New Employee Planning
Eligible employees are required to be a member of a Washington State Department of Retirement Systems (DRS) Plan. Find eligibility information in the Plan Handbooks on the DRS website for Certificated Staff or for Classified Staff
Enrollment Deadline
New members have 90 days from their initial eligibility date to choose between Plan 2 or Plan 3. Find plan choice information on the DRS Plan Choice webpage.
If a plan is not chosen within the 90-day deadline, the employee will automatically be enrolled in Plan 2. After the 90 days, the plan option is final and cannot be changed.
NEW!
On August 25, 2022 WSSRA and DRS conducted a Plan 2/Plan 3 comparison webinar designed to provide newly hired K-12 employees with the information they need to make an informed retirement plan decision.
A link to a recording of that webinar is DRS Webinar for new K-12 employees - Zoom.
Tax Sheltered Investment Plans
Retirement eligible employees have the opportunity to enroll in tax deferred 403(b) and 457 Deferred Compensation Plans (DCP):
- To enroll in an eligible 403(b) plan, employees must consult with their financial planner and complete the required 403(b) Annuity Authorization form.
US OMNI 403(b) - How to participate
- Find enrollment and other information for the 457 plan on the DRS site.
NEW Additional Retirement Options Webinar conducted on October 6th. Discusses options available to eligible SPS employees for additional retirement savings. Presenters include VOYA, US OMNI, and Gallagher on behalf of VEBA HRA.
Watch here
Video Timeline:
- Retirement Overview (DRS and Social Security)
- Deferred Compensation Program (at minute 6:00)
- Tax-Sheltered Annuity Plan 403(b) (at minute 15:45)
- VEBA HRA (at minute 24:25)
Education Resources & Webinars
The Department of Retirement Systems (DRS) has multiple resources available for all stages of your career. They are now offering several webinars on a variety of topics including Plan Choice, Investment Basics and Getting Ready for Retirement.
To review webinar topics and schedules, visit the DRS Education site, and look for the webinar link at the bottom the page.
Washington State School Retirees’ Association
The WSSRA (formerly the Washington State Retired Teachers’ Association) aims to provide leadership and promote action relevant to all retired and active school personnel. They offer annual "101-level" Pre Retirement Webinars that cover the basics of the “Big Five” of retirement planning—DRS, HCA/PEBB, Social Security, Medicare and VEBA. More information can be found at WSSRA's website under Events.
Substitute Retirement Information
Substitute employees may be eligible to purchase retirement service credits. For requirements for obtaining Retirement Service Credit, review the
- TRS Substitute Guide for Certificated Staff or
- SERS Substitute Guide for Classified Staff.
For further information, contact DRS at 1-800-547-6657 or go to the DRS website.
