The retirement benefit of a pension plan provides a monthly payment for life once you meet service and age requirements. This "defined benefit" is based on your age, years of service, and salary while participating.
The basic benefit structure of each of WRS' pension plans can be found in the WRS Pension Plan Characteristics Document (pdf). Detailed information on age and service requirements, contribution rates, benefit formulas, and other plan provisions can be found in the Pension Plan Handbook specific to each plan.
Pension Plan Handbooks
Public Employee Handbook
Warden, Patrol & DCI Handbook
Law Enforcement Handbook
Paid Firefighter Plan B Handbook
Guard Firefighter Handbook
Volunteer Firefighter & EMT Plan Handbook
Estimating Your Benefit
It's important to understand the value of your potential benefit for your retirement planning purposes. The Pension Plan Benefit Calculator provides a tool for estimating your potential pension benefit. Official estimates, using current salary information only, are available to members in their Online Pension Account.
In addition, WRS' Online Retirement Goal-Setting Worksheet can help you estimate how much retirement income Social Security and your employer-sponsored pension benefit(s) will provide, and how much you need to provide through the Deferred Compensation Plan and other investments in order to achieve financial security during retirement.
A separate account is maintained for each member of WRS and includes only the employee contributions, plus accrued interest on that balance. In general, your account balance is not directly related to your retirement benefit should you meet eligibility requirements to retire from the plan. Account balances are used to determine refund amounts and pre-retirement death benefits. The interest rate that accrues to accounts is set by the WRS Board. As of January 1, 2016 member account balances accrue interest at a rate of 3% per year (Paid Fire Plans do not accrue interest). Access your member account online for more details...
Pension Plan Funding
WRS' pension plans are funded through a combination of employer and employee contributions. The WRS Board assumes the responsibility for investing contributions in such a way as to have enough investment earnings to pay for a life-long pension benefit for each member. A study by the National Institute on Retirement Security found that between 1993 and 2012, 70% of Wyoming retiree payments came from investment earnings.
Details on the actuarial valuations and other reports for WRS' pension plans and administration are available on the Reports Page...