If considered to be eligible for the retirement benefit through the Department of Retirement Systems, you will have an opportunity to choose between DRS Plan 2 and Plan 3. Newly eligible employees have 90 days from their position start date to choose a plan, or they are defaulted into Plan 3 with a rate option of 5% and the self-directed investment program. Note: Starting July 1, 2020, the default for newly eligible employees who do not actively choose a plan within 90 days will be Plan 2. Your plan choice is permanent.
Newly Eligible Employees - Choose a plan - Employees newly eligible to DRS will also meet with the Benefits Specialist to discuss the plan options and will receive directions for making their plan choice.
Current DRS Members - Learn more about your plan, create a benefit self-estimate, and log in to your account
Nearing Retirement - Congratulations on your decision to retire! Here are some important things to consider as you near retirement. Activate your online account, prepare with a checklist, view FAQs, request an official estimate, and learn more about retirement education.
Retirees - Find out about working after retirement, retiree news, retirement pension paydays, and other plan information.
Mailing address: PO Box 48380 | Olympia, WA 98504-8380
Visit: 6835 Capitol Blvd SE | Tumwater, WA 98501
OMNI 403(b) Retirement Plan
You have the opportunity to save for retirement by participating in the 403(b) retirement plan. A 403(b) plan is a retirement plan for certain employees of public schools and tax-exempt organizations. You do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after your retirement. The maximum annual contribution limit for 2020 is $19,500. Participants age 50 and older may contribute additional funds.
The Deferred Compensation Program (DCP) is a special type of savings program that helps you invest for the retirement lifestyle you want to achieve. DCP lowers your taxable income while you are working and it delays payments of income taxes on your investments until you withdraw your funds. DCP is an IRC Section 457 plan administered by the Washington State Department of Retirement Systems (DRS). The maximum annual contribution limit for 2020 is $19,500. Participants age 50 and older may contribute additional funds.
Public Employee Benefits Board (PEBB) for Retirees
Certain eligibility requirements must be met to receive PEBB retiree insurance coverage. Depending on your situation, you may be able to enroll in PEBB retiree insurance coverage now or you might be able to take action to protect your eligibility for future enrollment. You have 60 days after your employer-paid or continuation coverage ends to notify the PEBB Program that you want to enroll or defer enrollment in PEBB retiree insurance coverage.
Contact the Social Security Administration about 90 days before your employer-paid coverage or continuation coverage ends, to enroll in Medicare Part A and Part B if you or any dependents you wish to cover are entitled to Medicare.
Request a retiree enrollment packet about 60 days before your employer-paid coverage or continuation coverage ends.
Within 60 days after your employer-paid coverage or continuation coverage ends, return your completed retiree application and any other applicable forms to the PEBB Program.
Employment Ending Without Retirement - If you do not meet DRS criteria for retirement or you choose to not retire when your employment ends, you may have the option to use COBRA coverage as a "bridge" to PEBB retiree insurance coverage.
Deferring PEBB Retiree Health Coverage - Postponing your PEBB retiree health plan coverage in a way that lets you keep your eligibility to enroll at a later date. In order to defer enrollment, you must meet the eligibility requirements to enroll in PEBB retiree insurance coverage.
For questions, contact PEBB Benefits Services at 1.800.200.1004.