Retirement
Retirement Plan Options for Classified Staff
Below is a table summary of the retirement plans offered to classified staff, plans are administered by the Department of Retirement Systems. Participation in a retirement plan is mandatory. You will participate in Plan 2, or Plan 3 based on your initial eligible employment with any state agency, as indicated below, even if you withdrew prior contributions.
Service credit canceled by previous withdrawals may be restored by repayment of withdrawn contributions, plus interest within 5 calendar years of returning to a PERS eligible position or before retirement, whichever is first.
* Eligible employees will initially be enrolled in PERS Plan 2; however, failure to choose a plan within the 90-day enrollment period will result in a default to PERS Plan 3 with a 5% contribution rate, and the default investment option will be the Self Directed Investment Program.
| Plan | IRS Qualification | Contribution Rates | Vesting | Retirement | Benefit |
|---|---|---|---|---|---|
| PERS Plan 2 | 401(a) Defined Benefit Plan | Employee: 7.38% Employer: 12.70% | After 5 years of service. | At age 65 with 5 years of service, age 55 with 20 years of service with reduced benefit, or age 62 with 30 years of service with full benefit. | 2% of AFC per year of service |
| PERS Plan 3 | 401(a) Defined Benefit Plan with Defined Contribution | Employee: Six options available Employer: 12.70% | After 10 years of service. | At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service (defined benefit portion). | 1% of AFC per year of service (Defined Benefit portion), plus Defined Contribution portion. *see handbook for details |
| LEOFF Plan 2 Commissioned Police Officers | 401(a) Defined Benefit Plan | Employee: 8.75% Employer: 8.93% | After 5 years of service. | At age 53 with 5 years of service, or a reduced benefit at age 50 with 20 years of service. | 2% of AFC per year of service |
Retirement Plan Options for Faculty and Exempt Staff
Below is a table summary of the retirement plans offered by EWU for Faculty and Exempt staff. Participation in a retirement plan is mandatory. New Faculty and Exempt employees have 30 days from their date of hire to irrevocably select the retirement plan they wish to participate.
More detailed information regarding the various retirement plans is available on the following links:
• The Eastern Washington University Retirement Plan (EWURP)
For Faculty and Exempt staff: Administered by TIAA
• The Teachers Retirement System (TRS) Plan 3
For Faculty: Administered by Washington State Department of Retirement Systems (DRS)
• The Public Employees Retirement System (PERS) Plan
For Exempt staff: Administered by Washington State Department of Retirement Systems (DRS)
Retired faculty returning to work after retiring with TIAA plan must have at least a quarter break after the effective retirement date before returning to work. Retirees or individuals eligible to retire under any DRS plan are not eligible to participate in the EWURP. Contact the Benefits Office to discuss options for plan participation for new employees with prior DRS service.
| Plan | IRS Qualification | Contribution Rates | Vesting | Retirement | Benefit |
|---|---|---|---|---|---|
| EWURP Faculty and Exempt staff | 403(b) Defined Contribution Plan | Employee: Under age 35: 5% Age 35-49: 7.5% Age 50: 10% Employer: Equal Match | Immediately upon participation. | Age 55 with 10 or more years of service. | Multiple options available including annuitizing. Consult your TIAA representative. |
| PERS Plan 3 Exempt staff | 401(a) defined benefit plan with a defined contribution component | Employee: Six options available Employer: 12.70% | After 10 years of service credit. | At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service (defined benefit portion). | 1% of AFC per year of service (Defined Benefit portion), plus Defined Contribution portion. *see handbook for details |
| TRS Plan 3 Faculty | 401(a) defined benefit plan with a defined contribution component | Employee: Six options available Employer: 15.20% | After 10 years of service credit. | At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service. | 1% x service credit years x AFC = monthly benefit |
