WRS Contribution Rates to Decrease in 2018
July 19, 2017
The Department of Employee Trust Funds (ETF) has announced that contributions paid by Wisconsin Retirement System (WRS) employees will decrease for most employees effective January 1, 2018. WRS contribution rates are set and adjusted annually.
According to ETF, the 2018 rate changes are primarily due to higher favorable WRS Trust Fund investment performance.
Contribution rates for UW employees are determined by WRS employment category. Most UW employees are covered by the General/Teacher WRS category. High level administrators (chancellors, presidents, 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.
2018 WRS Required Contribution Rates
|
|
General/Teacher |
Executives |
Protectives w/Social Security |
|||
|---|---|---|---|---|---|---|
|
|
2017 |
2018 |
2017 |
2018 |
2017 |
2018 |
|
Employee Contribution
|
6.8% |
6.7% |
6.8% |
6.7% |
6.8% |
6.7% |
|
Employer Contribution
|
6.8% |
6.7% |
6.8% |
6.7% |
10.6% |
10.7% |
|
Total Contribution
|
13.6% |
13.4% |
13.6% |
13.4% |
17.4% |
17.4% |
The 2018 rates will apply to all paychecks paid in 2018 (beginning January 2, 2018 for Faculty/Academic Staff and Limited Appointees paid monthly and January 4, 2018 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
Source: UW Service Center
Categories: WI Retirement System (WRS)