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SAVING FOR RETIREMENT
SAVING FOR RETIREMENT
Wisconsin Retirement System (WRS)
Wisconsin Retirement System (WRS)
MCPASD proudly participates in the Wisconsin Retirement System (WRS). The WRS offers a retirement benefit based on a defined contribution plan or a defined benefit plan.
MCPASD proudly participates in the Wisconsin Retirement System (WRS). The WRS offers a retirement benefit based on a defined contribution plan or a defined benefit plan.
A defined contribution plan means there is a set amount of money paid into a member’s retirement account. Half of this amount is deducted from the employee’s paycheck and half is paid (matched) by the employer.
A defined benefit plan means that the amount paid to you in retirement is based on a formula that is fixed, and therefore “defined”.
Eligibility and Enrollment
You must be expected to work at least 880 hours for teachers and educational support employees of school districts
You are expected to be employed for at least one year.
If your position is not expected to meet both requirements when you are first hired, you will not be enrolled in the WRS. If your position meets the eligibility criteria at a later date, you may become eligible and be enrolled in the WRS at that time.
If your position is not expected to meet both requirements when you are first hired, you will not be enrolled in the WRS. If your position meets the eligibility criteria at a later date, you may become eligible and be enrolled in the WRS at that time.
Enrollment is automatic and does not require an enrollment form
Enrollment is automatic and does not require an enrollment form
Participation begins as of first day of employment and/or eligibility.
Rates
Contribution rates are a percentage of an employee’s annual salary. The rates change from year to year and are set by the Employee Trust Funds (ETF) board.
As a default, all employees are enrolled in the Core Trust Fund. A member may choose to deposit up to 50% of his or her contributions into the Variable Trust Fund. The Variable Fund is an all-stocks fund.
Get secure online access to current and past statements through My Benefits.
Plan Information and Resources
Core Trust Fund and Variable Trust Fund
Wisconsin Department of Employee Trust Fund (ETF)
PO Box 7931
Madison, WI 53707-7931
(608) 266-3285
https://etf.wi.gov/
403(b) Account
403(b) Account
A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It's similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts.
MCPASD employees have the ability to access 403(b) Plans offered through our third party administrator, OMNI. OMNI handles all matters relating to 403(b) accounts. They are ready to assist with any questions and the various plans offered. You can also review our MCPASD 403(b) Frequently Asked Questions for additional guidance.
Eligibility and Enrollment
All MCPASD employees are eligible to establish a 403(b) account and contribute to it through payroll deductions.
A 403(b) account can be established at any time during employment.
How to set up:
Directions with screenshots Once your account is established, go to Start or Change 403b Contributions, and follow the steps to complete your deduction request with OMNI. Once everything is approved between your 403(b) vendor and OMNI, OMNI will notify the district Payroll Team and your deduction request will be applied to your paycheck.
MCPASD does not advise which investment company employees should select and we don't ask vendors to reach out to you. We recommend you reach out to our approved vendors or talk to a financial adviser to determine which vendor is preferred.
MCPASD does not contribute to 403(b) plans.
Plan Resources
OMNI & TSACG Compliance Services
Toll-Free: 1.877.544.OMNI (6664)
Hours: Monday-Friday 7:30am - 8:00pm EST
PLANNING FOR RETIREMENT
WRS Applying for Retirement
WRS Applying for Retirement
WRS Retirement Benefits Calculator
WRS Guide to Retirement (Brochure)
WRS Calculating Your Retirement Benefits (Brochure)
MCPASD does not have access to ETF or WRS systems and benefits are specialized so you will need to work with ETF to determine your benefits at retirement.
MCPASD Other Post Employment Benefits (OPEB)
MCPASD Other Post Employment Benefits (OPEB)
Retiree Health and Dental Insurance
Retiree Health and Dental Insurance
MCPASD Retirees are offered the opportunity to stay on the group health and dental plans through direct billing.
Retirees are able to choose from HMO, POS or a PPO health insurance plan.
Retirees that stay on the district group health plan are able to use the Employee Health Clinic. Call 608-829-9009 to schedule an appointment.
HMO
HMO
HMO Summary of Benefits and Coverage (SBC)
POS
POS
POS Summary of Benefits and Coverage (SBC)
PPO (Retirees Only)
PPO (Retirees Only)
PPO Summary of Benefits and Coverage (SBC)
See Health Insurance webpage or Dental Insurance webpage for more information
Looking for an alternative to MCPASD retiree insurance plans?
The NIS Retiree Medical Assistance Program can help answer your questions about insurance plans, Medicare, Health Reimbursement Arrangements, or government exchange subsidies. The NIS experienced and knowledgeable licensed insurance agents can review all your options, and find the right coverage to meet your needs and budget.
Local agencies that will help in search for alternative Medicare supplement plans. These are free to use.
The Benefits Works; 6200 Mineral Point Rd, Madison, WI 53705 phone: (866) 413-4232
The Health Insurance Store; 6661 University Avenue, Suite 106, Middleton, WI 53562; phone (608) 210-2500
Frank Insurance Group; 7818 Big Sky Dr, Suite 204; Madison, WI 53719 phone: (608) 841-1015
POST RETIREMENT
Health Reimbursement Arrangement Resources
Health Reimbursement Arrangement Resources
Understanding your Premium Only Health Reimbursement Arrangement
Premium Only Listing of Eligible Expenses*
HRA Recurring Claim Form
HRA Non-Recurring Claim Form
HRA Direct Deposit Form (to your bank account)
What type of documentation should I include with my premium reimbursement?*
What type of documentation should I include with my premium reimbursement?*
You can substantiate your claim with a Premium Notice, such as a bill or acceptance letter from the insurance company, which includes the following:
The premium amount
The effective date of coverage
Name of the person insured – this will be you, your spouse or a qualifying dependent
Name of provider
A note about Long-Term Care Premiums: If you are requesting reimbursement of a long-term care premium, you must also provide proof of payment (in addition to the items listed above.) Long-term care premiums cannot be set up for recurring reimbursements due to IRS annual limitations based on the year in which the payment was made. For this reason, proof of payment is required for all long-term care claims.
MidAmerica Journey Benefits Debit Card Frequently Asked Questions
MidAmerica Administrative & Retirement Solutions, Inc.
2855 Interstate Dr.; Suite 115
Lakeland, FL 33805
1-800-430-7999
https://mymidamerica.com/
Service Center Hours of Operation
8:30 am – 8:00 pm EST Monday through Thursday
8:30 am – 6:00 pm EST Friday
Fax: 863-688-4200
Email: accountservices@MyMidAmerica.com
Special Pay Plan Resources
Special Pay Plan Resources
Understanding Your Special Pay Plan Benefit
Guide to Managing Your Investment Account with MidAmerica
Variable Fund Performance Chart Lineup
Plan Forms
Plan Forms
Enrollment and Beneficiary Designation
Distribution Election Form
Special Pay Required Minimum Distribution Form
Rollover Contribution Request Form
MidAmerica Administrative & Retirement Solutions, Inc.
2855 Interstate Dr.; Suite 115
Lakeland, FL 33805
1-800-430-7999
https://mymidamerica.com/
Service Center Hours of Operation
8:30 am – 8:00 pm EST Monday through Thursday
8:30 am – 6:00 pm EST Friday
Fax: 863-688-4200
Email: accountservices@MyMidAmerica.com
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