pension estimate sample on laptop screen

The Wisconsin Deferred Compensation Program recently received national recognition for a pilot project that increased participants’ engagement with their retirement savings strategies and plans. Have you logged into your WDC account lately? Notice that you’re benefiting from the results of this project – by creating a personalized Lifetime Income Score. 

This score shows your actual Wisconsin Retirement System benefit projection, an estimate of your Social Security benefit, and personal sources of retirement income – which you enter – to create your LIS. The LIS is an indicator of the percentage of working income you’re on track to replace in retirement. Having a personalized LIS is a great tool and will ultimately help you better prepare for retirement by knowing where to adjust your savings rate and amounts, asset allocation, and maybe even your retirement timeframe. 

The 2021 Leadership Recognition Award, recognizing a pilot project to test the LIS feature among WDC participants, was presented to the WDC in September by the National Association of Government Defined Contribution Administrators.  

During the six-week pilot, conducted in 2020:

  • ​47% of participants reviewed their LIS with their WRS defined benefit estimate included. 
     
  • 12% of participants decided to add in other outside assets and income to fill out their retirement income picture. 
     
  • 4.5% of participants who went online increased their contribution after reviewing their LIS with their defined benefit estimate.
     
  • 6% updated their beneficiaries during their web session.

About the WDC

The WDC is an optional, supplemental retirement savings plan for all state and university employees and is also available to employees of participating local government employers. ETF administers retirement, insurance and other fringe benefit programs, such as the WDC, on behalf of almost 600,000 working and retired public employees of the Wisconsin Retirement System.

 

 

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