21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Wisconsin Supplemental Retirement Plan
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Modest Benefits ? The median annual retirement benefit is $21,660. Investment income accounts for approximately 84% of the WRS revenues over the past 10 years.
Teachers can retire with full benefits at age 65 with at least 5 years of experience. Additionally, Wisconsin permits early retirment for teachers at age 55 with at least 5 years of experience. However, teachers who take that option will see their benefits reduced.
The WRS offers a retirement benefit based on a defined contribution plan or a defined benefit plan. A defined contribution plan means there is a set amount of money (that may change each year) paid into a member's retirement account. Money is paid by both the employer and the employee.
The WRS is among the best funded and best managed public pension systems in the country. With some $142 billion in assets, it is the 8th largest U.S. public pension fund. Approximately 663,000 individuals participate in the WRS. The WRS is a hybrid defined benefit plan.
If you first began WRS employment on or after July 1, 2011, then you must have 5 years of WRS creditable service. 1 year of creditable service is based on the hours you work. To earn 1 year of service, teachers need to work 1,320 hours and all other employees need to work 1,904 hours.
Taxation of Your WRS Benefit The tax treatment of WRS benefits is generally similar for federal and Wisconsin income tax purposes. Your WRS benefit is not subject to Social Security or Medicare taxes.
Normal Retirement Age Employment CategoryMinimum Retirement AgeNormal Retirement AgeGeneral employees, teachers, elected officials or state executives with at least 30 years of creditable service5557Protective occupation employees with at least 25 years of creditable service50534 more rows
