Wisconsin Retirement System
The Department of Employee Trust Funds (ETF) administers the Wisconsin Retirement System (WRS) through the City of Fond du Lac as well as most government employers throughout Wisconsin. The WRS is a hybrid defined benefit plan containing elements of both a 401(k) or defined contribution plan and a defined benefit plan. This public pension plan is nearly 100% funded due to fiscal discipline, unique plan design and robust governance. This benefit is an automatic employee and employer contribution into a retirement savings account where it can accrue interest until withdrawn. There are withdrawal stipulations if the retiree is not yet at the required WRS age. More information can be found on the ETF website (www.etf.wi.gov) or through Human Resources.
The WRS continues to be one of the best-funded public employee retirement systems in the country. The financial strength of the WRS is attributable to its unique plan design, funding discipline, strong governance, and the effective investment strategies of the State of Wisconsin Investment Board.
Mission Square 457, IRA, & RHS Plans
Mission Square is a non-profit independent financial services corporation that focuses on providing retirement plans for close to a million public sector participant accounts and approximately 9,000 retirement plans. The City works with Mission Square to help employees voluntarily contribute more into a 457 or IRA Plan for retirement savings beyond WRS. All of these contributions would be direct from payroll to assist with the process and can be changed at any time.
457 Deferred Compensation Plan
A 457 Deferred Compensation Plan uses pre-tax contributions to help save for retirement. This plan has taxable withdrawals that must occur after separation. More information can be found on the Mission Square website or through Human Resources.
Roth 457 Plan
A Roth 457 plan allows you to add Roth assets now for a tax-free income later. Explore adding Roth assets in your 457 plan vs. a Roth IRA. More information can be found on the Mission Square website or through Human Resources.
Roth IRA Plan
A Roth IRA Plan uses after-tax contributions to help save for retirement. This plan has tax-free withdrawals and allows you to withdraw your contributions anytime without penalties. More information can be found on the Mission Square website or through Human Resources.
RHS Plan
A Retirement Health Savings Plan is used by the City of Fond du Lac for various purposes. This is not a plan that employees can contribute towards. More information can be found on the Mission Square website or through Human Resources.