Frequently Asked Questions:
Q: If I’m vested and take a refund, do I receive the employer matching contributions?
A: If you are eligible for and elect a refund, you will receive only the contributions in your account, plus accrued interest. The amount refunded to you does not include the employer matching contributions. The Volunteer EMT Plan has more restrictive refund requirements, so please contact our office for further refund information on this plan.
Q: What happens to my retirement account if I die and haven’t designated a beneficiary?
A: We strongly encourage you to designate a beneficiary to ensure your retirement is paid out according to your wishes, however if you do not designate a beneficiary and you pass away pre-retirement, a lump sum payment will be made to your estate if you are a member of the regular Public Employee, Guard Firefighter, or Judicial Plans.
If you are a member of one of our public safety plans - Law Enforcement; Warden, Patrol, DCI; Paid Fire; Volunteer Fire; or Volunteer EMT, and you are married, your death benefits will be paid to your spouse. If you are not married, other provisions will apply, depending on the plan.
The option you select when you retire will determine any post-retirement death benefits.
Q: When should I contact WRS about retiring?
A: We suggest you request an audit of your account and a calculation of your estimated benefits when you are within three (3) years of retirement. During the audit, a review will be made of your salary and service credit earned throughout your career with participating employers.
Q: When do I notify WRS of my retirement date and choose a retirement option?
A: Once you make the decision to retire, you’ll need to complete a retirement application packet, which will provide us with your retirement date and your retirement option. We ask that you submit the completed packet to us approximately 6-8 weeks prior to your retirement date. Application packets can be found on our Web site on the homepage, or under "Forms."
Q: If I take an early retirement, with a reduced benefit, will I receive my full benefit once I reach full retirement age?
A: No. Once you take a reduced benefit, it is permanently reduced and is only increased if a COLA (Cost of Living Adjustment) is granted.
Q: If I retire and later return to work for a covered agency of WRS, how will my retirement benefit be affected?
A: If you retire and then return to work for an employer of WRS, under the same plan, you will be considered a rehired retiree and a WRS-9 Rehired Retiree form must be completed. You must make an election to continue to receive your benefit and not contribute to WRS OR stop your benefit and begin making contributions again. If you choose to contribute again, when you retire a second time, you must retire under the same option as your original retirement, with the same beneficiary. Please contact WRS before you make this election.
Q: Is there anything else I need to look into before I retire?
A: We suggest that you contact your Health Insurance Administrator and a representative from your 457 Deferred Compensation account or 403(b) Tax Sheltered Annuity Plan regarding the options available to you through those plans.
You may send new questions via email to ret-pension-group@wyo.gov We appreciate receiving your questions and will use them to periodically add information to the FAQs.