Employee Matters

This column is prepared by staff from the Office of Human Resources. E-mail questions to benefits@ohr.wisc.edu or call 262-5650. For more information, visit http://www.bussvc.wisc.edu/ecbs/ecbs.html.

The Wisconsin Retirement System (WRS) retirement benefits calculator

What is the WRS retirement benefits calculator?

The WRS calculator is a tool to estimate your future WRS retirement benefits. Review the instructions and scroll down to “do a calculation.”

Where do I find the data to enter into the calculator?

Current information can be found on your latest WRS Annual Statement of Benefits. You will receive your Jan. 1, 2009, statement at your work address by early May. You will also need to project information for future years. The accuracy of the estimate depends on how closely the data entered matches future interest and/or contributions to your account.

What data do I enter into the calculator?

• Name (optional), birthdate and the date you want to retire.
• If you want joint and survivor annuity options, enter your named survivor’s birthdate; answer whether the named survivor is your spouse.
• Years of creditable service you expect to have at retirement by employment category. Most university employees fall under the general/teacher/educational support category. Police officers fall under the protective category.

Your current service is listed in section 2 of your WRS statement. Enter the years “Before 2000” and “After 1999.” Increase the “After 1999” years for a future retirement date.

For “formula benefits” enter the following:

• Answer whether you terminated employment before 2000.
• Enter your three highest years of earnings and related service.
• Use the current information listed in section eight of your WRS statement, or project future earnings if you believe your salary will increase before you retire.
• For money purchase benefits, enter your total core and variable money purchase balance projected to your retirement date (include future contributions and interest).
• Use the current totals from section 9 of your WRS statement as a starting point. Then calculate projected future contributions and interest. If you participate in the Variable Fund, you should calculate your Core Fund and Variable Fund balances and projections separately.

If you have made employee additional and/or tax-deferred additional contributions, enter your total employee additional and/or tax-deferred additional contribution account balance projected to your retirement date (include future contributions and interest). Your current balance can be found in section four of your WRS statement.

What action should I take now?

Use the online calculator at any time to update your retirement estimates. You also may be eligible to make an individual retirement appointment with an OHR benefits counselor.

If you are within 12 months of your retirement date, contact the Department of Employee Trust Funds directly to order an official retirement application packet.

For more information, visit Payroll and Benefits Services or email benefits@ohr.wisc.edu. Or view “Calculating Your Retirement Benefits Online” in the ETF Video Library.