Question:  How are prior year corrections to Wisconsin Retirement System (WRS) participant accounts handled?

Answer:

When contributions are not paid in the year when due, the amount to be paid is computed with interest. The employee and employer contribution rates are based on the rates in effect when the payment should have been made. Interest at the effective rate is assessed on these contributions up to the date ETF receives the correction. Both the employer and the employee may be liable for back payments. The employer may elect to pay part or all of the employee amounts. However, the employee may not pay the employer share. There is no need to pay ahead as ETF will send an invoice that includes the amount due plus interest.