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New hire – Department of Retirement Systems

Details: Higher education employees. If you are eligible for HERP, see your Plan 3 options. Choose a beneficiary. In the event of your death, DRS needs to know where to send your retirement account balance. Choose your beneficiaries now.

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Chapter 3: Service Credit

Details: Before Sept. 1, 1990, the following exceptions applied to PERS Plan 1 members working for education employers. School district employees—scheduled school closures From the 1983-84 school year through the 1989-90 school year, school district employees may have earned service credit although their hours fell …

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Choose your plan

Details: Welcome! New public employees, teachers and school employees have 90 days to choose between two retirement plans: Plan 2 or Plan 3. If you don’t choose a plan, you’ll be placed in Plan 2. Choose a plan now Find out more about the plans Facts about both plans A retirement plan is a required part.

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Chapter 4: Reportable Compensation

Details: The distinction between the two levels is conditioned upon different levels of education. The second officer is paid at a higher rate. For purposes of determining basic salary, both officers occupy the same position because both have the same duties. The difference in their pay rates is an education premium that doesn’t qualify as basic salary.

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Chapter 7: Transmittal Codes

Details: Reporting a retiring member with a lump-sum cash out of sick leave earned during the last 24 months of employment. Is not used by state agencies or education employers. x: X: Reporting a retiring member with a lump-sum cash out of sick leave earned before the last 24 months of employment. Is not used by state agencies or education employers.. x: Y

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Higher Education Retirement Plan 3 30-Day System Choice HERP

Details: Higher Education Plan 3 30-Day Retirement System Choice As a new higher education institution employee, first hired on or after July 1, 2011, who is eligible to participate in a higher education retirement plan (HERP), you have 30 days to choose your retirement system.

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Chapter 8: Transmittal Reporting

Details: Political subdivisions and higher education employers cannot start, stop, increase or decrease an employee’s deferral until the change is on the DCP deferral change report. If your newly hired employees are enrolled automatically because you participate in auto-enroll, you must provide a separate report.

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Chapter 6: Contributions

Details: 0.1442 3. 1.Employer contribution rate for TRS Plan 3 is the same. 2.To report Plan 2 members for periods prior to Oct. 1, 1977, use the member contribution rate of 0.0566. To determine the employer contribution rate, use the Plan 1 employer rate that was in effect for the earning period being reported.

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Employer Handbook, Chapter 2 Membership – Department of

Details: A four-year institution of higher education having a fully operational fire department as of Jan. 1, 1996; The Department of Social and Health Services or the Department of Corrections when employing fire fighters serving at a prison or civil commitment center on an island. RCW 41.26.030

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Nearing retirement

Details: Law Enforcement Officers’ and Firefighters’ Retirement System Plan 1. Public employees PERS 3. Public Employees’ Retirement System Plan 3. Law enforcement/. firefighters LEOFF 2. Law Enforcement Officers’ and Firefighters’ Retirement System Plan 2. Teachers TRS 1. Teachers’ Retirement System Plan 1. State patrol WSPRS 1.

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Chapter 11: Deferred Compensation

Details: Chapter 11: Deferred Compensation DCP overview. The Deferred Compensation Program (DCP) is an Internal Revenue Code (IRC) Section 457 program that provides an opportunity for employees to set aside pretax dollars into a supplemental retirement account. Deferred compensation is an agreement between employee and employer to postpone part of the employee’s income until separation from …

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DRS Retiree Returning to Work at Institution of Higher

Details: DRS Retiree Returning to Work at Institution of Higher Education Effective 1/1/2012 - Benefit Suspended After Hourly Limit:6 TRS 2/3 SERS 2/3 PSERS 2 3. If retiree has less than 15 years of service credit in plan retired from. See WAC 415-112-546 for TRS; WAC 415-108-725 for PERS. Can Retiree Hired on or after 07/01/11 Join HERP? Reporting Chart 6.

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Higher Education Employee Plan 3 Investment Program

Details: Higher Education Employee Plan 3 Investment Program This form is for employees of higher education institutions who will participate in Washington state Plan 3 TRS or PERS. Give completed form to your employer. Need help? Contact DRS. 800.547.6657 or 360.664.7000 TTY: 711 ꔷ www.drs.wa.gov Section 1: System and Personal Information System

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Retirement Planning Checklist

Details: F Visit drs.wa.gov/education for free DRS retirement planning resources including videos and live webinars. F Request an official estimate of your monthly benefit payment. You can do this securely through your online account or by calling DRS. F Complete payment of any outstanding optional service credit invoices. F Ask your employer about which

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Employer Handbook Chapter 5 Service Credit – Department of

Details: Higher education employers cannot offer their HERP to new employees who have retired or are eligible for a full, unreduced retirement from any retirement plan administered by DRS and listed in RCW 41.50.030. Employers can use the ERA Member Management process to look up an employee and determine whether the employee is retired.

