You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. Veterans. 41.40.109: Retirement system employer — Termination of status. The first part is a defined 1% benefit that is funded by contributions from your employer only and managed by the Washington State Investment Board (WSIB). At retirement, your defined benefit makes up part of the income you receive from PERS 3. Both parts of the PERS 3 retirement plan play a significant role in your income at retirement. UW employees are the only ones in the state who will be able to enroll in PERS 3 online. While these contributions help fund PERS 2, they do not determine how much income you receive at retirement. Once you leave your job at UW, you can either withdraw your defined contribution funds from your PERS 3 investment account or leave them in the account. It’ll help you keep track of your plan and avoid missing any steps. The Public Employees’ Retirement System Plan 3 (PERS 3) is a two-part, hybrid retirement plan that combines a traditional pension plan, where your receive a defined benefit at retirement, with investment options that work like a typical retirement plan, such as a 401(k). PERS Plan 3. Washington is a great place to work, play and raise a family. The Department of Retirement Systems (DRS) offers a wide range of resources to help you understand your retirement plan and meet your retirement savings goals. Voya Financial is the new DRS record keeper for Plan 3, DCP and JRA investment accounts. If you are newly eligible for PERS 3, retirement elections can be made in Workday. Do you have questions about the PIN letter you received this month? No COLAs for the defined contribution. For help determining which investing approach is best for you, visit the PERS Plan 3 investment page, which contains investment guides, fund descriptions, quarterly reports, and other retirement planning tips. Instead, you can choose to participate in either the TRS 3 retirement plan (if you’re faculty) or the PERS 3 retirement plan (for all other employment types). The Oregon Public Employees Retirement System (PERS) is a 401(a) defined benefit plan with Internal Revenue Code 414(k) accounts (the IAP). The formula for calculating your monthly retirement benefit is: 1% x service credit years x average final compensation. These letters are from the new record keeper, Voya Financial. Your contributions are then invested in your retirement fund. This lowers your taxable income, which in turn lowers the amount of taxes your pay. You have choices to make. This is your average monthly salary calculated over the 60 consecutive months (five years) where your salary was the highest. In some cases, you can earn a service credit year for working a minimum number of hours during a nine-month-long “school year.”. I'm in my early 30's, plan to retire at 58, and expect to die around 86. If you’re a temporary employee, you may also be eligible for PERS 3 if you work in an eligible job for at least five months of 70 or greater hours during a 12-month period. This one-time transfer is irrevocable. You can find comprehensive information about the plan in the PERS Plan 3 Handbook (PDF). University of Washington Retirement Plan (UWRP) The UWRP is a tax-deferred defined contribution plan that helps you save for retirement. PERS 3 retirement plan Enroll in PERS 3. The Washington State Department of Retirement Systems (DRS) provides comprehensive information for those thinking about retiring early. You are responsible for investment selection. Generally, you need to work at least 90 hours per month for 12 months to earn a service credit year. Office locations. Live in Washington. Disability Benefits Handbook Investment Information Military Service Credit Plan Choice Purchasing an Annuity Recovery of Withdrawn or Optional Service Credit Retirement Planning FAQs Thinking About Retiring Early? . The second part of the plan is defined by contributions that you select and investment portfolios that you select. This includes classified staff, professional... Part 1: Your defined benefit. Starting two years before your target date, begin using the DRS retirement planning checklist. If you’re vested, you’re eligible to retire at age 65. Visit the DRS record keeper information page for more info. Veterans' information page on this site . Classified staff generally aren’t eligible for UWRP. HTML PDF: 415-108-436: PERS Plans 2 and 3 disability benefits. For step-by-step instructions on making retirement plan elections, reference this Benefits Enrollment – Retirement – Faculty and Professional Staff user guide. totalben@uw.edu 206-543-4444 While this income is guaranteed, you’re not eligible to receive it until you’ve worked long enough to become vested. When you retire, you will receive a monthly benefit for the rest of your life that is based on your earned service credit and your Average Final Compensation(AFC). This is per month and paid out upon reaching age … Plan 3 Defined Benefit provides a retirement benefit at: Age 65 with at least five years of service credit if: 12 months were earned after age 44, OR; 5 years of service were established in Plan 2 prior to transferring to Plan 3 and prior to June 1, 2003 (PERS members), September 1, … This includes classified staff, professional staff, librarians, and academic staff; (faculty are eligible for a similar plan, TRS 3). The City's retirement plan, by State of Washington law, allows for dual membership with other plans: LEOFF Plan 2 only (Police and Fire), Washington State Patrol (WSPRS), Teachers (TRS 1 & 2), Public Employees (PERS 1 & 2) and Statewide City Employees. With the defined benefit part of the plan, you’re guaranteed a monthly benefit for the rest of your life once you meet the plan requirements and retire. 41.40.111 Employees covered by Public Employees Benefits Board (PEBB) benefits seeking insurance coverage in retirement. In this video I breakdown how Washington DRS Plan 3 pension works for Washington state employees. 