WISCONSIN RETIREMENT SYSTEM. Sari King Constituent Relations Department of Employee Trust Funds
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1 WISCONSIN RETIREMENT SYSTEM Sari King Constituent Relations Department of Employee Trust Funds December, 2009
2 WRS Statistics Retirement Trends WRS Funds Projections Effective Rates Variable Fund Legislative Changes WRS Resources
3 WRS = ETF and SWIB Department of Employee Trust Funds (ETF)- Administers Benefits for WRS Participants State of Wisconsin Investment Board (SWIB)- Manages and Invests WRS Assets
4
5 WRS Employers: 1,462 Local 1,400 State 62 WRS Participants: 557,062 o o o 265,721 Active 144,033 Annuitants 147,308 Inactive Asset value - $61.8 billion Annuities - $3.8 billion paid in 2008
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7 Jan-Mar Apr-Jun Jul-Sep Oct-Dec
8 Jan-Mar Apr-Jun Jul-Sep Oct-Dec
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10 Core Variable Fully Diversified Market gains/losses recognized evenly over a 5 year period All WRS participants All Stocks Market gains/losses fully recognized (no smoothing) Optional selection
11 Asset Allocation Targets for 2009 Real Estate 6 % Private Equity 6 % Multi Asset 4 % Domestic Stocks 29 % Fixed Income 29 % International Stocks 26 %
12 Asset Allocation Targets for 2009 International Stocks 30% Multi Asset 1% Domestic Stocks 69%
13 Interest Crediting Impact on Benefit Amounts WRS always pays the higher of two retirement calculations Formula Based on Years of creditable service, average earnings, formula factors and Variable adjustment (if applicable) Money Purchase Based on account balance ($) and age
14 A 15% investment return in 2009 will result in an effective rate between 3.0% and 3.4% Core Effective Rate / Annuity Adjustment Projections State of Wisconsin Investment Board Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Annuity Adjustment -26.2% 15.0% 7.8% 7.8% 7.8% 7.8% 3.0% 2.5% 0.8% 0.1% 7.9% 3.3% to to to to to 3.4% 2.9% 1.2% 0.5% 8.3% -2.3% -2.7% -4.4% -5.0% 1.8% -2.1% to to to to to -2.7% -3.1% -4.8% -5.4% 2.2%
15 A 20% investment return in 2009 will result in an effective rate between 3.7% and 4.1% Core Effective Rate / Annuity Adjustment Projections State of Wisconsin Investment Board Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Annuity Adjustment -26.2% 20.0% 7.8% 7.8% 7.8% 7.8% 3.7% 3.4% 1.7% 1.2% 8.8% 3.3% to to to to to 4.1% 3.8% 2.1% 1.6% 9.2% -1.6% -1.9% -3.5% -4.0% 2.7% -2.1% to to to to to -2.0% -2.3% -3.9% -4.4% 3.1%
16 A 25% investment return in 2009 will result in an effective rate between 4.5% and 4.9% Core Effective Rate / Annuity Adjustment Projections State of Wisconsin Investment Board Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Annuity Adjustment -26.2% 25.0% 7.8% 7.8% 7.8% 7.8% 4.5% 4.2% 2.7% 2.3% 9.7% 3.3% to to to to to 4.9% 4.6% 3.1% 2.7% 10.1% -0.9% -1.1% -2.6% -3.0% 3.5% -2.1% to to to to to -1.3% -1.5% -3.0% -3.4% 3.9%
17 WRS Core Fund Percentages Year SWIB Investment Return ETF Effective Rate ETF Annuity Adjustment % 3.3% -2.1% % 13.1% 6.6% % 9.8% 3.0% % 6.5% 0.8% % 8.5% 2.6% % 7.4% 1.4% % 5.0% 0.0% % 8.4% 3.3% % 10.9% 5.7% % 24.1% 17.1% % 13.1% 7.2% 10 yr ave: 9.6% 10 yr ave: 3.72% 5 yr ave: 8.2% 5 yr ave: 2.14%
18 WRS Variable Fund Percentages Year SWIB Investment Return ETF Effective Rate ETF Annuity Adjustment % -40.0% -42% % 6.0% 0.0% % 18.0% 10.0% % 9.0% 3.0% % 12.0% 7.0% % 34.0% 25.0% % -23.0% -27.0% % -9.0% -14.0% % -7.0% -11.0% % 28.0% 21.0% % 18.0% 12.0% 10 yr ave: 0.2% 10 yr ave: -5.07% 5 yr ave: -1.7% 5 yr ave: -6.80%
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20 SWIB analyzed the Variable Fund structure and concluded asset allocation changes were needed. The review also revealed structural questions about the fundamental design of the Variable Fund. SWIB recommended that the ETF Board review the appropriateness of the Variable Fund to the WRS. The ETF Board looked at the Variable Fund from a policy design standpoint and determined that it was no longer in the best interest of the WRS. The ETF Board passed a motion to recommend to the State Legislature the phase-out of the Variable Fund on the grounds that it was inappropriate for the design of the WRS. Senator Wirch and Representative Hubler introduced a bill (2009 Senate Bill 320) to limit participation in the Variable Fund to those WRS participants who elected to participate in the Variable Fund before January 1, 2011.
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22 Health Insurance Coverage of Dependents up to Age 27 Domestic Partners
23 ETF and SWIB Internet Sites Online Videos
24 Annual Statement of Benefits Completing a Retirement Application WRS Trust Funds (Core and Variable) Divorce and Your WRS Benefits Canceling Variable Fund Participation WRS Interest vs Annuity Adjustments Calculating Your Retirement Benefits Additional Contributions (Core
25 Website Hotline: (Madison) General Number East Wilson Street PO Box 7842 Madison WI
26 Write: Contact ETF Department of Employee Trust Funds P. O. Box 7931, Madison, WI Telephone: Toll Free Madison Main Line Appointments: Self Service Line: or (to request forms, brochures and change address or tax withholding) Pre-recorded Message Center: Internet: etf.wi.gov Offices: 801 W Badger Road, Madison, WI, N W Barstow, Waukesha, WI (By appointment only) Office Hours: 7:45 a.m. - 4:30 p.m., Mon - Fri)
27 Questions?
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