Vesting Rules
A plan participant who accrues a benefit under the Pension Plan only becomes entitled to receive that benefit if the plan participant is vested. The Pension Plan’s current rules allow a plan participant to vest if the participant completes five years of vesting service without an intervening five-year break in service.
If you last terminated covered employment before January 1, 1989, please contact the WELS Benefit Plans Office for information regarding the Pension Plan vesting rules that apply to you.
Normal and Early Retirement Options
To be eligible for a normal retirement benefit, a worker must be terminated from covered employment, vested, and apply for pension benefits. Normal retirement benefits can begin on or after the date the worker attains his/her normal retirement age. The Pension Plan’s normal retirement age varies by participant according to his/her date of birth as provided in the following schedule:
| PARTICIPANT’S DATE OF BIRTH | NORMAL RETIREMENT AGE |
|---|---|
| On or before January 1, 1943 | 65 |
| January 2, 1943 through January 1, 1960 | 66 |
| After January 1, 1960 | 67 |
Early retirement benefits are benefits to eligible workers who are terminated from covered employment and commence receipt of benefits prior to their normal retirement age but after age 55. The amount of an early retirement benefit is calculated by reducing the normal retirement benefit amount by 0.5% for each month that benefit commencement precedes the worker’s normal retirement age.
Benefit Formula
Effective January 1, 2014, the Pension Plan’s benefit formula for a participant who terminates employment on or after January 1, 2014 is as follows:
|
Participant’s full monthly benefit at normal retirement age for life =
Pre-2014 Benefit + Post-2013 Benefit |
The Pre-2014 Benefit is calculated as follows:
|
.0057 x years of credited service attributable to covered employment before January 1, 2014 x applicable salary ÷ 12
|
The Post-2013 Benefit is calculated as follows:
|
.0057 x years of credited service attributable to covered employment after December 31, 2013 x applicable salary ÷ 12
|
Benefit Estimator
Please note that the estimator below is based on the Pension Plan’s current provisions and is intended for use by participants with retirement dates on or after July 1, 2012. If you retired from WELS service prior to July 1, 2012, please contact the WELS Benefit Plans Office by emailing bpo@wels.net or by calling 414-256-3299 for a customized benefit estimate.
Please note that the amounts calculated using this form are estimates of your potential monthly pension benefit amount from the WELS Pension Plan upon your retirement and are intended for the sole purpose of providing the worker with an approximation of their monthly benefit. The actual amount of your pension benefit may be different at the time of your retirement. Please note that WELS reserves the right to amend the Pension Plan, including, without limitation, the benefit formula under the Pension Plan.
The Benefit Plans Office welcomes the opportunity to provide a customized benefit estimate for you. Please contact the Benefit Plans Office by emailing bpo@wels.net or by calling 414-256-3299.
Benefit Basis
Click here to display the benefit basis table
| YEARS OF CREDITED SERVICE | APPLICABLE SALARY ($) |
|---|---|
| 0 | 35,572 |
| 1 | 36,165 |
| 2 | 36,759 |
| 3 | 37,352 |
| 4 | 37,944 |
| 5 | 38,538 |
| 6 | 39,130 |
| 7 | 39,722 |
| 8 | 40,315 |
| 9 | 40,909 |
| 10 | 41,502 |
| 11 | 42,094 |
| 12 | 42,688 |
| 13 | 43,281 |
| 14 | 43,873 |
| 15 | 44,465 |
| 16 | 45,059 |
| 17 | 45,652 |
| 18 | 46,245 |
| 19 | 46,838 |
| 20 | 47,432 |
| 21 | 48,023 |
| 22 | 48,615 |
| 23 | 49,209 |
| 24 | 49,802 |
| 25 | 50,395 |
| 26 | 50,988 |
| 27 | 51,581 |
| 28 | 52,174 |
| 29 | 52,765 |
| 30 or more | 53,359 |
Benefit Options
Eligible unmarried plan participants will receive a monthly annuity benefit for life (life annuity) at the time of application for pension benefits.
Eligible married plan participants may, at the time of application for pension benefits, elect to receive one of the four benefit options below:
| BENEFIT OPTION | Participant Benefit (Percentage of Life Annuity for Participant) | Surviving Spouse Benefit (Percentage of Life Annuity for Participant’s Spouse) |
|---|---|---|
| Life Annuity | 100% | 0% |
| 50% Surviving Spouse Benefit | 90% | 50% |
| 67% Surviving Spouse Benefit | 85% | 67% |
| 83% Surviving Spouse Benefit | 83% | 83% |
Surviving Spouse Benefits
If a married plan participant is receiving his/her Pension Plan benefit in the form of a surviving spouse benefit, the plan participant dies after payment of his/her Pension Plan benefit begins, and the plan participant’s spouse survives the worker, the spouse will receive a Pension Plan benefit. This benefit will be a monthly benefit paid over the life of the spouse.
Example: If the plan participant chose the 85% / 67% surviving spouse benefit option, as indicated in the benefit options section above, at the time of application for surviving spouse benefits, the plan participant’s spouse would be eligible to receive a monthly survivor benefit for life equal to 67% of the monthly benefit that the plan participant would have received if the plan participant had elected to receive his/her Pension Plan benefit in the form of a life annuity.
*If a plan participant is married and dies before beginning to receive Pension Plan benefits, the plan participant’s spouse will receive a monthly annuity for the spouse’s life. Please contact the WELS Benefit Plans Office for more information on this pre-retirement survivor benefit.