HR, Payroll and Benefits News

WRS Annual Statement of Benefits Available in the MyUW Portal
April 12, 2020

UW employees covered by the Wisconsin Retirement System (WRS) in 2019 can now view their January 1, 2020 WRS Annual Statement of Benefits on the MyUW portal.

To access your statement, Log into the portal for UW System institutions or for UW-Madison. Launch the Benefit Information module and click on the Statements tab. Choose “ETF Annual Statement of Benefits (WRS) Issued 2020”.

Understanding Your Statement

Your Statement includes your:

• 2019 earnings and service
• Years of creditable service as of January 1, 2020
• Retirement benefit projections, separation benefit, death benefit
• Primary beneficiary designation(s) for your WRS account

The UW System contributes to your WRS. For the 2019 plan year, the UW System contributed 6.55% of your eligible earnings (for Protectives w/ Social Security the UW System contributes 10.55%). Your WRS Annual Statement of Benefits shows your contributions as well as the UW System contributions to the plan. For the 2020 plan year the UW System contributes 6.75% of your eligible earnings (for Protectives w/ Social Security the UW System contributes 11.65%).

Resources

The Department of Employee Trust Funds (ETF) has resources available to assist you in understanding your Statement of Benefits. Review and verify each section of your statement using these resources as a guide.

• An Introductory Letter which highlights important information on the statement.
• The Explanation of Annual Statement of Benefits.
• The ETF Statement of Benefits web page which includes many resources including a sample statement.
• Live Webinar: Topics include WRS contributions, vesting status, years of service, and what happens to your account if you die before taking a benefit. Registration is required for the webinar dates below:
• Tuesday, June 16, 2020, 6:00 p.m. - 6:30 p.m. CDT
• Thursday, June 25, 2020, 12:30 p.m. - 1:00 p.m. CDT
• Wednesday, July 8, 2020, 11:00 a.m. - 11:30 a.m. CDT

Review Your Beneficiaries

It is important to review the primary beneficiary(ies) listed on your WRS statement. If there are no beneficiaries listed, you either don’t have a beneficiary designation on file, or your designation was made before 1998 (beneficiaries added before 1998 are not listed on your statement). It is recommended that you complete a Beneficiary Designation Form if a beneficiary is not listed on your statement.

Death benefits are paid according to the most recent valid beneficiary designation form on file with ETF prior to your death. If no beneficiary designation is on file, death benefits will be paid according to the statutory standard sequence in effect on the date of death. Your beneficiary information does not automatically change when a significant life event occurs, such as a divorce or a marriage. To add, change or remove beneficiaries complete a Beneficiary Designation form (ET-2320) or Beneficiary Designation-Alternate form (ET-2321). Mail your completed beneficiary designation directly to ETF at the address listed at the top of the form.

Questions?

If you have questions about your statement, contact your institution’s human resources office.

General information on the WRS can be found on the UW System Employee Benefits WRS web page.

Source: UW-Shared Services, Service Operations
Categories: WI Retirement System (WRS)