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 6.9% of earnings in 2024. In addition, the City contributes an employer share (6.9% for general employees or 14.32% for protective service employees) to your account. Your employee contribution is automatically made by a pre-tax payroll deduction on every paycheck.
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.
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
Mission Square Retirement (formerly ICMA)
For employees who would like an additional option for retirement savings, the City also offers an optional 457 retirement plan (a 401-K plan for government employees) through Mission Square Retirement (formerly ICMA-RC). Participation in this plan is completely voluntary. Employees can enroll at any time, can choose to contribute as much or as little as they'd like, can change their contribution amount at any time, and can choose how they would like their money invested. (Note: if you are a full-time employee who chooses the opt out payment in lieu of enrolling in the City's group health insurance plan, your opt out payments will be deposited in this plan.) Contributions to this plan are made by payroll deduction. The City sponsors the plan but does not match contributions into this plan. (City retirement contributions are made to the WRS.)