If you are newly eligible for PERS 3, retirement elections can be made in Workday. When you retire, the amount you earn depends on the performance of your investments. These contributions are automatically taken out of your paycheck on a pretax basis. Staff who do not have access to computers can contact either the PERS 2/PERS 3 helpline at 1-888-711-8773 or the Benefits Office. If you aren’t vested and you leave your job at UW, then you won’t be eligible to receive any portion of your PERS 3 defined benefit. 41.40.105: Chapter not applicable to officers and employees of state convention and trade center. Veterans. Leaving your job at the UW before you’re vested affects each part of your PERS 3 plan differently. Visit the DRS record keeper information page for more info. What is PERS 3 and How Does It Work? Also, during your last year of work, use the Retirement - UW Retirement Checklist (PDF) as your career here comes to an end. PERS Tier One (hired before 1996) PERS Tier Two (hired between 1/1/96 & 8/28/03) OPSRP (hired after 8/28/03) P (See PERS: By The Numbers, p. 3) Defined contribution plan; cash in the bank Must tie division date to December 31 of any year Mid year split requires calculation by hand to specify dollar amount PERS will allow immediate payment 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. Voya Financial is the new DRS record keeper for Plan 3, DCP and JRA investment accounts. You can find comprehensive information about the plan in the PERS Plan 3 Handbook (PDF). Membership established on or after October 1, 1977 [full plan definition]. The formula for calculating your monthly retirement benefit is: 1% x service credit years x average final compensation. HTML PDF: 415-108-434: PERS Plan 1 nonduty disability benefits. The more you plan the smoother your transition will go — you may … The Washington State Department of Retirement Systems (DRS) provides comprehensive information for those thinking about retiring early. Thinking About Working After Retirement? totalben@uw.edu 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Benefits Handbook Investment Information Military Service Credit Plan Choice Purchasing an Annuity Recovery of Withdrawn or Optional Service Credit Retirement Planning FAQs Thinking About Retiring Early? Attend a seminar; Meet with an investment professional; Nearing retirement. In most cases, you can transfer your funds to a qualified retirement account, such as an IRA, without facing a tax penalty. UWRP and PERS 3-TRS 3 Comparison Chart 2014-06 Download. Now as you near retirement, it’s time to make a plan for ending your service here at UW. Vesting UWRP: When a participant gains ownership in the employer contributions. This includes classified staff, professional... Part 1: Your defined benefit. Service credit is based on the number of hours you work each month and how long you have participated in the retirement plan. Call MyNavy Career Center: 833-330-MNCC, or 901-874-MNCC (DSN 882-6622), Email MNCC, MNCC Chat Comments or Suggestions about this Website? Office locations, © 2020 University of Washington | Seattle, WA, University of Washington Human Resources Home, HR Benefits, Analytics & Information Systems, Professional & Organizational Development, Benefits Enrollment – Retirement – Faculty and Professional Staff, 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, 2012 salary: $52,000 ($4,333.33 per month), $1,498.67 per month (0.01 x 32 x $4,683.33), Professional Staff, Faculty, Academic Staff, and Librarians – 30 days, Classified Staff and Temporary Hourly – 90 days, You have five years of service credit, and you earned at least 12 months of that service credit after age 44, You earned five years of service credit in the PERS 2 retirement plans before June 1, 2003. Withdrawals Thinking about retiring […] HTML PDF: 415-108-430: Procedure. No COLAs for the defined contribution. © 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. Office locations. In this video I breakdown how Washington DRS Plan 3 pension works for Washington state employees. 2. 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 Teachers Retirement System (TRS) Plan 3 and Public Employees Retirement System (PERS) Plan 3 are tax-deferred hybrid Defined Contribution/Defined Benefit Plans. The more you plan the smoother your transition will go — you may even realize you can retire sooner than you thought. The Department of Retirement Systems has acquired the help of a translation service for people who need assistance in a … Transferring from PERS2 to PERS3. PERS 3/TRS 3: When a participant becomes eligible for the employer-paid defined benefit. Choose carefully, though, because once you enroll you can’t change your contribution percentage. The survivin… This includes classified staff, professional staff, librarians, and academic staff; (faculty are eligible for a similar plan, TRS 3). Thanks to all for the information and the link regarding PERS 3. Visit the DRS record keeper information page for more info. Plus, you keep your service credit if you leave your job. The other part comes from your defined contribution. This is per month and paid out upon reaching age … Manage Your Account. HTML PDF: 415-108-440: Revocability. Do you have questions about the PIN letter you received this month? Washington is a great place to work, play and raise a family. . Plan 3 - PERS, SERS, and TRS; Please select your current retirement system and plan. Contact Information If selected, participation in the TRS 3 and PERS 3 plan for eligible employees is required no later … 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. Suppose you’re 65 years old, and in 2017 after working at UW for 32 years, you’re retiring. In most cases, this is your final five years before retiring; though, some people may have higher salaries during other points in their career. One exception is newly hired staff who participated in a plan similar to UWRP at another Washington university or college. While this income is guaranteed, you’re not eligible to receive it until you’ve worked long enough to become vested. You also have the option to retire earlier, but your defined benefit will be reduced. Investments Your guide to investments and their performance. . 