Employee Matters
This column is prepared by staff from the Office of Human Resources. E-mail questions to benefits@ohr.wisc.edu or call 262-5650. For more information, visit http://www.bussvc.wisc.edu/ecbs/ ecbs.html.
Annual Benefit Statements Part 2: The Wisconsin Retirement System Annual Statement of Benefits
What is the Wisconsin Retirement System (WRS)?
The WRS is the retirement system for Wisconsin public employees. The university contributes approximately 10 percent of your annual salary on your behalf to an account in your name. Limited-term employees (LTE) covered by the WRS must personally make a portion of this contribution.
What is the WRS Annual Statement of Benefits?
The statement provides information about your individual WRS account as of Jan. 1 each year.
Who issues the statement?
The Department of Employee Trust Funds (ETF), the state agency that administers the WRS.
How and when can I access my statement?
Your statement will be mailed to your campus address by early to mid–May. Because this statement is provided by ETF, you are not able to electronically access it on your MyUW Web page.
Who receives the statement?
Statements are sent to all university employees who are actively covered under the WRS. Employees who began coverage under the WRS in 2008 will not receive a statement until spring 2009.
What information is in the statement?
The statement provides information regarding your WRS account as of Jan. 1, 2008:
- Your 2007 WRS reported earnings and service
- Your total years of WRS creditable service
- 2007 effective rate of interest and 2007 contributions applied to your account for Core Fund and Variable Fund (if you participate)
- Additional contribution information (if applicable)
- Your primary beneficiary(ies) if you have filed a beneficiary designation since 1982
- Your separation benefit and death benefit calculations
- Formula Benefit Data and Money Purchase Balance information showing the factors used to calculate your retirement benefit, including your Variable Excess/Deficiency if you participate in the Variable Fund
- Finally, the retirement benefit projections section compares the formula and money purchase calculations for your earliest possible retirement age, assuming you are that age as of the statement date. The calculations do not actually project service, earnings or interest that you may earn after Jan. 1, 2008.
Why should I read my statement?
You should review your statement thoroughly for accuracy. The sooner you report an issue, the greater the chance that it can be successfully corrected.
How do I report inaccurate information?
Contact the Office of Human Resources at benefits@ohr.wisc.edu for a review of your records.
Where can I find a more thorough explanation of the specific information?
A letter of explanation accompanies the statement. You can view the video “Your Annual Statement of Benefits Presentation” on the Department of Employee Trust Funds Web site.
What if I want more information?
Visit Office of Human Resources or e-mail.