Your WRS-covered earnings include your total salary or wages (including overload payments, overtime, summer session salary...), as well as any pay allowances that are received in lieu of money. Your WRS-covered earnings are calculated prior to any deductions taken for taxes, insurance premiums, retirement contributions or any other salary deductions.
The UW is required to report your salary, retirement contributions, and creditable service as if the furlough did not occur. This means that your WRS contribution amount will be based on your earnings as if the furlough did not occur.
Sample calculation - Classified Employee (paid bi-weekly):
Hourly Rate: $20.00/hour x 80 hours worked in pay period = $1600 (WRS-covered earnings)
New WRS Contribution: .058 x $1600 = $92.80 contribution for the pay period
If you have a furlough reduction during the pay period, your contribution rate will still be $92.80 because the calculation will be based on what you would have earned in absence of the furlough.
If you are an unclassified employee on a 12 month contract, divide your annual earnings by 12 to determine your per pay period gross salary. If you are on an academic year contract (9 month), divide your annual salary by 9 to determine your per pay period gross salary.
You can review your earnings statement online at my.wisconsin.edu
for UW-Madison employees) or contact your payroll and benefits office if you need help determining your WRS-covered earnings.