No school from March 27-31
Reminder, no school from March 27-31 for Spring Break. School resumes Monday, April 3.
2022-23 Calendar for reference
WRS is a retirement pension benefit for most State, Local and School District employees in Wisconsin. WRS requires that participants contribute a mandated percentage of their income to the plan pre-tax (50% contributed by the employee and 50% would be contributed by MMSD). As of January 1, 2020, the participation percentage is 13.50% (6.75% by the employee and 6.75% by MMSD).
There are a few ways to be enrolled into WRS:
Once enrolled, you must have five years of credible service to be vested in the plan. For more information about the Wisconsin Retirement System, go to the Wisconsin Department of Employee Trust Funds website or you can view the WRS Benefit Handbook.
WRS requires an employee to be vested to receive the employer contribution at retirement. To be vested, you must have five years of creditable service. Teachers, Substitute Teachers and Administrators receive 1 year of creditable service with at least 1,320 hours worked per year; all other employees receive 1 year of creditable service with at least 1,904 hours worked per year.
WRS consists of two fund options, the Core Fund (which is the default fund) and the Variable Fund. Your contributions will go into the Core Fund, unless you elect to participate in the variable fund then 50% of your future WRS contributions will be deposited into the Variable Fund and 50% will be deposited into the Core Fund. You are able to cancel your Variable Fund participation effective 12/31 of the year the cancellation form is referred.
How Participation in the Variable Trust Fund Affects Your WRS Benefits
Election to Participate in the Variable Fund
You may make additional contributions to WRS annually. You must submit the payment directly to WRS by 12/31 of every calendar year and include the form Additional Contributions Remittance. This type of contribution is not pre-tax. To read more about it, visit ETF's site for Additional Contributions.
ETF sends out one paper statement a year, which is usually in mid-April that is current through 12/31 of the prior calendar year. At this time the member's WRS balance is not available on-line.
To help understand the Annual Statement of Benefits, ETF has provided the following tools:
Explanation of Annual Statement of Benefits
Interactive Statement of Benefits (walks you through each part of the statement)
For rehired annuitant information and explanations, visit our Re-Hired Annuitant site.
Questions about WRS?
If you have specific questions, please contact Kim Callies Bleiler at (608) 663-5380 or at kcalliesblei@madison.k12.wi.us. You can also contact WRS directly at 877-533-5020.
You have the opportunity to save for retirement by participating in MMSD's 403(b) plan at any time. You may participate by making pre-tax contributions or post-tax Roth contributions through one of a number of vendors available to you. All employees are eligible to participate with the exception of non-resident aliens, or those who do not have sufficient earnings to contribute a minimum of $200 per year.
Why contribute to a 403(b)?
Participating in your plan can provide a number of benefits, including the following:
How much can I contribute?
As little as $200 per year, or up to the federal maximum of $19,500 for 2020. You may be able to contribute more if are over the age of 50, or if you meet special catch up contributions requirements. Please discuss the special catch up contributions with your financial planner to determine your eligibility.
How can I start contributing?
How do I learn more about 403(b)s?
You can visit 403(b)wise, a resource website about tax-sheltered annuities.
The U.S. Savings Bond Payroll Savings Plan is an easy way to save. Bonds offer competitive, marked based rates, complete safety, federal income tax deferral and freedom from state and local income taxes. The plan works much like Direct Deposit. You may have money automatically deducted from your paycheck to go toward purchasing U.S. Savings Bonds.
How can I start saving?
You can visit TreasuryDirect.gov to sign up for a Treasury Direct account. Nex, fill out the U.S. Savings Bonds Sign-Up Form and submit to the Payroll Division.
Have Questions? Contact the Benefits Help desk at benefits@madison.k12.wi.us or at (608) 663-1692
Reminder, no school from March 27-31 for Spring Break. School resumes Monday, April 3.
2022-23 Calendar for reference