2008 WRS Contribution Rates to Remain Level

MADISON – On, June 22, the Department of Employee Trust Funds (ETF) announced that required Wisconsin Retirement System (WRS) contribution rates will not change next year. The ETF Board (Board) approved the consulting actuary’s recommendation to keep next year’s rates at 2007 levels.

ETF Deputy Secretary David Stella said a small rate increase had been expected for next year, but better-than-anticipated investment returns offset the upward pressure created by improved life expectancies of program participants. “This is good news for everyone – employers, employees, and taxpayers,” said Stella. “Stable contribution rates are further evidence that the WRS is achieving the intended goal of financial stability and continues to be very well funded.”

In other action, the ETF Board approved the … Continue reading

Military Service Credits Bill Update – Committee Approves Actuarial Study Funding

Under current law, employees participating in the Wisconsin Retirement System (WRS) who began their public employment after serving in the military do not receive WRS credit for their military service if it occurred after 1974. Assembly Bill 43 and Senate Bill 19 would eliminate the arbitrary 1974 limitation and credit military service that occurs at any time. This legislation is not retroactive, meaning that it would only apply to public employees who terminate their WRS-covered employment after the bill becomes law.

Both AB 43 and SB 19 have been approved by committees in their respective houses, and have been referred to the Joint Survey Committee on Wisconsin Retirement Systems. Before that committee can consider the bill, an actuarial study must … Continue reading