Public workers might pay more for retirement

Contribution rates might go up for 5th straight year

Published On: Jun 19 2013 10:34:25 AM CDT   Updated On: Jun 19 2013 02:31:18 PM CDT
MADISON, Wis. -

Public employees in Wisconsin could see another increase in the contribution rates they pay into the Wisconsin Retirement System.

A Wisconsin State Journal report said the system board is set to consider 2014 rates on Thursday. The plan is for rates to be 14 percent of payroll for teachers and general employees, with workers and their employers each paying half.

The retirement system gets 80 percent of its income from investments. But large market losses in 2008 and 2011 forced rate increases and cuts in retiree benefits.

Benefits to retirees have dropped for five state years.

Next year would be the fifth straight year that the contribution rate increased. It was 13.3 percent of payroll last year and 11.6 percent the year before that.