Financial
Planning
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
- Final Average Earnings:
The average is calculated by totaling earnings for the three school / fiscal
years in which reported earnings were the highest and divide this
total by 3.
- Creditable Service:
All service on which you or your employer made retirement contributions.
You may have creditable military service.
If you are part-time, contact your payroll office to determine the
number of hours you are credited each year.
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.
- 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.
- 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.
