If you're a member of the Wisconsin Retirement System, consider taking the following actions soon to increase your pension or make other changes by year-end deadlines.
Cancel Participation in the Variable Trust Fund
WRS members who elect to participate in the Variable Trust Fund remain in it—even into retirement—unless they take action to cancel participation. If you currently participate in the Variable, understand how it affects your benefits and periodically review whether continued participation still works for you. Here are some suggestions:
- Attend ETF's Variable Fund webinar. Six sessions are set through the end of December.
- Visit ETF's Variable Fund web page.
- See the latest calendar year-to-date investment performance of the WRS trust funds.
- Read ETF's brochure, Variable Trust Fund (ET-4930) for a detailed explanation of how the Variable Fund works and is calculated in your money purchase and formula calculations.
- Watch ETF's video, Variable Fund.
If you decide to cancel participation in the Variable Fund, review your options found in the Canceling Variable Participation (ET-2313) form and submit it to ETF.
Deadline: To cancel with an effective date of January 1, 2023, your completed cancellation form (ET-2313) must be received at ETF by the first business day of the new year, which is January 3, 2023.
Make Additional Contributions to Your WRS Account
Active employees: Did you know you can add money to your WRS account? These additional contributions are invested by the State of Wisconsin Investment Board and annually earn the ETF effective rate of interest.
Deadline: If you want your additional contributions to start accruing interest on January 1 of the new year, here are the associated deadlines:
- Electronic payment: Must be successfully initiated via the e-Payment site by 8:00 p.m. CST on December 31 with no subsequent bank rejections or holds.
- Checks mailed to the US Bank lockbox: Must be received by the bank no later than December 31 with no subsequent rejections or holds.
- Checks dropped off at ETF: Must be received at ETF by 4:30 p.m. CST on December 30 with no subsequent bank rejections or holds.
Learn more about how to make additional contributions, including ways to contribute, instructions for e-Payment, dollar limits, etc.
Purchase Creditable Service
Active employees: If you are eligible to purchase creditable service, it’s worth taking the time to consider whether doing so would enhance your benefits. The most opportune time to purchase creditable service varies, depending on individual circumstances. If your earnings are based on fiscal year earnings, changes in contribution rates will affect how much you pay. Review 2022 and 2023 contribution rates.
Deadline: In order to buy service based on 2022 calendar year earnings at the current cost, your application and payment must be received by the first business day of the new year, which is January 3, 2023.
For more information, see the Buying Creditable Service (ET-4121) brochure. If you have account-specific questions related to purchasing service, contact ETF.
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 21.
Deadline: Notify your employer's benefits/payroll office in writing by December 31, 2022. Retirees should contact ETF in writing, also by December 31, 2022.