Wisconsin Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
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.
The WRS covers employees of the State of Wisconsin and employees of local government employers who elect to participate, and Milwaukee Public School District teachers.
Who is Eligible to Participate in the WRS? The Wisconsin Retirement System covers state and local public employees, including faculty and staff of the University of Wisconsin System, local police and firefighters, and all publicly-employed teachers in the state.
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.
Vesting. Employees who are first covered by the WRS on or after July 1, 2011 must have five years of WRS creditable service to be vested in the WRS. Employees who were covered by the WRS prior to July 1, 2011 are immediately vested in the WRS. Once vested, an employee is eligible to receive a retirement benefit.
You are fully vested in employer contributions after five years of service. Employee contributions to the WRS pension are always 100% vested. For employees that were WRS eligible prior to 7/1/11 contributions made by the employer are fully vested at the age of 55.
To be eligible for a WRS retirement benefit: You must be vested and be at least age 55 (or age 50 if you have protective category service). You must terminate all WRS-covered employment. You must not be on a leave of absence or in layoff status. You must turn in a complete and valid retirement application to ETF.
