The Statement of Benefits is a summary of your WRS retirement account available each year in April. It helps you keep information up to date and track the growth of your retirement account. We recommend filing your statement for future reference. Show
ETF does not currently offer online access to members’ WRS benefits and account information. This development is a part of our ongoing modernization efforts. We apologize for any inconvenience. Estimate how much money you may receive on your benefit begin date by using the information from your statement with the WRS Retirement Benefits Calculator.
Note: UW employees will receive their statements electronically through the UW System. Look over the statement and make sure that your information is correct: contact information, earnings, years of creditable service, employee contributions and beneficiary designations. If you find incorrect information on your statement, contact your employer or ETF right away. There is a limited time to make corrections.
See our How to Read Your Statement of Benefits - Active Employee page or How to Read Your Statement of Benefits - Alternate Payee page for more information.
You must ensure that the information on Form W-2, Wage and Tax StatementPDF,
and Form W-3, Transmittal of Wage & Tax StatementsPDF, you issue to your employees contains correct retirement plan information because: During Form 5500 examinations, IRS agents found employers using incorrect codes in Box 12 of Form W-2, for example: See the Instructions for Forms W-2 and W-3PDF for a complete list of codes. Form W-2, Box 13The "Retirement plan" indicator in Box 13 shows whether an employee is an active participant in your company's plan. If this box is checked, it lets the recipient know that depending on their filing status and modified adjusted gross income, they may not be entitled to a full deduction for their traditional IRA contributions. You should check the retirement plan box if an employee was an "active participant" for any part of the year in:
Active participantGenerally, an employee is an active participant if covered by a:
Don't check the retirement plan box if your company only has non-qualified or 457(b) plans. Form W-3, Box bForm W-3, Box b has checkboxes to specify the type of employer filing the form. You should check the appropriate box if you are a:
Otherwise, you should check the "None apply" box. Only check one box. Which of the following characteristics describe defined benefit plans?Which of the following issues are characteristic of defined benefit plans? A significant amount of work is required to keep track of employee benefits and calculate required contributions. -Funding costs are typically more significant for defined benefit plans than other types of plans.
How much is the maximum annual benefit for a defined benefit plan quizlet?How much is the maximum annual benefit for a defined benefit plan? The maximum annual benefit for defined benefit plans is $210,000. The two primary types of qualified retirement plans are: Qualified retirement plans are grouped into two primary categories: defined benefit plans and defined contribution plans.
How are distributions from defined benefit plans treated for tax purposes quizlet?Distributions from defined benefit plans are taxed as long-term capital gains to beneficiaries. Taxpayers withdrawing funds from an IRA before they turn 70½ are generally subject to a 10 percent penalty on the amount of the withdrawal. Both 401(k) plans and Roth 401(k) plans are forms of defined contribution plans.
What is the difference between a defined benefit and a defined contribution retirement plan quizlet?What is the difference between defined benefit plans and defined contribution plans? Defined benefit plans guarantee payments to retirees while defined contribution plans make contributions to retiree account without making guarantees.
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