Human Resources & Workforce Diversity
WRS Terms to Understand
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Final Average Earnings (FAE): Average of 3 highest years earnings
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Formula Factor: Established by statute - .016 general/teacher .020 protective/executive category
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Years of Creditable Service: amount of WRS service based on number of hours worked in a year
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Age Reduction Factor: factor based on age and
years of service
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Option Conversion Factor: a figure used to calculate annuity options after basic benefit is determined
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