206-543-4444 PERS Plan 3. Re: WA State PERS Plan - How to Compare Plan 2 vs Plan 3 « Reply #5 on: October 03, 2018, 11:14:48 PM » My (very basic) understanding is that rates have been increasing to keep up with all the baby boomers retiring while the overall state workforce has been shrinking. Information about this is on the UW’s PERS 3 Web site. You do, however, maintain the service credit that you’ve earned, which you can later use should you go back to work for UW or for another state agency. There’s no limit to the amount of service credit that you can earn. Visit DRS Education to find webinars, seminars, calculators and more. The Department of Retirement Systems (DRS) offers a wide range of resources to help you understand your retirement plan and meet your retirement savings goals. Benefits totalben@uw.edu These contributions are automatically taken out of your paycheck on a pretax basis. Members of PERS Plan 2 who were enrolled in the plan prior to March 1, 2002 have an annual option to transfer to PERS 3 between January 1 and January 31. PERS 3 is partially defined benefit (1% X service years X average compensation) plus another section defined by your contribution and MARKET performance. Withdrawals Thinking about retiring […] The other part comes from your defined contribution. To retire early, you must be at least 55 and have 10 or more years of service credit. The ISC will contact you directly if you meet this requirement. PERS 2; PERS 3; TRS 3; LEOFF 2; Optional plans. Plan 3: Employees who were hired on or after July 1, 1996 but before July 1, 2007 OR employees hired on or after July 1, 2007 who chose Plan 3 School Employees’ Retirement System (SERS) The Washington SERS offers similar benefits to the PERS and TRS. Yes, you do get to decide on which kind of investment you make, but it IS dependent on market performance. HTML PDF: 415-108-430: Procedure. The rates at which both you and UW contribute are specified by the state legislature. Thanks to all for the information and the link regarding PERS 3. The UW reports your hours and earnings to the Washington state Department of Retirement Systems (DRS) every payday. That way, you can continue to build your service credit should you return to work at UW or another state agency. Among other things, you’ll need to: For help planning, see the DRS web resources for those nearing retirement. PERS 3: Preparing to retire You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. Use your PIN to … You can only access your funds when you’re leaving your job at UW or retiring from UW. Prior service for plan 2 or 3 members — One-half service credit. Most employees at UW are eligible to enroll in PERS 3. Investments Your guide to investments and their performance. For full details about early retirement, read the PERS Plan 3 Handbook. Part 2: 5-15% employee contributed; can be managed by employee in numerous fund options. PERS 3 is a two part plan. Choose carefully, though, because once you enroll you can’t change your contribution percentage. © 2020 University of Washington | Seattle, WA, University of Washington Human Resources Home, HR Benefits, Analytics & Information Systems, Professional & Organizational Development, DRS web resources for those nearing retirement, Retirement - UW Retirement Checklist (PDF), workshops to help you prepare for retiring, You must submit an online UW Retirement Application, Discounts on auto, home, and renters insurance, Physician Assistants students: LTD insurance, Fund review committee for UW retirement plans, DCAP: Tax savings for child and elder care, UW Medicine Health System Employment Transition, Age 65 and have 10 or more years of service credits (you may be able to retire without having 10 years of service credits. Part 1: 1% x years of work x ave monthly salary over previous 5 years (employer contributed). Voya Financial is the new DRS record keeper for DCP, Plan 3 and JRA accounts. You must submit an online UW Retirement Application within 6 months of your UW separation date and no later than 60 days after the separation date. Address Correspondence to: Attn: PERS-### or BUPERS-### This is an official U.S. Navy Website Need Career, Pay or Personnel help? The amount you receive from this part depends on two factors: how much you’ve contributed over the years and how well your investments have performed. Membership established on or after October 1, 1977 [full plan definition]. Visit DRS Education to find webinars, seminars, calculators and more. Log into your account to apply for a job or manage your profile. Employer contributions fund the defined benefit plan portion only. Not applicable. Modeling-I created a spread sheet that modeled the life of my retirement. What is PERS 3 and How Does It Work? The Department of Retirement Systems has acquired the help of a translation service for people who need assistance in a … The more you plan the smoother your transition will go — you may even realize you can retire sooner than you thought. In most cases, this is your final five years before retiring; though, some people may have higher salaries during other points in their career. Suppose you’re 65 years old, and in 2017 after working at UW for 32 years, you’re retiring. Also, during your last year of work, use the Retirement - UW Retirement Checklist (PDF) as your career here comes to an end. Whether you’re a hands-on investor or prefer a simpler target-date fund, you’ve got several options for investing your PERS 3 defined contribution. Benefits Most employees at UW are eligible to enroll in PERS 3. . In most cases, you can transfer your funds to a qualified retirement account, such as an IRA, without facing a tax penalty. Service credit is based on the number of hours you work each month and how long you have participated in the retirement plan. How do I determine if I have plan choice rights or transfer rights to PERS Plan 3? Thinking About Working After Retirement? The state’s contribution and obligation is on the pension side and is based on a formula that creates a guaranteed lifelong income stream for the participant. Washington offers competitive benefits for you and your family. They periodically adjust the rates to reflect the overall cost of the plan. At retirement, your defined benefit makes up part of the income you receive from PERS 3. You also have the option to retire earlier, but your defined benefit will be reduced. 2. Vesting UWRP: When a participant gains ownership in the employer contributions. UW VIP; Deferred compensation; Seminars and consultations. 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