If staying in your group health plan is not an option, the State of Wisconsin has a major medical plan for retirees under the age of 65 and a Medigap Supplement for retirees age 65 or older under the local annuitant health insurance program. This information will be included in the retirement packet. A major issue for most retirees is the selection of the annuity option. There is a clear explanation of the various annuity options in the retirement packet. In addition to selecting an annuity option on the retirement benefit application, you also make a decision concerning income tax withholding.
Most retirees choose to have income taxes withheld.
You should submit your retirement application when you get to within 90 days of your last day of work. If you apply more than 90 days after you terminate, you will lose one or more months of benefits. Annuity checks are dated the first of the month and mailed on the last working day of the previous month. Your first annuity payment will be based upon the amount shown on your annuity estimate for the option you selected. After your employer reports your final earnings and service, the WRS does a final calculation of your annuity, and your monthly payment amount is adjusted retroactively to your annuity starting date.