Leaving your job at the UW before you’re vested affects each part of your PERS 3 plan differently. These letters are from the new record keeper, Voya Financial. It is good to see someone besides me is looking hard at the value of PERS 3. The ISC will contact you directly if you meet this requirement. Service credit is based on the number of hours you work each month and how long you have participated in the retirement plan. The Department of Retirement Systems has acquired the help of a translation service for people who need assistance in a … 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. . 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. In this video I breakdown how Washington DRS Plan 3 pension works for Washington state employees. 41.40.109: Retirement system employer — Termination of status. Now as you near retirement, it’s time to make a plan for ending your service here at UW. 206-543-4444 While this income is guaranteed, you’re not eligible to receive it until you’ve worked long enough to become vested. The formula for calculating your monthly retirement benefit is: 1% x service credit years x average final compensation. Use your PIN to … Both parts of the PERS 3 retirement plan play a significant role in your income at retirement. This is your average monthly salary calculated over the 60 consecutive months (five years) where your salary was the highest. Contact Info & Resource Links University of Washington. To retire early, you must be at least 55 and have 10 or more years of service credit. UWRP and PERS 3-TRS 3 Comparison Chart 2014-06 Download. Classified staff generally aren’t eligible for UWRP. You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. University of Washington Retirement Plan (UWRP) The UWRP is a tax-deferred defined contribution plan that helps you save for retirement. Prior service for plan 2 or 3 members — One-half service credit. Investments Your guide to investments and their performance. Part 1: 1% x years of work x ave monthly salary over previous 5 years (employer contributed). . In most cases, you can transfer your funds to a qualified retirement account, such as an IRA, without facing a tax penalty. 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. PERS Plan 3 is a 401(a) defined benefit plan with a defined contribution component. The Oregon Public Employees Retirement System (PERS) is a 401(a) defined benefit plan with Internal Revenue Code 414(k) accounts (the IAP). Part 2: Your defined contribution. 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. HTML PDF: 415-108-430: Procedure. UW employees are the only ones in the state who will be able to enroll in PERS 3 online. Information about this is on the UW’s PERS 3 Web site. 41.40.105: Chapter not applicable to officers and employees of state convention and trade center. 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. No COLAs for the defined contribution. What is PERS 3 and How Does It Work? Office locations. You can find comprehensive information about the plan in the PERS Plan 3 Handbook (PDF). While these contributions help fund PERS 2, they do not determine how much income you receive at retirement. Thinking About Working After Retirement? This one-time transfer is irrevocable. This is what you would need to know to calculate your PERS 3 retirement income: At retirement, part of your PERS 3 income comes from your defined benefit. Veterans. Suppose you’re 65 years old, and in 2017 after working at UW for 32 years, you’re retiring. PERS 3 retirement plan Enroll in PERS 3. The UW Retirement Checklist has deadlines and resources that will get you through the retirement process. 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? Plus, you keep your service credit if you leave your job. 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 Washington State Department of Retirement Systems (DRS) provides comprehensive information for those thinking about retiring early. With the defined contribution part of the plan, you invest part of each paycheck into a retirement fund. 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. Get to know Plan 3 Plan 3 forms More resources Plan Basics Get to know Plan 3. Starting two years before your target date, begin using the DRS retirement planning checklist. 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. totalben@uw.edu 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. 2. Sign In. HTML PDF: 415-108-440: Revocability. PERS 3 is a two part plan. This income is guaranteed for the rest of your life. Attend a seminar; Meet with an investment professional; Nearing retirement. Coverage is also available to the following: 1. 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. Not applicable. The employer-based retirement for the Washington Public Employees Retirement System (PERS 3) is one part defined benefit (pension) and one part defined contribution. The survivin… Visit DRS Education to find webinars, seminars, calculators and more. When you retire, the amount you earn depends on the performance of your investments. Withdrawals Thinking about retiring […] UW Employer Contributions 100% match. You always have access to your defined contributions. Visit DRS Education to find webinars, seminars, calculators and more. The second part of the plan is defined by contributions that you select and investment portfolios that you select. 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. 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, … UW VIP; Deferred compensation; Seminars and consultations. 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). HTML PDF: 415-108-436: PERS Plans 2 and 3 disability benefits. You have choices to make. That way, you can continue to build your service credit should you return to work at UW or another state agency. Live in Washington. Here are some reasons I plan to transfer to PERS 3: 1. Email the Webmaster Last Mod i fied: 5/6/2020 6:13 AM Also, during your last year of work, use the Retirement - UW Retirement Checklist (PDF) as your career here comes to an end. Washington offers competitive benefits for you and your family. The more you plan the smoother your transition will go — you may even realize you can retire sooner than you thought. PERS 3: Preparing to retire You’ve worked, you’ve saved, and you’ve envisioned your life in the years to come. Do you have questions about the PIN letter you received this month? Most employees at UW are eligible to enroll in PERS 3. PERS 3 is partially defined benefit (1% X service years X average compensation) plus another section defined by your contribution and MARKET performance. The more you plan the smoother your transition will go — you may … Your contributions are then invested in your retirement fund. The other part comes from your defined contribution. PERS Plan 3. There are IRS tax implications to withdrawing your contributions, so check with a tax advisor before withdrawing. This is per month and paid out upon reaching age … If you’re a member of the Public Employees’ Retirement System (PERS) 3 retirement plan, start with the resources here to begin planning your retirement from UW. Washington is a great place to work, play and raise a family. Voya Financial is the new DRS record keeper for Plan 3, DCP and JRA investment accounts. 