Retirement Planning Checklist

• Approximately a year before you plan to retire, contact the Social Security Administration for a projection of your Social Security benefits at age 62 or your anticipated retirement date, whichever is later.

• 6 - 12 months before you plan to retire, contact us to request WRS retirement benefit estimates.

  Note: If your benefit will begin before you reach age 62, we recommend that you send us a copy of your age-62 Social Security benefit projection with your request for WRS retirement estimates. We will use these projected amounts to calculate your accelerated payment option estimates rather than using the amounts from our tables. Using your actual Social Security projections will provide more accurate estimates of your accelerated payment options.

• After you receive your retirement annuity packet from us, review your annuity options and the estimated amounts for each. If you have any questions or are unclear about any of the annuity options for which you are eligible, it is very important that you contact us for further clarification. You may contact us by phone, in writing, or request an appointment with one of our benefit specialists.

  Your option selection is irrevocable 60 days after the date of your first retirement annuity payment, and your decision will have a significant and permanent impact on your financial situation and that of your beneficiaries. It is critical that you thoroughly understand the annuity options before you make your selection.

• Health Insurance:

  State Employees: If you are enrolled in the Group Health Insurance Program and are eligible to continue your coverage after you retire, your health insurance will be continued automatically. Premiums will be deducted from your monthly annuity unless your monthly benefit is insufficient.

  Local Employees: Contact your employer directly about your eligibility to continue your health insurance coverage after you retire. The Department will also provide information about the Local Annuitant Health Insurance Program, which is available to all local employer retirees who meet the eligibility criteria.

• Life Insurance:

  If you are enrolled in the Group Life Insurance Program and are eligible to continue your coverage after you retire, your life insurance will be continued automatically. Premiums will be deducted from your monthly annuity.

• If you participate in the Wisconsin Deferred Compensation (WDC) Program administered through the Department of Employee Trust Funds, you may contact the plan administrator at any time before you retire to establish your deferred compensation distribution date. The WDC offers many different forms of payment options, and you may select one or a combination of options for distribution of your WDC account balance. You may also modify or stop your elections at any time. However, if you are 70 1/2 or older at the time you retire, you will need to begin a distribution by April 1st of the year following the calender year in which you attain the age of 70 1/2 or terminate employment, whichever is later.