The Benefits That The Wisconsin Retirement System Brings For You
The Wisconsin Retirement System (WRS) falls under the purview of the Department of Employee Trust Fund (ETF). As such the majority of the people living in Wisconsin participate in WRS owing to the great benefits that this system brings to its participants. Check out these benefits as they are briefly outlined below. Since knowledge is power, ensure you understand and know all about the benefits that you could accrue through this system.
Know Your Rights - Learn About Your Benefits
The first benefit that you get from the Wisconsin Retirement System is the "separation benefits". This means in layperson's language that in case you choose to leave your job before the age of 55 you are eligible for the separation benefit.
A second benefit is that through the Wisconsin Retirement System you are entitled to a comfortable monthly annuity which would reach you every month for as long you live, month after month. This pension would be available only when you retire, i.e. after you are at least 55 years of age.
The Wisconsin Retirement System also offers disability benefits for all those who were injured or maimed by any type of accident that takes place while you are employed under the Wisconsin Retirement System.
This System also offers excellent death benefits for any of the employees who die on the premises. In case your death happens before you receive any benefits from WRS your nominee would be eligible to the whole amount saved by yourself, plus interest, plus the contribution from the employer.
In case you are currently not an active member of WRS but you have not yet availed of any benefit you would receive only your own contribution plus interest. The annuity that is calculated based upon the type of annuity you chose at the time of your retirement.
There are some other contributions you could make through the WRS such as buying creditable service which would enhance yours benefits when you retire. There are two such services, (a) the six moth qualifying period and the WRS service.
Be Aware That Divorce Can Affect Your Wisconsin Retirement System Benefits
In case your marriage ends in divorce, you could have deflected a total of 50% of the funds you have collected in your WRS to your ex-spouse, by order of the court. The rule that covers this particular aspect is known as the QDRO or "Qualified Domestic Relations Order".
Ensure that you do save as much as you could in the WRS so you could plan in advance the way you would spend your senior years.
