Understanding WRS: Your State Pension
Last updated: 12/17/2009 4:30:49 PM
The Wisconsin Retirement System—the state pension plan—will be a major source of retirement income for most Wisconsin public school employees. How much do you know about this important benefit?
Wisconsin Retirement System (WRS) is your state pension plan. Most Wisconsin public school employees will have three sources of income in retirement: WRS (40%-50%), Social Security (14%-28%), and personal savings (22%-46%). It provides a lifetime income for you during retirement, and depending on your payout choice, may continue to others after your death.
The size of the monthly benefit is determined by many factors, including how many years you work in Wisconsin public employment, salary while working, age at retirement, etc.
You may begin drawing from your pension at age 55, regardless of your years of service; but the earliest you can receive an unreduced benefit is age 57 with 30 years of service.
The WRS is a very important benefit, as it provides a foundation of retirement income. It is funded by contributions from your employer while you are working. (The amount your employer contributes roughly equals 10% of your annual salary.) Although your pension will provide an excellent head start on retirement, it is crucial to save on your own for retirement using a tax-favored plan such as a 403(b) or Roth IRA.
WEA Trust Member Benefits can help you better understand this important benefit. View our online seminar, Understanding Wisconsin Retirement System (WRS)—Your State Pension.
You will learn how to:
- Read/interpret your pension statement.
- Calculate your WRS pension benefit.
- Understand the various annuity options.
- Purchase forfeited service.
- Determine whether you will have a retirement income gap.
Unless you completely understand your state pension plan, this is a presentation you can’t miss. Whether you just started your career or are nearing the end of it, there is something for you.
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