Short answer: a WRS annuity has no fixed cost-of-living raise. Each spring it can go up or down with the trust funds' investment results: the 2025 changes were Core +2.1% and Variable +18%. The Core part never drops below the amount you started with; the Variable part has no such floor. See payment options, the formula and taxes, or estimate your starting annuity.
How it works
This is not a cost-of-living increase; it is an adjustment based on the investment results of the Core and Variable Trust Funds. ETF reviews results as of December 31; the change shows on the May 1 payment and lasts until the next adjustment. Adjustments can be positive or negative. ET-4116 (rev 6/12/2026), p. 3, Will my retirement checks increase after I retire?
- Core: Annuities are funded assuming the trust funds earn 5% a year; only earnings above 5% pay Core increases. Core returns are smoothed over five years; Variable adjustments are not smoothed. ET-4930 (rev 5/14/2026), p. 9, Annuity Adjustments
- The Core floor: The Core portion can never be reduced below the final calculated Core amount when the annuity began. There is no limit to how much the Variable portion can be reduced. ET-4133 (rev 6/12/2026), p. 12, Will the amount of my annuity ever change?
- Your first year: The Core adjustment paid on May 1 in the first year after you retire is prorated by the number of months you were retired in the calendar year you retired. Variable participants get the full Variable adjustment every year. ET-4116 (rev 6/12/2026), p. 3, Will my retirement checks increase after I retire?
- When: An adjustment for valuation year Y is effective April 1 of year Y+1 (for example, the 2025 Core adjustment of 2.1% and Variable adjustment of 18.0% are effective April 1, 2026) and is reflected on the May 1 payment. ET-8816b (rev 10/20/2026), Page 1 of 1, footnote 5
- Small changes: Core annuities can be adjusted if the change would be at least 0.5%; Variable annuities if at least 2%. ET-8901 (rev 1/9/2026), Page 2 of 2, Post-Retirement Adjustments
Your first Core adjustment is cut by the months you were retired that first year. ETF doesn't say how a start in the middle of a month counts.
What we use: the start month counts only if your annuity starts on the 1st
Every adjustment since 1990
By the year of investment results. Each took effect the next April 1, on the May 1 payment. CPI is shown for comparison.
| Year | Core | Variable | CPI |
|---|---|---|---|
| 2025 | +2.1% | +18% | — |
| 2024 | +2.3% | +15% | 2.9% |
| 2023 | +3.6% | +15% | 3.4% |
| 2022 | +1.6% | −21% | 6.5% |
| 2021 | +7.4% | +15% | 7% |
| 2020 | +5.1% | +13% | 1.4% |
| 2019 | +1.7% | +21% | 2.3% |
| 2018 | 0% | −10% | 1.9% |
| 2017 | +2.4% | +17% | 2.1% |
| 2016 | +2% | +4% | 2.1% |
| 2015 | +0.5% | −5% | 0.7% |
| 2014 | +2.9% | +2% | 0.8% |
| 2013 | +4.7% | +25% | 1.5% |
| 2012 | −3% up to −9.6% | +9% | 1.7% |
| 2011 | −4% up to −7% | −7% | 3% |
| 2010 | −0.9% up to −1.2% | +11% | 1.5% |
| 2009 | −1.1% up to −1.3% | +22% | 2.7% |
| 2008 | −2.1% | −42% | 0.1% |
| 2007 | +6.6% | 0% | 4.1% |
| 2006 | +3% | +10% | 2.6% |
| 2005 | +0.8% | +3% | 3.4% |
| 2004 | +2.6% | +7% | 3.3% |
| 2003 | +1.4% | +25% | 1.9% |
| 2002 | 0% | −27% | 2.4% |
| 2001 | +3.3% | −14% | 1.6% |
| 2000 | +5.7% | −11% | 3.4% |
| 1999 | +17.1% | +21% | 2.7% |
| 1998 | +7.2% | +12% | 1.6% |
| 1997 | +7.7% | +18% | 1.7% |
| 1996 | +6.6% | +14% | 3.3% |
| 1995 | +5.6% | +19% | 2.6% |
| 1994 | +2.8% | −4% | 2.7% |
| 1993 | +4.9% | +11% | 2.7% |
| 1992 | +4.4% | +5% | 3% |
| 1991 | +6.3% | +18% | 3% |
| 1990 | +3.6% | −14% | 6.2% |
Core for 2008-2012: the average change, and "up to" the largest cut for annuities above their floor. 1999's Core includes a one-time transfer under 1999 Wisconsin Act 11. WRS Retired Lives Valuation Dec. 31, 2024, pp. -21- and -22- (PDF pp. 30-31), Core Annuities and Variable Annuities Comparative Statement 1990 Through 2024 2025: ET-8816b (rev 10/20/2026), Page 1 of 1, Core Annuity Adjustment / Variable Annuity Adjustment
For 2008-2012 ETF's actuary shows an average Core cut and a bigger maximum cut (retirees already at their floor couldn't go lower). One retiree's real change could differ.
