Wisconsin Retirement System
The City of Monona is a participating employer in the Wisconsin Retirement System (WRS), Wisconsin's pension plan for state and local government employees with contribution amounts defined by the state legislature. As such, all eligible employees must participate in the plan and are required to contribute the employee contribution share which is 6.8% of earnings in 2023. In addition, the City contributes an employer share (6.8% for general employees or 13.22% for protective service employees) to your account. Your employee contribution is automatically made by a pre-tax payroll deduction on every paycheck.
The WRS has extensive information on their website at https://etf.wi.gov/.
WRS Fund Options
New employees are automatically enrolled in the WRS Core Fund, a fully diversified and balanced fund. However, employees who have a higher tolerance for risk may elect to have 50% of their earnings invested in the Variable Fund, which is invested exclusively in common stocks. An election to participate in the Variable Fund can be made within 30 days of your hire date. After that, your application will be accepted, and your enrollment in the Variable Fund will take effect on January 1 following the date your application was received. For more information on participating in the Variable Fund, visit https://etf.wi.gov/wrs-performance/core-trust-fund-and-variable-trust-fund/variable-fund.
WRS Additional Contributions
As a participating employee, you may also make voluntary after-tax additional contributions to your account to supplement your regular WRS benefit by direct payment to ETF. For more information, visit https://etf.wi.gov/retirement/saving-retirement/increase-your-retirement-benefit/additional-contributions.
WRS Beneficiary Designation
A beneficiary designation with the WRS is for your retirement funds as well as your life insurance (if applicable). If you do not specifically designate a beneficiary by completing a Beneficiary Designation Form and submitting it to the WRS, your beneficiaries will be determined by following a standard sequence (spouse, children, parents, estate). Before designating beneficiaries, be sure to visit https://etf.wi.gov/retirement/wrs-retirement-benefit/death-benefits/designate-beneficiary