In short: the calculator figures the formula benefit (1.765% before 2000, 1.6% after) and the money purchase amount, applies ETF's age reduction, and shows every payment option from ETF's factors. Later annuity adjustments aren't predicted. Try the calculator.
What the calculator does
- Projects your service. We add one year of service for each year from today to your start date, unless you tell us you've left. Your final average earnings stay as you enter them.
- Checks eligibility. You must be at least 55 and vested (5 years of non-purchased service if you first started on or after July 1, 2011). ET-4107 (rev 3/5/2025), p. 2, Eligibility; ET-2119 (6/18/2026), p. 3, When Do You Become Vested
- Works out the age reduction from the law: 0.4% a month before 65, with the rate from 57 cut by 0.001111% per month of service, partial months of 15+ days counted, rounded to 3 decimals. None at 65, or at 57 with 30 years. We check every cell of ETF's table against it. ET-4107 (rev 3/5/2025), p. 7, Normal Retirement Age; Wis. Stat. s. 40.23 (2m) (f) 1.; ET-4107 (rev 3/5/2025), p. 10, Age Reduction Factors
- Figures the formula: final average monthly earnings × (1.765% × years before 2000 + 1.6% × years from 2000) × the reduction, at most 70% of earnings, plus or minus any Variable excess × the money purchase factor. If you don't enter your years before 2000, we estimate them from your start date. ET-4107 (rev 3/5/2025), p. 5, Formula Benefit Calculation; ET-4107 (rev 3/5/2025), p. 7, Formula Multipliers; ET-4107 (rev 3/5/2025), p. 8, Maximum Monthly Benefit; ET-4107 (rev 3/5/2025), p. 8, Variable Trust Fund Participation
- Figures money purchase if you enter a balance: balance × ETF's factor for your age in whole years. We don't grow the balance to your start date. ET-4107 (rev 3/5/2025), p. 19, Money Purchase Interest and Calculation Factors (Table 2)
- Pays the higher of the two on the Life Only amount, as ETF does. ET-4107 (rev 3/5/2025), p. 3, Retirement Benefit Calculation Methods
- Prices the seven options with ETF's factors (age capped at 62 for the formula), and the accelerated payment from your Social Security estimate. ET-4107 (rev 3/5/2025), p. 12, Option Conversion Factors; ET-4107 (rev 3/5/2025), p. 11, Accelerated Payment Calculation Factors
- Shows annuity adjustments as history only: they're investment-based, so we don't project them. ET-4116 (rev 6/12/2026), p. 3, Will my retirement checks increase after I retire?
- Shows the work rules: the 75-day break and your earliest return date. ET-4105 (rev 6/12/2026), p. 4, Break-in-Service Requirements; ET-4105 (rev 6/12/2026), p. 5, Going Back to Work for a WRS Employer
Privacy
Your inputs stay in your browser. They're saved in the part of the web address after "#", which is never sent to our server or to analytics.
