Here are some of the most frequent actions you can take regarding your benefits at this time of year, and associated deadlines:
Make Additional Contributions
Enhance your WRS benefits by adding money to your Wisconsin Retirement System account via additional contributions. The dollars you use are post-tax, deposited into the Core or Variable (if applicable) trust funds, invested by SWIB, and earn the annual effective rate of interest.
Timing/Deadline: If you want your additional contributions to begin accruing interest on January 1, 2020, ETF must receive the money by the last working day of this year, which is December 30, 2019.
If eligible to purchase creditable service, it’s worth evaluating the effect on your WRS benefits. For example, buying service would provide a higher benefit if your annuity is calculated as a formula benefit, and a higher special death benefit for your beneficiaries (if you were to die as an active employee).The “best time” to purchase creditable service varies, based on individual circumstances.
Timing/Deadline: In order to buy service based on 2019 calendar year earnings at the current cost, your application and payment must be received by January 2, 2020. If your earnings are based on fiscal year earnings, changes in contribution rates will affect how much you pay. Contribution rates will increase slightly for 2020. Review the current and 2020 contribution rates for your WRS employment category here. Contact ETF if you have account-specific questions related to purchasing service.
Withdraw a Health Insurance Application/Change
It’s possible to withdraw the health insurance application/change you submitted during the open enrollment period, which concluded October 25.
Timing/Deadline: Notify your benefits/payroll office in writing by December 30, 2019.
Cancel Participation in the Variable Fund
Those who elect to participate in this optional fund remain in it—even into retirement—unless they elect to cancel participation. If you currently participate in the Variable but want to cancel, complete and send to ETF a Canceling Variable Participation (ET-2313) form.
Timing/Deadline: If you want to cancel with an effective date of January 1, 2020, the cancellation form must be received at ETF prior to the close of business on January 2, 2020.
For More Information
Forfeited Service Cost Calculator
ETF’s forfeited service calculator estimates the cost of buying forfeited service. Enter your personal data and the amount of service you wish to purchase. The calculator will compute and display the estimated cost to purchase your forfeited service and an estimate of the monthly benefit increase, and much more.