If an employee experiences an employment change, typically his/her benefits will be affected. When notified of life event, counsel the employee on all of his/her benefit options.
Retirement can be a difficult decision for employees. Here institution benefits administrators will find tools to assist with counseling and helping employees through the retirement process.
Employees are eligible to retire and start to receive a WRS benefit when they:
- Are at least 55 years old (at least 50 if covered by the Protective WRS category); and
- Are vested* in the WRS; and
- End all WRS-covered employment.
Normal retirement age is when an employee is eligible for a full retirement benefit that is not subject to an age reduction factor. Normal retirement age is 65 (53 or 54 for Protective WRS category).
*Employees who are first covered by the WRS on or after July 1, 2011 must have five years of WRS creditable service to be vested in the WRS. Employees who were covered by the WRS prior to July 1, 2011 are immediately vested in the WRS. Once vested, an employee is eligible to receive a retirement benefit. A full year of creditable service is determined as follows:
- For faculty, academic staff, or limited appointees 1,320 hours from 7/1 – 6/30.
- For university staff employees, 1,904 hours from 1/1 – 12/31.
- Note: An individual can only earn 1.0 year of creditable service in a 12-month period, no matter how many hours an employee is in paid status. Employees may earn a partial year of creditable service. A partial year is a percentage of the year equivalent to the hours spent in paid status (i.e. actual hours worked, vacation, sick leave or other paid leave status) divided by the number of hours required for a creditable year of service.
Employees are eligible for a WRS retirement annuity or lump sum retirement benefit once they have five years of creditable service.
WISCONSIN RETIREMENT SYSTEM (WRS)
Access calculators on ETF’s website. The calculators on ETF’s website provide unofficial estimates based on the information the benefits administrator or employee enters. Calculators do not access the employee’s personal account information and the results shown are not guaranteed.
Employees can request a retirement estimate from the Wisconsin Retirement System Retirement Estimate Request tool. This tool is for retirement estimates only, it is not an application for benefits.
Employees can request information from ETF by completing the Benefit Information Request (ET-7301).
SICK LEAVE CONVERSION CREDIT PROGRAM
ETF requires online submission of Sick Leave Conversion Credits through the online Accumulated Sick Leave System on the ETF’s On-line Network for Employers (ONE) system. To request access to ETF’s On-line Network for Employers (ONE) system, review .
Resources to assist with sick leave credit counseling:
- Sick Leave Credit Estimator
- (to be sent to employee with copy of final certification)
Sick Leave paper certification forms (used prior to 1/1/2014) can be used to check the information entered into ETF One. The forms will not be accepted by ETF and are only available to check the information entered into ETF One.
STATE GROUP LIFE INSURANCE
An estimate of State Group Life Insurance premium in retirement can be completed for the employee using the.
Employees may be able to convert their basic group life insurance coverage to pay premiums for health insurance or long-term care insurance. Review the Converting Your Life Insurance to Pay Health or Long-Term Care Insurance Premiums web page for more information.
EMPLOYEE ASSISTANCE PROGRAM (EAP)
The EAP provides employees and members of their household with confidential resources to address personal concerns and/or legal/financial situations. Services are provided at no cost to the employee and/or the members of their household for 12 months following separation. Go to the EAP web page for additional information.
- Roadmap to Retirement Planning
- Employee Benefits at Retirement (UWS 73)
- Department of Employee Trust Funds (ETF) Brochures
- Employees can schedule an appoint with ETF. Before scheduling an appointment, employees must have requested and received a benefit estimate from ETF. To schedule an appointment, employees can use the appointment scheduling system or call ETF at 1-877-533-5020.
- Personnel Transfer Record (PTR) Form - When you have an employee who is moving to another state agency, complete this form in it's entirety and provide it to the receiving state agency. This information requested on this form is needed to accurately set up the new employee at the receiving state agency.