For an S-Corp, payments to shareholders fall into two categories: reasonable compensation (wages) and non-wage distributions.
IRS rules require that S-Corp shareholders pay themselves wages based on the fair value of the services provided to the business. For an S-Corp this is the "vehicle" for you to pay the social security and Medicare taxes on the value of your compensation. So yes, if you work in the business you should be getting a W-2 every year. If you haven't been getting a payroll check regularly throughout the year, you can record the wages in December and file the necessary payroll tax returns for the quarter ending December 31.
Note also that certain payments to a "more than 2% shareholder" are treated as wages by the IRS on the tax return and should be on the W-2 you "send yourself". These include your health insurance premiums paid by the S-Corp on behalf of that "more than 2% owner".
The net income of the S-Corp, after deducting your wages, becomes a distribution to you on the K-1 you receive each year.
This IRS web page on S Corporation Compensation and Medical Insurance Issues is a good starting point to understand these issues.
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