Additional Contributions
If you are a WRS participant who is currently employed with a WRS
employer you can make voluntary additional contributions to your
WRS account. All active WRS employees are eligible to make voluntary
after-tax contributions to the WRS. If you have made voluntary additional
contributions you can also use your additional account to buy
any creditable service that you are eligible to purchase.
Note: Prior to January 1, 2009, employees of certain educational
institutions could make tax-deferred additional contributions to
their WRS account under Section 403(b) of the Internal Revenue Code.
However, beginning January 1, 2009, the Department of Employee Trust
Funds (ETF) can no longer accept tax-deferred additional contributions.
If you participate in the Variable
Fund, 50% of your additional contributions will be allocated
to your Variable account. If you do not participate in the Variable
Fund, your additional contributions will earn the annual Core interest
rate.
The amount of additional contributions you can make each year is
limited by Federal tax laws. The total contributions in any calendar
year that apply to your annual limit cannot exceed 100% of your
total gross compensation from your WRS employer for that calendar
year or $49,000 for 2011, whichever is less. This amount normally increases
annually; the $49,000 (for 2011) limit applies to contributions made in 2011.
The other WRS contributions that apply toward the annual limit are:
- All Employee-Required and Benefit Adjustment Contributions actually
paid by you;
- Voluntary employee additional contributions.
Use our Maximum Additional
Contribution Worksheet to calculate your maximum additional
contributions. For more detailed information:
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