21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Wisconsin Retirement Benefits Plan
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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.
WRS retirement benefits are calculated using two methods: the formula method, and the money purchase method. ETF calculates your benefit using both methods and automatically pays you the higher amount. See how each method is calculated and resources for estimating your benefit.
You contribute a portion of your eligible earnings to fund your Wisconsin Retirement System (WRS) account. The employee contribution is deducted on a pre-tax basis for State and Federal tax purposes. The UW System also contributes a portion of the your eligible earnings to the WRS.
Employees contribute 5.8% out of each of their paychecks to the pension fund. The average retirement benefit is $24,989 per year, or $2,082 per month. The pension replaces 48% of pre-retirement income for a teacher hired since 2011 with 30 years of service.
Monthly final average earnings x 70% (65% for protectives with Social Security and 85% for protectives without Social Security) = maximum formula benefit payable. Variable participants: When you retire, your formula benefit will be increased or decreased based on Variable ?excess? or ?deficiency? in your account.
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.
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.
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.
