Retirement Benefits
If you are age 55 or older (age 50 if you have protective category
service other than purchased protective service) and are vested
under the WRS, once you terminate all WRS employment you are eligible
for a retirement benefit. You are automatically vested if you were
first employed under the WRS before January 1, 1990 or if you terminated
WRS employment on or after April 24, 1998. If your WRS employment
began on or after January 1, 1990 and terminated before April 24,
1998, to be vested you must have some WRS creditable service in
at least five separate calendar years.
There are two methods of calculating retirement benefits, the formula
and money purchase methods, and you are entitled to the higher of
the two amounts. A formula benefit is based on your three highest
years of earnings (your "final average earnings"), a formula
multiplier based on your employment category, your years of creditable
service (including any
creditable military service)
and any actuarial reduction for early retirement.
Money purchase retirement benefits are calculated by multiplying
the money purchase balance times a money purchase factor based on
your age. Your money purchase balance generally consists of your
employee required contributions plus interest plus a matching amount
of employer contributions. This money purchase balance is shown
on your annual Statement of Benefits.
The department provides retirement estimates up to one year in advance of your
anticipated retirement date. Information about projecting
your retirement benefits at different ages may also be helpful for planning purposes.
In most cases a retirement benefit is paid as a monthly annuity;
however, if the account is fairly small a lump sum may be payable
instead. All annuities from required contributions are paid to the
participant for life, and the participant may choose from monthly
options that provide different levels of death benefit protection.
The greater the death benefit protection that you choose to provide,
the more your annuity will be reduced to pay for the extra protection.
If you have been married for at least a full year to your current
spouse when your benefit begins, you may need your spouse's signature
consenting to the option you select.
If you are considering retiring within the next year you should
contact the Department to request a complete retirement estimate
packet. If you are terminating employment because you have become
disabled you may be eligible for Disability
Benefits; if this is your situation please notify us as soon
as possible and we will provide disability benefit information.
You may call the Department to request benefit information at (608)
266-3285 (Madison office) or (414) 227-4294 (Milwaukee office).
You can also complete a Benefit
Information Request form (ET-7301) and send it to us at P.O.
Box 7931, Madison, WI 53707-7931.
For more detailed information, review these Department resources:
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