Employee Matters

Using the Wisconsin Retirement System Calculator
The Employee Trust Funds benefit calculator is a tool to estimate your future WRS benefits. The calculator does not project future interest or contributions. The accuracy of the estimate will depend on how closely the data you enter matches your actual interest and/or contributions in the future. The calculator can be found at EC&BS Web site: http://www.bussvc.wisc.edu/ecbs/ emp-retirement-menu.html

What information will I need?

1. Most recent WRS annual statement of benefits, which as of this date would be the statement for Jan. 1, 2003. This document is sent to you each year in April.
2. Date you plan to retire.
3. Spouse’s or joint survivor’s date of birth, if appropriate.

Which calculation method do I use?
You do not need to decide. The calculator computes your benefit using both formula and money purchase method and automatically calculates the monthly annuity payable at the higher amount. Additional information about the benefit calculations can be found on the EC&BS Web site.

Which employment category do I fall under?
Most university employees will come under the general/teacher/educational support category. Employees such as police will come under protective.

How do I determine my three highest years?
The three highest years are found under the formula benefits data section of your WRS statement. The three years used are those in which reported earnings were the highest; they do not need to be consecutive, nor the last years reported.

How do I determine my money purchase balance?
Your current money purchase balance can be found in the money purchase balance portion of your WRS statement. If you are anticipating a future retirement date, you may want to project your money purchase balance to that future date as well, by adding interest earnings and contributions. See the example below.

Current balance Jan. 1, 2004: $317,240.00

Estimated 5 percent annual interest earnings for 2004 X 1.05. New balance:

$333,102.00

10 percent contributions based on $41,900 earnings for calendar year 2004:

$4,190.00

Estimated total as of Jan. 1, 2005: $337,292.00

How do I determine my years of service?
Your years of service are listed in the service portion of your WRS statement. Enter the years shown on your statement accordingly and add any additional years when projecting benefits into the future. Enter the years as shown for years prior to 2000 and the years after 1999.

I participate in the variable fund, how do I determine my variable amount?
If you participate in the variable fund, your WRS statement will show either a variable “excess” or “deficiency” amount based on the investment experience of the variable fund. Enter this amount from your statement and check the appropriate box, whether an excess or deficiency.

Important: The estimate you have created is not an official WRS estimate. If you are within one year of retirement it is recommended that you make an appointment with an EC&BS benefit specialist. You can make an appointment online at the EC&BS Web site.

Send questions regarding your WRS eligibility to Employee@bussvc.wisc.edu.