Your first retirement payment
Your first payment will be on the retiree payroll date for the month after WRS receives your final contribution from your employer. Talk with your employer to find out when they will submit your final contributions and termination notice. If you work for a school district, find out if they are paying summer contributions in advance or paying throughout the summer. Your first payment will be retroactive back to your retirement date.
Taxes / 1099-R
Your monthly benefit is reported to the IRS as income, and you are responsible for paying any taxes. You will receive a Form 1099-R annually for tax reporting purposes.
Gen Xers Retirement View
Gen Xers have worse view of retirement prospects than baby boomers or millennials