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Financial Planning - Monthly Retirement Benefits

Monthly Retirement Benefits

Department of Employee Trust Funds
Wisconsin Retirement System
Web site: www.etf.wi.gov

801 West Badger Road
Madison, WI
(Corner of Park St and Badger Rd)
Mailing Address:
PO Box 7931, Madison 53707
For assistance, call 608/266-3285
For appointment, call 608/266-5717
Toll-free number: 877-533-5020		 141 N.W. Barstow St.
Waukesha, WI

WRS benefits are calculated under two separate methods: the formula method and the money purchase method. You are entitled to the higher of the two benefits. Many factors, including your age, WRS earnings, contributions to your account, years of creditable service, and the interest earned are used to determine which method will give you the higher benefit. You do not need to decide which method is best for you; WRS calculates your benefit both ways and pays the higher amount. The majority of members will receive their benefits under the formula method.

Factors in determining monthly retirement benefits

  1. Final Average Earnings:
    The average is calculated by totaling earnings for the three fiscal years in which reported earnings were the highest. See Page 2 of our WRS Annual Statement of Benefits.
  2. Creditable Service:
    All service on which you or your employer made retirement contributions. See Page 2 of your WRS Annual Statement of Benefits.
    You may have creditable military service.
    Educational Support Personnel that work 75% (1428 hours) or more of the regular contract year in 5 out of the last 10 years of employment would be credited for a full year when determining the number of years they had worked for the age reduction. This does not increase the years of creditable service.
  3. Formula Factor:
    This factor is statutory and is currently 1.765% for service as of 01-01-2000 and 1.6% for service after 01-01-2000.
  4. Age At Retirement:
    The normal retirement age for general employees and teachers is 65 without any reduction. For every month an individual works, the penalty is reduced to .4% per month between ages 55 and 57. Between age 57 and normal retirement age, the .4% is reduced by .001111% for each month of creditable service. With 30 years service, full benefits are available at age 57.