What is a pension?
Once you meet certain qualifications, a pension will provide a monthly payment for life. The technical name for this type of retirement plan is a “defined benefit” plan because a formula defines the benefit you receive when you retire.
A pension has two key features that can work in conjunction with any defined contribution plans you may have. One, your future benefit grows as long as you are working and is based on your age, salary, and years of service while participating in WRS. As your years of service and salary increase, so does your future benefit. And two, your benefit is not affected by investment gains or losses. The WRS Board assumes the responsibility for investing your contributions in such a way as to have enough investment earnings to pay for your life-long pension benefit.
WRS has the following nine different pension plans:
Public Employee Handbook
Public Employee Valuation Report
Warden, Patrol & DCI Handbook
Warden Patrol & DCI Valuation Report
Law Enforcement Handbook
Law Enforcement Valuation Report
Judicial Valuation Report
Volunteer Firefighter Handbook
Volunteer Firefighter Valuation Report
Plan A Paid Firefighter Valuation Report
Plan B Paid Firefighter Handbook
Plan B Paid Firefighter Valuation Report
Air Guard Firefighter Handbook
Air Guard Firefighter Valuation Report
Volunteer EMT Handbook
Volunteer EMT Valuation Report
Jan. 1. 2013