Struggling to Retain Employees in Wisconsin?
Most public employees have little understanding of the value of their pension system. Not only is an expensive benefit underappreciated but many employees are also frustrated with the expense of a pension plan. Employee benefits are for employee appreciation, not frustration. This means a significant amount of money is not being leveraged well.
Effectiveness of Educating Employees about Retirement Benefits
Educating employees about the value of their WRS benefits could have several positive outcomes, including:
- Improved Morale: When employees understand the long-term value of their retirement benefits, they may feel more secure and valued, leading to greater job satisfaction.
- Financial Well-being: Employees who are better informed about their retirement benefits can make more informed financial decisions, contributing to their overall financial health.
- Recruitment and Retention: Highlighting the value of WRS can make public employment more attractive, helping to attract new talent and retain existing employees.
- Enhanced Workplace Culture: A workforce that understands and values its benefits is likely to be more engaged and committed, fostering a positive workplace culture.
- Improved Labor Negotiations: Clearly communicating the lifetime value of WRS during labor negotiations can help leverage the value of the benefit for smoother interaction.
Do Wisconsin WRS employees know their pension benefits?
Given the high cost of WRS contributions—approximately $7,000 annually[1] for the median teacher salary in Wisconsin—it’s crucial that employees fully understand and appreciate what this investment means for their future. Wisconsin school districts (and other Wisconsin state employers) have an opportunity to take a proactive role in educating their staff, ensuring that they see WRS not just as a deduction on their paycheck but as an investment in their future and a critical component of their overall compensation package.
[1] Salary.com states the median income for teachers for Wisconsin teachers is $50,773. The employee and employer contributions are 6.8%, resulting in a median total contribution of $6,905.
How can you leverage benefit plans to recruit and retain talent?
Through careful, strategic, targeted education.
PensionPortal.com (PPC) is a brand new idea created to help educate every public employee about the value of WRS and how it integrates with their other retirement assets (including Social Security, 403(b), and other savings) to fund their retirement. PPC is not an insurance or brokerage firm, nor do we sell employee data. We are solely focused on educating public employees about their pension benefit to help public agencies improve their work environment.
Take a few minutes and try the portal for yourself or give us a call to discuss how the portal is being leveraged to help school districts improve their work environments.
Our Solution
In just 10 to 15 minutes, employees can easily view a snapshot of their retirement projections and better understand where they are at for retirement. They will be able to grasp whether they are on the path to retirement readiness and, if not, what steps they need to take to get on that path.
PensionPortal.com is the latest initiative of Trust Builders, Inc., a leader in the 403(b) and 457 space for more than 35 years. PensionPortal.com illustrates cash flows from many public (and private) pension plans. Our financial services solution has been ranked as a top sales tool by a Fortune 100 company as well as other broker-dealers and insurance companies.
