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Benefit Calculator

 
 

2014 Plan Changes

Effective January 1, 2014, the WELS Pension Plan's normal retirement age and benefit formula will change. Please note that this page has been updated to reflect the 2014 Plan changes. For additional information regarding the changes, please consult the 2014 Plan changes page at this link.


Benefit Formula

Effective January 1, 2014, the Plan's Basic Monthly Benefit formula for a participant who terminates employment on or after January 1, 2014 will be 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

* Please note that if the participant ended active service prior to January 1, 2014 and was no longer accruing service credit toward a future benefit prior to that date, this formula and the benefit calculator on this page is not valid. Please contact the Benefit Plans Office for assistance to determine the amount of your pension benefit.

Years of Credited Service are determined as provided for in Article V and Article VI of the WELS Pension Plan.

Effective July 1, 2003, the Pension Commission adopted the Pension Benefit Basis (located in Appendix D of the Plan) for use in the Benefit Basis component of the Benefit Formula for retirees going into benefit status on or after July 1, 2003. Please see the section below for further details regarding the new Pension Plan Benefit Basis.


Benefit Calculator for Vested Participants

Benefit Option
(participant's benefit/surviving spouse's benefit)
100%/0%    90%/50%    85%/67%    83%/83%
Years of Credited Service
Benefit Basis (see table below)
Monthly Benefit at New Normal Retirement Age=

Please note that a participant's Full Monthly Benefit at Normal Retirement is reduced by 0.5% per month that benefit commencement precedes the participant's attainment of his/her normal retirement age. This reduction is calculated separately for both the Pre-2014 Benefit and Post-2013 Benefit components.

The participant's Post-2013 Benefit will be reduced for early retirement by 0.5% per month that benefit commencement precedes the participant's attainment of his/her new normal retirement age.

The participant's Pre-2014 Benefit will be reduced for early retirement by 0.5% per month that benefit commencement precedes the participant's attainment of age 65.

Click this link for illustrations on how to calculate the early retirement reduction amounts. The Benefit Plans Office also 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 414-256-3860.


Pension Plan Benefit Basis

For retirement dates
on or after 7/1/2012

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

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.

 
     
     
     
     
     
     
     
     
     
     
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