropriation bonds.
62.622 - Employee retirement system liability financing in 1st class cities; additional powers.
62.623 - Payment of contributions in an employee retirement system of a 1st class city.
62.63 - Benefit funds for officers and employees of 1st class cities.
62.65 - Death benefit payments to foreign beneficiaries.
62.67 - Uninsured motorist coverage; 1st class cities.
62.69 - First class city utilities.