Wisconsin Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service Wisconsin Retirement Benefits Plan (WRAP) is a comprehensive retirement plan for public employees in the state of Wisconsin. It provides retirement benefits and other financial security options to employees who serve in various positions such as state workers, teachers, local government employees, and university staff. One key feature of the WRAP is its defined benefit plan, also known as the Wisconsin Retirement System (WAS). The WAS is a pension plan that guarantees a specific, predetermined benefit amount to retirees based on their years of service and salary history. This benefit income is payable for life after a certain age or years of service are met. In addition to the WAS, there are other retirement benefit plans available under the WRAP which cater to different needs and circumstances. These include the Optional Retirement Program (ORP) and the Wisconsin Deferred Compensation Program (DCP). The ORP is an alternative retirement plan that allows certain employees, primarily university and technical college faculty, to choose between the WAS and a defined contribution plan. This plan offers more flexibility in investment choices and may be suitable for individuals who prefer to have control over their retirement funds. On the other hand, the DCP is a voluntary supplemental retirement savings program available to all employees covered under the WAS. It allows participants to save additional funds for retirement through pre-tax payroll deductions, offering a convenient and tax-efficient way to boost retirement savings. The WRAP also provides various post-retirement benefit options, including healthcare and life insurance coverage. These benefits are designed to ensure retirees can maintain their quality of life and have access to necessary medical services even after leaving active employment. To summarize, the Wisconsin Retirement Benefits Plan encompasses the Wisconsin Retirement System (WAS), Optional Retirement Program (ORP), and the Wisconsin Deferred Compensation Program (DCP). It offers public employees in Wisconsin a range of retirement options, including a defined benefit pension plan, a defined contribution plan, and supplemental savings program. Additionally, post-retirement benefits like healthcare and life insurance are provided to ensure comprehensive financial security for retirees.

Wisconsin Retirement Benefits Plan (WRAP) is a comprehensive retirement plan for public employees in the state of Wisconsin. It provides retirement benefits and other financial security options to employees who serve in various positions such as state workers, teachers, local government employees, and university staff. One key feature of the WRAP is its defined benefit plan, also known as the Wisconsin Retirement System (WAS). The WAS is a pension plan that guarantees a specific, predetermined benefit amount to retirees based on their years of service and salary history. This benefit income is payable for life after a certain age or years of service are met. In addition to the WAS, there are other retirement benefit plans available under the WRAP which cater to different needs and circumstances. These include the Optional Retirement Program (ORP) and the Wisconsin Deferred Compensation Program (DCP). The ORP is an alternative retirement plan that allows certain employees, primarily university and technical college faculty, to choose between the WAS and a defined contribution plan. This plan offers more flexibility in investment choices and may be suitable for individuals who prefer to have control over their retirement funds. On the other hand, the DCP is a voluntary supplemental retirement savings program available to all employees covered under the WAS. It allows participants to save additional funds for retirement through pre-tax payroll deductions, offering a convenient and tax-efficient way to boost retirement savings. The WRAP also provides various post-retirement benefit options, including healthcare and life insurance coverage. These benefits are designed to ensure retirees can maintain their quality of life and have access to necessary medical services even after leaving active employment. To summarize, the Wisconsin Retirement Benefits Plan encompasses the Wisconsin Retirement System (WAS), Optional Retirement Program (ORP), and the Wisconsin Deferred Compensation Program (DCP). It offers public employees in Wisconsin a range of retirement options, including a defined benefit pension plan, a defined contribution plan, and supplemental savings program. Additionally, post-retirement benefits like healthcare and life insurance are provided to ensure comprehensive financial security for retirees.