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Higher Education Retirement Plan (HERP) Payment Advice

Details: Higher Education Retirement Plan (HERP) Payment Advice This form is for employers to use to report HERP payments to DRS. Send completed form to: Department of Retirement Systems PO Box 9018 ꔷ Olympia, WA 98507-9018 www.drs.wa.gov 800.547.6657, option 6 and then option 1 360.664.7000, option 1 ꔷ TTY: 711 Instructions

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Retirement Membership Options for Higher Education Faculty

Details: The following table is provided to help higher education employers make eligibility determinations for new employees. New employees are eligible for a one-time System Choice at each institution (all Community and Technical Colleges are considered one institution). Once a choice has been made, it is irrevocable for that institution.

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DCP Enrollment Guide

Details: higher education employers and some local governments participate in automatic enrollment. New employees start contributing 3% through DCP. If you were automatically enrolled, you will receive a letter in the mail letting you know about your options. Find out more at drs.wa.gov/dcp. Rollovers into DCP

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Employer Eligibility Check

Details: As a state agency education and state education community and technical colleges employer you are required to join the following retirement systems: Public Employees' Retirement System (PERS) Teachers' Retirement System (TRS) If you are not currently enrolled, please contact DRS to begin the enrollment process.

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Employer Handbook Chapter 12 Resources– Department of

Details: PERS education member. A PERS member employed by a school district, higher education institution, community or technical college, the State School for the Deaf, or the State School for the Blind, and service in an educational service district.

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PERS Education Table of Service Credit Rules

Details: PERS Education Table of Service Credit Rules – Active Members This chart explains how service credit is earned in an eligible position. For additional information, refer to Chapter 3 of the DRS Employer Handbook. This chart does not apply to Elected Officials or Substitutes.

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VEBA Overview veba HRAveba

Details: Higher Education Community & Technical Colleges K-12 School Districts Counties, Cities, & Special Purpose Districts • Compensable unused sick leave at retirement • Sick leave cash out at retirement • Vacation, personal, and other leave cash outs (for employees not covered by state-wide collective bargaining) • Mandatory employee

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Retirement Membership Options

Details: Effective July 1, 2011, legislation changed the retirement eligibility rules for higher education employees hired into HERP-eligible positions. The following table is provided to help higher education employers make eligibility determinations for new employees.

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Summer Retirement Outlook news

Details: Summer Retirement Outlook news. Posted on August 29, 2021. The Retirement Outlook newsletter provides valuable information about DRS programs, benefits and services for active and retired customers. Email me when a new issue is available.

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Retirement Outlook

Details: HB 1661 Concerning the higher education retirement plans. Establishes institution-specific employer contribution rates for supplemental benefits of each higher education retirement plan. Administration of benefit payments would transition to the Department of Retirement Systems at a point after the Pension Funding Council has determined that an

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October is National Retirement Security Month

Details: Features include DRS Education webinars, short videos, planning calculators, annuity information and retirement savings goals for you to consider making your own. Some points we’d like you to keep in mind as you explore your options this month: Don’t view your retirement plan as a piggy bank.

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Online Account Access

Details: Your session will expire soon. Click 'Continue' to continue with what you are working on. If you are registering for Online Account Access and your session times …

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Rehired Public Employees' Retirement System (PERS) Plans 2

Details: RCW 41.50.139 requires employers to report all retirees in their employ. This chart does not apply to employment at an Institution of Higher Education. See Chapter 5 of the Employer Handbook for more information. Please contact DRS if you have additional questions about eligibility determinations. Rehired Public Employees’ Retirement System

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TRS Plans 2 and 3 Substitutes’ Guide

Details: TRS Plans 2 and 3 Substitutes’ Guide Washington State Department of Retirement Systems A substitute teacher is an employee of one of Washington’s public schools who is employed exclusively as a substitute for an absent employee or working in an ineligible position.

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Rehired WSP Plan 1 Retiree

Details: This chart does not apply to employment at an Institution of Higher Education. See Chapter 5 of the Employer Handbook for more information. 1. There is no Plan L0, so must report in Plan P0. ESS (05/2015) Page 1 of 1. Title: Rehired WSP Plan 1 Retiree - Reporting Chart Subject:

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