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How to Use ETF’s Online Retirement Calculator

Welcome to the How to Use ETF’s Online 
Retirement Calculator presentation,   a getting ready for retirement topic. By the end of this presentation, you will be 
able to find information on your Statement of   Benefits used for calculations, enter information 
into the WRS Retirement Benefits Calculator,   and see an unofficial estimate of 
your WRS Retirement Benefits online. Let’s get started and get together information 
you will need to use the calculator. The calculator requires certain 
information to calculate your estimate.   You will need the items in this list: 
your most recent Statement of Benefits,   your possible retirement date (you can enter 
different dates to compare if you’re not sure),   and date of birth of named survivor’s 
if you would like survivor benefits. Your Annual Statement of Benefits is the 
most important document you need to enter   information into the calculator. You will need 
your most recent annual statement of benefits   so that you can get a better estimate 
of your current retirement benefits.   The statement contains different sections 
of information that you will use to enter   into the calculator. Information you will use 
includes Section 2 includes your employment   categories and years of service in each, Section 
4 has information about additional contributions,   if you made any.

If you didn’t make any, this 
section will be blank, Section 8 has your Highest   Earnings and you will have a Variable Excess 
or Deficiency amount if you participated in the   Variable Fund, and finally, you’ll need to look 
at Section 9, which has your Money Purchase Total. To get to the calculator, go to 
the ETF website at   and scroll down to the bottom 
of the page, any page will do. In the footer, look for the word 
calculators and click on it. You will be taken to the main Calculators 
page that includes a list of all the   calculators we have for your use. Click 
on the WRS Retirement Benefit Calculator   button to go to the calculator’s 
disclaimer and directions page.   Each calculator starts with a page of 
instructions and a disclaimer to make sure   you understand the limitations the calculator 
has to provide you with a valid estimate.

The link to the calculator is at the bottom 
of the page in a box that looks like this one.   Click the orange button 
link to open the calculator. Now I’m going to show you how to use 
the calculator, section by section. At the top right of the calculator,   you will see text with a link to a PDF Guide to 
enter your Annual Statement of Benefits data.   Click on Guide if you would like 
to view and download the document. There are also links to information throughout 
the calculator to help you along the way. Entering your name is optional but you 
may want to enter it if you want to   remember the estimate is yours if you are 
entering estimates for multiple people.   We’ll use the name Jane Doe for this example. Next, we’ll enter a birthdate using the two-digit 
month, two-digit day, and four-digit year.   I entered 06/01/1972 for this example. Next, we’ll enter a benefit effective date. 
This is the date the benefit is effective   for calculation purposes, not the date you will 
receive your payment.

Generally, this is the day   after your termination date for active members. 
For example purposes, I used 07/01/2022, a month   after this person turns normal retirement age 
(50 for protective employees) for this example. If you are choosing a joint 
and survivor annuity option,   enter your named survivor’s birthdate here 
with the two-digit month, two-digit day,   and four-digit year. For this 
example, we’ll leave it blank. Please check yes or no if your 
named survivor is your spouse.   Do not check if it does not apply to you. Next let’s go to the Formula 
benefits section of the calculator.   Here is where you will start needing 
your Annual Statement of Benefits.   First, you’ll need to look at Section 2 of your 
statement to find years of creditable service. In this example, the member had years of 
service in two different employment categories.   First, we’ll look at the General category and see 
that this member had 10.71 years of service only   after 1999. We take that 10.71 years of creditable 
service and enter it into the calculator to the   right of the general category and under after 
1999. Then we’ll look at the Protective w/   Social Security category and see that they 
have 6.40 years of service also after 1999.   We take that 6.40 and put it to the right of the 
Protective with Social Security category under   After 1999 in the calculator.

This member had no 
years of service before 2000, so we leave that,   and any other areas that do not 
pertain to this member, blank. In the 2nd part of the formula 
benefits section of the calculator,   we will need Earnings and Service information as 
well as Variable Excess or Deficiency information.   Both of these are found in Section 
8 of your statement of benefits. First, click yes or no in answer to question 
#2, Did you terminate employment before 2000? Next, take your three highest years of earnings 
and enter the numbers into number 3 on the   calculator under Highest Earnings. You will see 
that the calculator automatically sets the Related   Service to 1.00. If your statement shows your 
service as less, you must change the calculator   to match. In this case, the member had all 1.00 of 
service for each earning year so we can move on. Next, look at the total Variable Excess or 
Deficiency. If you do not participate in   the Variable Fund, like this member, it will 
show zero or be blank.

If you did participate,   you will have either a positive or negative 
amount. Enter this amount into number 4.   Mark whether the amount is an excess – a positive 
amount or a deficiency – a negative amount. Next, we’re going to enter your total 
Core and Variable money purchase balances.   This total balance can be found in section 9 of 
your statement of benefits. Look at the lower   right of the section to find the total money 
purchase balance amount. For this member it   is $124,765.33. We take this amount and enter it 
into the calculator under Money Purchase benefits. Optional  Last is the optional section. This is where you 
add the amounts for any additional contributions   you have made.

Additional contribution amounts are 
found in Section 4 of your statement of benefits.   If you did make additional contributions, you 
will take the January 1 balance for the Core   and Variable for both the employee additional 
and tax-deferred and add them all together.   Then you take that total amount and 
enter it into the box on the calculator   for employee additional. In this example, the 
member did not make any additional contributions,   so we would leave the boxes 
blank on the calculator.   If you have any employer additional contributions 
or contributions from Long Term Disability   Insurance (LTDI) (which are rare – most 
employees will not have these), combine   these amounts and put them into the calculator 
box under employer additional contributions.   For our example, we leave it blank because 
this member did not have an amount to enter. Click calculate at the bottom of the 
calculator to receive your unofficial estimate.   Only click Clear Form if you want to erase 
everything you typed and start over again. Your estimate will look similar to this 
example. You will see the information   you entered into the calculator at the top, the 
factors used in your calculation in the middle,   and at the bottom you’ll see your estimated 
monthly benefit amounts that includes a section   for your additional contributions.

It also tells 
you if you are eligible for a lump sum payment. Now I’m going to show you some resources 
on our website that you may find helpful. You can go to our Annuity Payment Options page 
for information about the types of annuities   available. It also includes information 
about additional contribution annuities   and has links to other resources like 
brochures, a video and tax information. Go to the Variable Fund page to find more 
detailed information about the Variable   Fund along with the join & cancel forms. You 
will also find a link to the Variable Excess   or Deficiency Update Calculator as well as 
Links to other resources you may find useful. Go to the additional contributions page 
for information about making additional   contributions including making online 
contributions. You will also find the   maximum additional contributions worksheet, you 
can read the additional contributions brochure,   or download the additional 
contributions remittance form.

Learn at your leisure from the comfort of 
your home by going to our Member Education   page on our website. You 
will see timely featured education,   education by topic, events, videos, and 
our forms, brochures, and publications. Stay Connected to ETF. Get up to date 
information about your WRS benefits by   subscribing to ETF E-mail updates, talking with 
a benefits specialist, going to our website,   or connecting with ETF on one of our 
Twitter or LinkedIn social media sites..

As found on YouTube

Retirement Guide

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