2011 WI Act 10 & 32 contain a number of provisions that affect the retirement & health insurance programs administered by the ETF. The document at the link below is intended to help WRS members understand those provisions & only focuses on the provisions that relate to the programs administered by ETF.
WRS/GROUP HEALTH INSURANCE BENEFITS
Wisconsin Retirement System
Most state employees are offered a retirement benefit through the Wisconsin Retirement System. All full-time, and most part-time employees, initially employed on or after July 1, 2011, must be expected to work at least 1,200 hours to be considered a WRS employee. Employee-required contributions are approximately one-half of the total required WRS contribution. The state pays the other half. Employees initially employed on or after July 1, 2011, having no prior employment with any WRS employer, are required to have at least five full years of WRS-creditable service to have vested rights to the WRS-employer contribution.
The Deferred Compensation Program allows eligible employees an opportunity to save pre-tax earnings to supplement retirement income. With tax-deferred savings, employees pay no income taxes on any contributions or their potential earnings until they withdraw the money. Under Sec. 457, participants are allowed to defer up to the lesser of 100% of gross income, or $18,000 in 2015.
There are 22 investment options currently offered by the plan, plus a self-directed brokerage account (SDBA) option that provides more than 3,000 mutual fund choices, available through the Schwab Personal Choice Retirement Account.
Please visit the Department of Employee Trust Funds Wisconsin Deferred Compensation web site for detailed information about the program.