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 Payroll and Benefits Services.
Annual Benefit Statements Part 2: The Wisconsin Retirement System (WRS) 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 (LTEs) 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 produces the statement?
The Department of Employee Trust Funds (ETF), the state agency that administers the WRS.
When will I receive my statement?
ETF will mail your statement to your campus address by early to mid–May.
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 2009 will not receive a statement until spring 2010.
What information is in the statement?
The statement provides information regarding your WRS account as of Jan. 1, 2009:
- Your 2008 WRS earnings and creditable service
- Your total years of WRS creditable service
- 2008 effective rate of interest and 2008 contributions applied to your account for the 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 data used to calculate your retirement benefit. If you participate in the variable fund, it will also list your variable excess/deficiency as of Jan. 1, 2009
- Finally, the retirement benefit projections section lists your estimated retirement benefit under the formula and money purchase calculation methods for the retirement ages listed, assuming you are those ages as of the statement date. The calculations do not actually project service, earnings or interest that you may earn after Jan. 1, 2009.
Why should I read my statement?
This document is the official record of your WRS account. You should review your statement thoroughly for accuracy of information. The sooner you report an issue, the greater the chance that it can be successfully corrected. You can also see how your account has changed over time.
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 in the statement?
A letter of explanation accompanies the statement. Or view the video “Annual Statement of Benefits” at http://etf.wi.gov/webcasts.htm. Click on “Participants”
Visit http://www.benefits.wisc.edu or e-mail benefits@ohr.wisc.edu for more.