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? totalben@uw.edu Thanks to all for the information and the link regarding PERS 3. 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). When enrolling, you must choose from among six contribution options. Address Correspondence to: Attn: PERS-### or BUPERS-### This is an official U.S. Navy Website Need Career, Pay or Personnel help? This video is for people on TRS 3, PERS 3 & SERS 3. 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. 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. 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. Use the PERS … 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 You also have the option to retire earlier, but your defined benefit will be reduced. Among other things, you’ll need to: For help planning, see the DRS web resources for those nearing retirement. 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. Membership established on or after October 1, 1977 [full plan definition]. There’s no limit to the amount of service credit that you can earn. Generally, you need to work at least 90 hours per month for 12 months to earn a service credit year. Contact Information There’s lots to consider as you approach retirement. 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. For in-person guidance, the UW Benefits office organizes workshops to help you prepare for retiring. The Teachers Retirement System (TRS) Plan 3 and Public Employees Retirement System (PERS) Plan 3 are tax-deferred hybrid Defined Contribution/Defined Benefit Plans. Visit the DRS record keeper information page for more info. University of Washington Retirement Plan (UWRP) The UWRP is a tax-deferred defined contribution plan that helps you save for retirement. This lowers your taxable income, which in turn lowers the amount of taxes your pay. For step-by-step instructions on making retirement plan elections, reference this Benefits Enrollment – Retirement – Faculty and Professional Staff user guide. If you’re vested, you’re eligible to retire at age 65. Log into your account to apply for a job or manage your profile. It’s a good idea to create your own retirement planning calendar. 41.40.111 I'm in my early 30's, plan to retire at 58, and expect to die around 86. If selected, participation in the TRS 3 and PERS 3 plan for eligible employees is required no later … © 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. Now as you near retirement, it’s time to make a plan for ending your service here at UW. Yes, you do get to decide on which kind of investment you make, but it IS dependent on market performance. These contributions are automatically taken out of your paycheck on a pretax basis. This includes classified staff, professional... Part 1: Your defined benefit. You can’t take out a loan from your PERS 3 funds or otherwise access your funds while you’re working at UW. 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. Part 2: 5-15% employee contributed; can be managed by employee in numerous fund options. My Plan 3 Account You’re required to contribute a portion of your salary to your PERS 3 plan. You are responsible for investment selection. Choose carefully, though, because once you enroll you can’t change your contribution percentage. If you are newly eligible for PERS 3, retirement elections can be made in Workday. 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. 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. One exception is newly hired staff who participated in a plan similar to UWRP at another Washington university or college. If you are eligible to change retirement elections because of a change in employment, the ISC will contact you directly. 206-543-4444 See the PERS 3 Plan Handbook for details), Age 62 and have 30 or more years of service credits, Age 55 and have 10 or more years of service credits (this will reduce your monthly benefit), Determine the impact taxes have on your income, Estimate your Social Security using their. 41.40.108: Higher education classified employees — Membership in the public employees' retirement system. PERS 3/TRS 3: When a participant becomes eligible for the employer-paid defined benefit. Plan 3 - PERS, SERS, and TRS; Please select your current retirement system and plan. 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. At retirement, your defined benefit makes up part of the income you receive from PERS 3. PERS Plan 3. Benefits You must be working at least 50 percent of full time and in an appointment with a duration of at least five months. For full details about early retirement, read the PERS Plan 3 Handbook. Call MyNavy Career Center: 833-330-MNCC, or 901-874-MNCC (DSN 882-6622), Email MNCC, MNCC Chat Comments or Suggestions about this Website? The UW reports your hours and earnings to the Washington state Department of Retirement Systems (DRS) every payday. 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. Manage Your Account. Veterans' information page on this site . Vesting UWRP: When a participant gains ownership in the employer contributions. Your OPSRP pension is what is called a defined benefit, which means it does not have an account balance and is defined by other means. Employer contributions fund the defined benefit plan portion only. 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. Benefits The deadline for selecting a retirement plan for newly eligible employees is as follows: If you are a prior PERS 3 participant, you will be placed in the PERS 3 with a 90-day window to elect a rate option. To be eligible for this year’s transfer window, you must earn service credit in January 2017. HTML PDF: 415-108-432: PERS Plan 1 duty disability benefits. In some cases, you can earn a service credit year for working a minimum number of hours during a nine-month-long “school year.”. Voya Financial is the new DRS record keeper for DCP, Plan 3 and JRA accounts. Most employees at UW are eligible to enroll in PERS 3. 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). Modeling-I created a spread sheet that modeled the life of my retirement. How do I determine if I have plan choice rights or transfer rights to PERS Plan 3? Visit the DRS record keeper information page for more info. It’ll help you keep track of your plan and avoid missing any steps. Employees covered by Public Employees Benefits Board (PEBB) benefits seeking insurance coverage in retirement. This includes classified staff, professional staff, librarians, and academic staff; (faculty are eligible for a similar plan, TRS 3). What’s your approach to investing for retirement? HTML PDF: 415-108-434: PERS Plan 1 nonduty disability benefits. Transferring from PERS2 to PERS3. PERS 2; PERS 3; TRS 3; LEOFF 2; Optional plans. They periodically adjust the rates to reflect the overall cost of the plan. In most cases, this is your final five years before retiring; though, some people may have higher salaries during other points in their career. The rates at which both you and UW contribute are specified by the state legislature. 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