The Wisconsin Retirement System (WRS) contribution rate will decrease from 13.4% to 13.1% in 2019. Employers and employees split the cost equally, so each will contribute 6.55% (down from 6.7% in 2018) of payroll toward the pension.
What do you need to do?
Rate changes start January 1, so take note. Generally, the adjustment will not have a significant impact on your take home pay. However, the rate reduction is an opportunity to increase your contributions in other retirement savings accounts, such as an IRA or 403(b).
Use our payroll deductions calculator to learn the impact of the rate change on your take home pay and consider redirecting that amount to other savings before it gets mixed in with your day-to-day budget.
It’s important for Wisconsin public school employees to contribute personal savings toward their retirement to adequately prepare for their retirement income needs.
Would you like to talk to someone about how much you need to save for retirement? Set up a complimentary consultation with a consultant or call us at 1-800-279-4030.