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Review Your Statement of Benefits

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Have you taken the time to review your Wisconsin Retirement System annual Statement of Benefits? The statement is a summary of your year-end retirement account information, including balances and your beneficiary designation information on file with ETF.
Overall, it’s an excellent time of year to review your financial situation and perhaps talk with an advisor about strategies for building a financially secure retirement. As an active WRS employee, you can grow your WRS retirement benefit by making additional contributions or purchase creditable service (if eligible). If your employer offers the Wisconsin Deferred Compensation Program or a similar program, check into how these supplemental savings programs enhance your financial future.
Top 3 things to do with your WRS annual Statement of Benefits:

  1. Check your 2015 earnings and years of creditable service for accuracy. Contact your employer if you have concerns about reporting errors. Contact ETF for other questions.
  2. Check Section 3, your employee required contributions.
    • Note how much you contributed and how much your account balances changed with the effective rate of interest. These rates vary from year to year, depending on investment returns.
    • Did you know your employee required contributions balance is matched by your employer? Contributions paid by you and your employer (plus applicable effective rate interest) constitute your Money Purchase Balance. (See Section 9)
    • When you retire, ETF calculates your benefit estimate using both the formula calculation and the money purchase calculation. Your retirement benefit will be the higher of these two calculations, as explained in Section 10.
  3. Confirm your beneficiary designation is accurate. Remember, life events like divorce, marriage, and birth of a child do not automatically change your beneficiary on file with ETF. Find the WRS Beneficiary Designation form (ET-2320) on our website. Print the form and submit it to ETF.

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