Tested against ETF's examples
| Example | Printed | Ours | Match |
|---|---|---|---|
| Formula, service before 2000 ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $210.04 | $210.04 | ✓ yes |
| Formula, service from 2000 ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $761.60 | $761.60 | ✓ yes |
| Formula benefit ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $971.64 | $971.64 | ✓ yes |
| With the Variable excess ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $1,028.74 | $1,028.74 | ✓ yes |
| Joint and survivor 100% ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $896.03 | $896.03 | ✓ yes |
| Accelerated, before 62 ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $1,596.36 | $1,596.36 | ✓ yes |
| Accelerated, after 62 ET-4107 (rev 3/5/2025), p. 9, Regular Payment Calculation Sample | $756.36 | $756.36 | ✓ yes |
| Money purchase at 55 (5% growth) ET-4107 (rev 3/5/2025), p. 18, Money Purchase Benefit Calculation | $158.82 | $158.82 | ✓ yes |
| Money purchase at 55 (7% growth) ET-4107 (rev 3/5/2025), p. 18, Money Purchase Benefit Calculation | $236.10 | $236.10 | ✓ yes |
| Variable example, formula ET-4930 (rev 5/14/2026), p. 5, How Variable Participation Affects Your Retirement Benefit Calculation | $1,419 | $1,419 | ✓ yes |
| Variable example, money purchase ET-4930 (rev 5/14/2026), p. 5, How Variable Participation Affects Your Retirement Benefit Calculation | $1,188 | $1,188 | ✓ yes |
| $1,000 Life Only, 100% option (age 57, survivor 53) ET-4117 (rev 10/31/2025), p. 9, Relative Value of Annuity Options | $892 | $892 | ✓ yes |
| $1,000 Life Only, 100% option (age 60, survivor 59) ET-4117 (rev 10/31/2025), p. 9, Relative Value of Annuity Options | $896 | $896 | ✓ yes |
| $1,000 Life Only, 100% option (age 65, survivor 65) ET-4117 (rev 10/31/2025), p. 9, Relative Value of Annuity Options | $914 | $914 | ✓ yes |
Our automated tests also check every cell of ETF's age reduction table, all three of ETF's $1,000 option comparisons, ETF's accelerated table for all seven options, the money purchase and compound interest tables, the 2026 lump-sum limits, the vesting and age-55 edges, the 70% cap, the Core floor and first-year proration, and the 75-day return date. The two Variable example figures are printed in whole dollars, so we compare whole dollars.
What we don't do
- Protective (police, fire), elected and judges' categories. Teachers only.
- Disability retirement, death benefits before retirement, and re-retirement after working again.
- Your final average earnings from your pay history, part-time service adjustments to the reduction, or an employer paying the reduction.
- Money purchase growth to your start date, and the 5% interest credit in the year you retire.
- Future annuity adjustments, health insurance premiums, taxes and Social Security amounts.
- The 65% cap for people who didn't work for a WRS employer after 1999: the calculator uses 70%.
DROP
None of the downloaded sources describes a DROP or similar deferred retirement option for WRS. So there's no DROP page for Wisconsin.
Points the sources don't settle
Each of these shows a "Check with ETF" label wherever it matters on this site.
factors 2026
ETF's printed option, accelerated and money purchase factors are dated January 1, 2020. ETF says some factors changed for benefits starting January 1, 2026, and it hasn't published the new tables in the booklet we use. Amounts that use these factors may be a little off.
What we use: the factors printed in ET-4107 (rev 3/5/2025)
Why: ET-4107 (rev 3/5/2025) says its option factors are effective January 1, 2020. ET-8816b (rev 10/20/2026) footnote 1 says the 6.8% assumed rate approved Dec. 14, 2024 has 'associated factor changes first used for benefits effective January 1, 2026'. The money purchase, option and accelerated factors used here may be out of date for 2026+ retirements. What would settle it: A 2026 revision of ET-4107, or ETF confirming which factors (if any) changed on January 1, 2026.
age for factors
ETF's printed tables go by whole years of age, and the survivor tables list only odd survivor ages (45, 47 ... 65). ETF's own calculator uses your exact age.
What we use: your age in whole years on your start date; for an even survivor age, halfway between the two nearest rows (marked as estimated)
Why: The printed tables are by whole year of age, and the J&S tables list only odd survivor ages 45-65. ETF's online calculator uses exact age (ET-4107 p. 18). The engine uses completed years of age on the annuity effective date and interpolates linearly for even survivor ages (flagged as estimated). What would settle it: ETF's factor tables by exact age, or confirmation of how ETF rounds age for the printed tables.
reduction rounding
We work out the age reduction from the law and round it to three decimals, which matches every number in ETF's table. ETF doesn't say whether it rounds the same way in real benefit calculations.
