Posted 1:32 p.m. Thursday, Nov. 2, 2023
If you're a member of the Wisconsin Retirement System, consider taking the following actions soon to increase your pension or make other changes by year-end deadlines.
Cancel Participation in the Variable Trust Fund
WRS members who elect to participate in the Variable Trust Fund remain in it—even into retirement—unless they take action to cancel participation. If you currently participate in the Variable Fund, understand how it affects your benefits and periodically review whether continued participation still works for you. Here are some suggestions:
- Attend ETF's Variable Fund webinar. Sessions are offered throughout November and December.
- Visit ETF's Variable Fund web page and Variable Trust Fund (ET-4930) brochure for details of how the Variable Fund works and is calculated in your money purchase and formula calculations.
- See the latest calendar year-to-date investment performance of the WRS trust funds.
- Watch ETF's video, Variable Fund.
If you decide to cancel participation in the Variable Fund, review your options found in the Canceling Variable Participation (ET-2313) form and submit it to ETF by the first business day of the new year, which is January 2, 2024. Forms received after this date will not be effective until January 2025.
Make Additional Contributions to Your WRS Account
Active employees: Did you know you can add money to your WRS account? These additional contributions are invested by the State of Wisconsin Investment Board and annually earn the ETF effective rate of interest.
Deadline: If you want your additional contributions to start accruing interest on January 1 of the new year, here are the associated deadlines:
- Electronic payment: Must be successfully initiated via online payment by 8:00 p.m. CST on December 31 with no subsequent bank rejections or holds.
- Checks mailed to the US Bank lockbox: Must be received by the bank no later than December 29 with no subsequent rejections or holds.
- Checks dropped off at ETF: Must be received at ETF by 4:30 p.m. CST on December 29 with no subsequent bank rejections or holds.
Learn more about how to make additional contributions, including ways to contribute, instructions for online payment, dollar limits, etc. No payments are refunded if not received by the deadline. Instead, they will be interest eligible in 2025.
Purchase Creditable Service
Active employees: If you are eligible to purchase creditable service, it’s worth taking the time to consider whether doing so would enhance your benefits. The most opportune time to purchase creditable service varies, depending on individual circumstances.
Deadline: In order to buy service based on 2023 calendar year earnings at the current cost, your application and payment must be received by the first business day of the new year, which is January 2, 2024.
For more information, see the Buying Creditable Service web page, Buying Service video, and Buying Creditable Service (ET-4121) brochure. If you have account-specific questions related to purchasing service, contact ETF.
Withdraw a Health Insurance Application/Change
It’s possible to withdraw the health insurance application/change you submitted during the open enrollment period, which concluded October 20.
Deadline: Notify your employer's benefits/payroll office in writing by December 31, 2023. Retirees should contact ETF in writing, also by December 31, 2023.
