New Employee Planning
In general, employees who work ½ time or more are required to be a member of one of the Washington State Department of Retirement Systems (DRS) Plans
I. 90 Day Window
New employees (or newly eligible employees) have 90 days from the beginning of your eligibility to enroll in a retirement plan. Employees will automatically be enrolled in the default plan (TRS/SRS Plan 2) if they fail to return an enrollment form to the Payroll & Benefits Department within 90 days.
Planning to Retire
Retiring is a very important step and requires planning. Consider the following to help you gather the information that will help you prepare for the next stage in your life.
- Attend a DRS Retirement Planning Seminar
DRS offers workshops and all day seminars covering various aspects of retiring a couple of times during the year. Seating is limited, and these workshops/seminars fill up quickly.
- Attend SEA seminars
The Spokane Educational Association (SEA) offers evening seminars that address a number of retirement issues. Sessions are open to both represented and non-represented employees. Contact SEA at 325-4503 for additional information.
- Meet with a Financial Planner to get professional advice.
If you plan to retire in the next few months, notify Human Resources and Payroll Department immediately.
Tax Sheltered Investment Plans
The OMNI Newsletter provides updates and information to help better understand your tax-deferred retirement benefits. The recent newsletters are available here:
Additional Learning Opportunities
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, click on the link below for the DRS Education home page. The webinar link is located at the bottom the Education homepage.
This article has helpful information on the impact of the timing of your retirement date and your benefits: Resignation timing affects health and pension benefits for school employees and teachers.