The Department of Employee Trust Funds (ETF) has announced an increase for 2017 Wisconsin Retirement System (WRS) contribution rates effective January 1, 2017. According to ETF, the 2017 contribution rates are increasing primarily due to higher life expectancies and lower-than-expected trust fund investment performance. WRS contribution rates are set on an annual basis.
Your contribution rate is determined by your WRS employment category. Most UW employees are covered by the General/Teacher WRS category. High level administrators (chancellors, president, vice presidents, provosts) are covered by the Executive category. Employees whose main duties are related to law enforcement or the protection of the public (police officers, fire fighters) are covered by the Protective category.
The 2017 rates will apply to all paychecks paid in 2017 beginning on January 3, 2017 for Faculty/Academic Staff and Limited Appointees paid monthly, and January 5, 2017 for University Staff paid bi-weekly. As a reminder, WRS contributions are taken on a pre-tax basis for state and federal tax purposes.
For More Information:
- Sign up for an ETF-sponsored webinar, WRS Employer and Employee Contribution Rates
- Review the ETF brochure, Your Benefit Handbook
- Review the ETF webpage, WRS Contribution Rate History