What we use: the law's rule, rounded to 3 decimals
Why: The engine computes the age reduction factor from the statutory rule (0.4% per month, less 0.001111% per month of service after 57, partial months of 15+ days counted) and rounds to three decimals to match the printed table; tests confirm it reproduces every printed cell. Whether ETF rounds the factor to three decimals in actual benefit calculations isn't stated. What would settle it: An ETF Notice of Final Retirement Annuity Calculation or a worked example with a non-whole age.
57 with 30
ETF's handbook says 57 with 30 years has no reduction. The law's formula, read literally, leaves a tiny cut (factor 0.99996) at exactly 30.00 years.
What we use: no reduction at 57 with 30 years, as the handbook and ETF's table say
Why: ET-2119 p. 3 and ET-8901 call 'age 57 with 30 years' a normal retirement age for general employees, while Wis. Stat. s. 40.02 (42) (d) sets the normal retirement date at 65 and s. 40.23 (2m) (f) produces a reduction rate of 0.4 - 360 x 0.001111 = 0.00004% per month at exactly 30 years (factor 0.99996). We follow the handbook: unreduced at 57 with 30 years (the table prints 1.000). What would settle it: ETF confirming no reduction is applied at exactly 30.00 years.
method comparison
ETF pays the higher of the formula and money purchase amounts. The sources don't say whether ETF compares them on the Life Only amount or option by option.
What we use: the comparison on the Life Only amount, then that method's option factors
Why: Sources say ETF pays the higher of the formula and money purchase calculations, and that option factors use age min(actual, 62) for formula but actual age for money purchase. Wis. Stat. s. 40.23 (3) (a) compares the normal form (Life Only). The engine picks the method by the Life Only amount and applies that method's option-factor rule; it notes when the other method would pay more for the chosen option. What would settle it: ETF confirming whether the comparison is made per option or on Life Only.
first year proration
Your first Core adjustment is cut by the months you were retired that first year. ETF doesn't say how a start in the middle of a month counts.
What we use: the start month counts only if your annuity starts on the 1st
Why: ET-4116 p. 3 says the first Core adjustment is prorated by the months retired in the retirement year but doesn't say how a mid-month start counts. The engine counts the start month only if the annuity begins on the 1st. What would settle it: An ETF example of a first-year prorated Core adjustment.
negative core history
For 2008-2012 ETF's actuary shows an average Core cut and a bigger maximum cut (retirees already at their floor couldn't go lower). One retiree's real change could differ.
What we use: the bigger cut, never below the starting Core amount
Why: For 2008-2012 the valuation shows both an average Core change and a larger 'maximum' decrease (because annuitants at their floor can't go lower). The history replay applies the maximum decrease, never below the Core floor; an individual annuitant's actual change could differ. What would settle it: ETF's per-year Core adjustment as applied to an annuity above its floor.
lump sum boundary
Two ETF documents word the small-benefit limits slightly differently. They differ only if your Life Only amount is exactly on a limit.
What we use: at or above the minimum allows monthly payments; exactly at the maximum allows either
Why: ET-4107 p. 4 says a Life Only amount at or above the minimum allows a monthly payment; ET-8816b says the minimum normal form annuity 'must be greater than' the figure. The two differ only at exactly the minimum. The engine follows ET-4107 (at or above). The maximum: 'greater than the maximum' (ET-4107) vs 'must be less than' (ET-8816b) for a lump sum; at exactly the maximum the engine allows both. What would settle it: ETF ruling on the exact-boundary case.
mps wrs
Milwaukee Public Schools teachers: no ETF booklet we used names MPS as a WRS employer. State law (Wis. Stat. s. 40.02 (41) and s. 40.19) and ETF's fact sheet ('all publicly employed teachers') point to MPS teachers being in the WRS.
What we use: MPS teachers are in the WRS, with the same rules as other teachers
Why: No downloaded ETF brochure names Milwaukee Public Schools as a WRS employer directly. The conclusion that MPS teachers are in the WRS rests on Wis. Stat. s. 40.02 (41), s. 40.19 (2)-(3) (Milwaukee teachers retirement fund members before 1982 carried into the WRS) and ET-8901 ('all publicly employed teachers'). What would settle it: An ETF or MPS publication stating MPS teachers participate in the WRS.
table1 typo
ETF's compound interest table prints 5.414 for 19 years at 9%. The right value is 5.142 (two digits swapped).