What we use: the bigger cut, never below the starting Core amount
Averages through 2024
| Period | Core | Variable | CPI |
|---|---|---|---|
| 35 years | 3.2% | 3.7% | 2.7% |
| 20 years | 1.6% | 3.4% | 2.6% |
| 10 years | 2.6% | 5.5% | 3% |
| 5 years | 4% | 6.3% | 4.2% |
What it did to real annuities
Retired January 1, 2015
A $2,000 Core annuity plus a $1,000 Variable annuity, with each year's published changes:
| From May | Core | Variable | Total |
|---|---|---|---|
| Start | $2,000 | $1,000 | $3,000 |
| 2016 | $2,010 +0.5% | $950 −5% | $2,960 |
| 2017 | $2,050 +2% | $988 +4% | $3,038 |
| 2018 | $2,099 +2.4% | $1,156 +17% | $3,255 |
| 2019 | $2,099 0% | $1,040 −10% | $3,140 |
| 2020 | $2,135 +1.7% | $1,259 +21% | $3,394 |
| 2021 | $2,244 +5.1% | $1,422 +13% | $3,666 |
| 2022 | $2,410 +7.4% | $1,636 +15% | $4,046 |
| 2023 | $2,449 +1.6% | $1,292 −21% | $3,741 |
| 2024 | $2,537 +3.6% | $1,486 +15% | $4,023 |
| 2025 | $2,595 +2.3% | $1,709 +15% | $4,304 |
| 2026 | $2,650 +2.1% | $2,017 +18% | $4,666 |
After 11 years: $4,666.34 a month. The Variable part swung from −21% to +21% in a single year.
Retired January 1, 2007: the Core floor
A $2,000 Core annuity through the 2008-2012 losses:
| From May | Change | Core |
|---|---|---|
| 2008 | +6.6% | $2,132 |
| 2009 | −2.1% | $2,087 |
| 2010 | −1.3% | $2,060 |
| 2011 | −1.2% | $2,035 |
| 2012 | −7% | $2,000 floor |
| 2013 | −9.6% | $2,000 floor |
| 2014 | +4.7% | $2,094 |
| 2015 | +2.9% | $2,155 |
| 2016 | +0.5% | $2,166 |
| 2017 | +2% | $2,209 |
The gains from 2007 were taken back, but the Core part never fell below its starting $2,000. ET-4133 (rev 6/12/2026), p. 12, Will the amount of my annuity ever change?
Illustrations from the published history, applying the larger cut in negative years. Your own adjustments depend on your start date and Variable participation. Check with ETF
What the sources say
- WRS has no fixed cost-of-living increase. Each year annuities may go up, stay the same or go down based on Core and Variable Trust Fund investment results; ETF says it is not a cost-of-living increase.ET-4116 (rev 6/12/2026), p. 3, Will my retirement checks increase after I retire?
- Annuities are funded assuming 5% a year; only Core earnings above 5% pay for increases. Core results are smoothed over five years; Variable results are not.ET-4930 (rev 5/14/2026), p. 9, Annuity Adjustments
- The Core part of your annuity can never fall below the amount it started at. Gains can be taken back by later losses, and the Variable part has no floor.ET-4133 (rev 6/12/2026), p. 12, Will the amount of my annuity ever change?
- Recent adjustments (Core / Variable): 2020 5.1% / 13%; 2021 7.4% / 15%; 2022 1.6% / -21%; 2023 3.6% / 15%; 2024 2.3% / 15%; 2025 2.1% / 18%. Each takes effect April 1 of the next year and shows on the May 1 payment.ET-8816b (rev 10/20/2026), Page 1 of 1, Core / Variable Annuity Adjustment (footnote 5)
- Core changes from 2008 through 2012 were negative (up to -9.6% in 2012 for annuitants above their floor); the Variable change was -42% in 2008. Over 35 years (1990-2024) Core averaged 3.2% and Variable 3.7%, against 2.7% CPI.WRS Retired Lives Valuation Dec. 31, 2024, pp. -21- and -22-, Comparative Statements
- Your first Core adjustment is prorated by the months you were retired in your retirement year. Core changes need at least 0.5%, Variable at least 2%.ET-4116 (rev 6/12/2026), p. 3; ET-8901 (rev 1/9/2026), Page 2 of 2, Post-Retirement Adjustments
Questions
Is this a COLA?
No. ETF says so itself: it's an adjustment based on the investment results of the Core and Variable Trust Funds, not a cost-of-living increase. It can be up, zero or down.
When does the change show up?
On the May 1 payment. An adjustment for a year's results is effective April 1 of the next year: the 2025 changes (Core +2.1%, Variable +18%) took effect April 1, 2026.
Can my annuity go down?
The Core part can drop after a bad year, but never below the amount it started at. The Variable part, if you're in the Variable Trust Fund, has no floor.
What about my first year?
The first Core adjustment is cut by the share of the year you were retired. Retire July 1 and you get 6/12 of it.
Source: Your Benefit Handbook (ET-2119), 6/18/2026, with Calculating Your Retirement Benefits (ET-4107, rev 3/5/2025), ET-2119 p. 15; ET-4107 p. 8; ET-4116 p. 3; ET-4133 p. 12; ET-4930 p. 9; ET-8816b; ET-8901; WRS Retired Lives Valuation (Dec. 31, 2024). Last reviewed .