Thursday, December 13, 2012

Consider Purchasing WRS Service In 2012




By: Tonya Williams
Employee Relations Specialist


If you have ever terminated employment and taken a lump sum separation benefit of your employee-required Wisconsin Retirement System (WRS), you may consider buying back WRS service, which usually increases the amount of your WRS retirement benefit. 

The cost to purchase years of service with WRS will change drastically between 2012 and 2013 due to the employee required contribution rate.  Contribution rates change January 1 of each year.  A general category employee earning $50,000 per year will pay $2,950 for one year of service in 2012 versus paying $3,325 for one year of service in 2013.  You can purchase WRS service with a 403(b) or IRA rollover.  If you feel you qualify to purchase service, please call the WRS at 877-533-5020 or visit their website at http://etf.wi.gov/calculators/forfeited-service-cover.htm, or District staff can contact their respective financial planner at Retirement Plan Advisors or WEA.

Please note that the Employee Trust Fund Office must receive your service application no later than your WRS termination date.  Once you have terminated employment, you are no longer eligible to purchase service.

If you have any questions regarding purchasing WRS service, please contact Tonya Williams at 743-5021 or twilliams@janesville.k12.wi.us.

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