Employee Matters

What is the annual Wisconsin Retirement System Statement of Benefits?
This is a statement that provides information on your individual retirement account.

When will I receive the statement?
You receive this statement every year by early May.

What information is included?

• 2002 Earnings and Service Shows your category of employment and creditable service. For general employee and protective categories, this information is based on a calendar year. For the teacher category, it is based on fiscal year.
• Years of Creditable Service as of Jan. 1.
  Shows the total WRS creditable service before 2000 and after 1999. The creditable service is presented in this manner because the factor used for computing the formula retirement benefit is different for each time period.
• Employee Required Contributions This is the fixed and variable account information, showing your Jan. 1 account balance, 2002 interest, 2002 contributions and your account balance as of Jan. 1, 2003. If you elected to participate in the variable program in 2001, you will begin to see a breakdown by fixed and variable in the Employee Required Contribution field this year.
• Beneficiary Designation(s) Shows the primary beneficiary(ies) you named for your WRS account. The named beneficiary applies to your State Group Life Insurance if you are enrolled in this plan and you did not file a separate beneficiary designation. This section is blank if you have not filed a beneficiary designation since 1982.
• Separation Benefit There is an amount shown here only if you are eligible for a separation benefit. If you terminate employment before age 55 (age 50 if you are a protective category employee), you are eligible for a separation benefit. If you apply for a separation benefit, you forfeit the matching employer-required contributions.
• Death Benefit If you die prior to applying for a benefit, this is the minimum amount payable to your beneficiary(ies). The amount listed under the Active heading is available if you are employed by a WRS-covered employer or on a leave of absence from a WRS-covered employer. The amount listed under the Inactive heading is available if you are no longer employed.
• Formula Benefit Data Shows your three highest years of earnings, and the amount of creditable service earned for these years. Your three highest years do not need to be consecutive, nor your last three years preceding retirement. The final average monthly earnings used in computing your formula benefit are derived from these three years of earnings. This section also shows variable excess or deficiency. The variable excess or deficiency amount is the amount of investment earnings due to variable participation.
• Money Purchase Balance Shows the balance in your account. The amount includes employee and employer-matching contributions.
• Retirement Benefit Projections Compares the formula and money purchase calculations for your earliest possible retirement age, assuming you are that age as of the production of the statement. The projections do not take into account any additional service, earnings or interest that you may earn after 2002.

Contact Employee Compensation and Benefits Services at 263-7556 or 262-5605; employee@bussvc.wisc.edu.