What we use: the correct compound growth, worked out directly
Why: ET-4107 p. 19 Table 1 prints 5.414 for 19 years at 9%; 1.09^19 = 5.142 (digits transposed; neighbours 4.717 and 5.604 fit 5.142). The engine computes compound growth directly; the rules file keeps the printed value. What would settle it: A corrected ET-4107.
fae truncation
State law drops cents from your final average monthly earnings. ETF's booklets don't mention it.
What we use: the final average earnings you enter, as is
Why: Wis. Stat. s. 40.02 (33) (a) drops fractions of a dollar from final average monthly earnings; the brochures don't mention it. The FAE helper truncates; estimate() uses whatever FAE you enter. What would settle it: An ETF final calculation notice.
et4106 missing
One ETF booklet (ET-4106) wouldn't download: its link loops back to itself. It may have been retired. We don't need it for any rule here.
What we use: nothing from ET-4106
Why: ET-4106 (searched as a retirement/eligibility brochure) redirects to itself (HTTP 302 loop); it may be retired. Not needed for the rules above. What would settle it: Nothing required unless ETF republishes it.
Sources
- Your Benefit Handbook (ET-2119), 6/18/2026.
- Calculating Your Retirement Benefits (ET-4107), rev 3/5/2025.
- Choosing an Annuity Option (ET-4117), rev 10/31/2025.
- WRS Guide to Retirement (ET-4133), rev 6/12/2026.
- Information for Rehired Annuitants (ET-4105), rev 6/12/2026.
- Information for Retirees (ET-4116), rev 6/12/2026.
- Variable Trust Fund (ET-4930), rev 5/14/2026.
- Tax Liability on WRS Benefits (ET-4125), 9/17/2026.
- Sick Leave Credit Conversion Program (ET-4132), 7/24/2026.
- ASLCC / SHICC Fact Sheet (ET-8929), rev 7/27/2026.
- Wisconsin Retirement System Fact Sheet (ET-8901), rev 1/9/2026.
- ETF Rates, Salary Index and Indexed Items (ET-8816b), rev 10/20/2026.
- Death Benefits (ET-6101), rev 4/23/2026.
- Buying Creditable Service (ET-4121), rev 6/8/2026.
- Separation Benefits (ET-3101), rev 11/18/2025.
- WRS 42nd Annual Actuarial Valuation of Retired Lives, December 31, 2024 (Gabriel, Roeder, Smith & Company; ETF Board 3/27/2025, item 5B), December 31, 2024 valuation.
- Wis. Stat. ch. 40, Public Employee Trust Fund, 2023-24 Wis. Stats. updated through 2025 Wis. Act 247, published 11-4-26.
- Legislative Fiscal Bureau, Joint Committee on Finance Paper #259, Requirements for Rehired Annuitants (Employee Trust Funds), May 21, 2013.
This site isn't affiliated with the Wisconsin Department of Employee Trust Funds or the WRS. ETF decides your benefit. Questions: ETF at 1-877-533-5020, 7:00 a.m. to 5:00 p.m. (CST), Monday-Friday. ET-2119 (6/18/2026), back cover (PDF p. 30), Contact ETF
Source: Your Benefit Handbook (ET-2119), 6/18/2026, with Calculating Your Retirement Benefits (ET-4107, rev 3/5/2025), ET-2119 p. 3; ET-4105 p. 4; ET-4107 pp. 2, 3, 5, 7, 8, 9, 10, 11, 12, 18, 19; ET-4116 p. 3; ET-4117 p. 9; ET-4930 p. 5; Wis. Stat. s. 40.23; WRS Retired Lives Valuation (Dec. 31, 2024). Last reviewed .