When you receive a benefit from your WRS account, it is fully taxable except for the portion based on your Investment in Contract (IIC). Your IIC is any portion of your WRS account that was contributed by you from after-tax dollars. The remainder of your account consists of accrued interest and contributions paid by your employer(s). Your current IIC is shown on your annual Statement of Benefits. More detailed information about your IIC and how your benefits are taxed is available in the Tax Liability on WRS Benefits (ET-4125) brochure.