22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Wisconsin Savings Plan for Employees
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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.
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.
The WRS Retirement Benefit is a pension plan that is intended to provide you with a lifetime retirement payment. It offers a retirement benefit based on a defined contribution plan or a defined benefit plan.
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.
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 eligible to receive retirement benefits when: You end all WRS-covered employment; and. You are vested in the Wisconsin Retirement System; and. You reach the minimum retirement age of 55 (age 50 for those in the Protective WRS category)
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.
Through the WDC program employees can invest a portion of their income for retirement either on a pre-tax or post-tax (Roth) basis or a combination of both. Participation in the program is voluntary; employees make the entire contribution. There is no employer match.