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. The Oregon Public Employees Retirement System (PERS) is a 401(a) defined benefit plan with Internal Revenue Code 414(k) accounts (the IAP). If you are eligible to change retirement elections because of a change in employment, the ISC will contact you directly. PERS 3: Preparing to retire You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. For in-person guidance, the UW Benefits office organizes workshops to help you prepare for retiring. Get to know Plan 3 Plan 3 forms More resources Plan Basics Get to know Plan 3. 206-543-4444 Yes, you do get to decide on which kind of investment you make, but it IS dependent on market performance. You have choices to make. Email the Webmaster Last Mod i fied: 5/6/2020 6:13 AM There’s no limit to the amount of service credit that you can earn. 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. Prior service for plan 2 or 3 members — One-half service credit. For full details about early retirement, read the PERS Plan 3 Handbook. This one-time transfer is irrevocable. Benefits This is your average monthly salary calculated over the 60 consecutive months (five years) where your salary was the highest. You always have access to your defined contributions. Most employees at UW are eligible to enroll in PERS 3. PERS Plan 3. At retirement, your defined benefit makes up part of the income you receive from PERS 3. PEBB retiree coverage is available to employees who meet procedural and substantive eligibility requirements described in WAC 182-12-171. Now as you near retirement, it’s time to make a plan for ending your service here at UW. You can’t take out a loan from your PERS 3 funds or otherwise access your funds while you’re working at UW. Classified staff generally aren’t eligible for UWRP. There are IRS tax implications to withdrawing your contributions, so check with a tax advisor before withdrawing. Among other things, you’ll need to: For help planning, see the DRS web resources for those nearing retirement. Live in Washington. Elected and full-time appointed officials of the legislative and executive branches of state government who voluntarily or involuntarily leave public office and meet the procedural requirements. 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. In some cases, you can earn a service credit year for working a minimum number of hours during a nine-month-long “school year.”. This lowers your taxable income, which in turn lowers the amount of taxes your pay. 41.40.109: Retirement system employer — Termination of status. This video is for people on TRS 3, PERS 3 & SERS 3. 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. 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. PERS 3 is a two part plan. 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. You can only access your funds when you’re leaving your job at UW or retiring from UW. That way, you can continue to build your service credit should you return to work at UW or another state agency. The UW reports your hours and earnings to the Washington state Department of Retirement Systems (DRS) every payday. PERS Plan 3 is a 401(a) defined benefit plan with a defined contribution component. Log into your account to apply for a job or manage your profile. Your defined benefit funds are fully vested once any of the following apply: The vesting period only applies to the defined benefit part of PERS 3. You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. 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. Visit DRS Education to find webinars, seminars, calculators and more. 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). The employer-based retirement for the Washington Public Employees Retirement System (PERS 3) is one part defined benefit (pension) and one part defined contribution. Sign In. Public Employees’ (PERS) Teachers’ (TRS) School Employees’ (SERS) Law Enforcement Officers’ and Fire Fighters’ (LEOFF) Public Safety Employees’ (PSERS) Washington State Patrol (WSPRS) Judicial (JRS) ... Are you new to public service in Washington? The ISC will contact you directly if you meet this requirement. Benefits Employer contributions fund the defined benefit plan portion only. 41.40.108: Higher education classified employees — Membership in the public employees' retirement system. 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). It is good to see someone besides me is looking hard at the value of PERS 3. 41.40.111 The second part of the plan is defined by contributions that you select and investment portfolios that you select. While these contributions help fund PERS 2, they do not determine how much income you receive at retirement. Both parts of the PERS 3 retirement plan play a significant role in your income at retirement. 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. UW VIP; Deferred compensation; Seminars and consultations. 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). For step-by-step instructions on making retirement plan elections, reference this Benefits Enrollment – Retirement – Faculty and Professional Staff user guide. Use the PERS … Employees covered by Public Employees Benefits Board (PEBB) benefits seeking insurance coverage in retirement. 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. 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