example of statement of benefits

The Wisconsin Retirement System annual Statement of Benefits is a once-a-year summary of your retirement account information. By now, most state employees have received their January 1, 2020 statements. There has been a delay in the delivery of statements for local government employees due to the COVID-19 pandemic. 

Your statement is one of your most important financial planning tools! Save it with your important paperwork. 

Here are some essential things to know and do once you get your statement:

  1. Check your 2019 earnings and years of creditable service for accuracy. Contact your employer if you have concerns about reporting errors. Contact ETF for other questions.
  2. Note how much your employee and employer required balances have grown, due to contributions and interest. Interest is based on investment performance of the WRS trust funds and is applied to your account each year. This year, the Core effective rate is 7.7% and the Variable effective rate (if applicable to you) is 29%.
  3. Check Section 4 if you made additional contributions . These deposits are invested and credited with the effective rate of interest , too! Additional contributions are a great way to supplement your retirement income. 
  4. Go to Section 5 and confirm that your beneficiary designation  is accurate. Life events like divorce, marriage , and birth of a child do not automatically change your beneficiary on file with ETF. If you need to update your beneficiary designation, complete a new Beneficiary Designation form (ET-2320) and send it to ETF (not your employer).
  5. Check your contact information at the top of page 1 and make sure it’s correct. Keep your mailing address, email and telephone number up to date with your employer. Go to ETF’s My Info web page to update your personal information and take action for your benefits.

Were you previously in the Variable Trust Fund ? If so, your Wisconsin Retirement System account has either a “residual Variable excess ” or a “residual Variable deficiency ”. This is the difference between your current account balance and what your balance would be if you had never participated in the Variable Fund. Read more about how participation in the Variable Fund affects your retirement account.

And finally, now is a good time to assess your overall financial plan . It’s important to have other sources of income besides your eventual WRS benefit. For starters, take advantage of the easy and flexible ways to can maximize what you already have.

For More Information

ETF Webpage: My Statement of Benefits

ETF Webinars:
Understanding Your Annual WRS Statement of Benefits
WRS Effective Rates and Annuity Adjustments

ETF Video: Understanding Your Annual Statement of Benefits

ETF Publication: How Participation in the Variable Trust Fund Affects Your WRS Benefits (ET-4930)

 

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