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Eastern Washington University

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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Service credit canceled by previous withdrawals may be restored by repayment of withdrawn contributions, plus interest within 5 calendar years of returning to a PERS eligible position or before retirement, whichever is first.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; if you fail to choose a plan within the 90-day enrollment period you will default to PERS Plan 2 permanently.

PlanIRS QualificationContribution RatesVestingRetirement Benefit
PERS Plan 2401(a) Defined Benefit PlanEmployee: 6.36%
Employer: 10.25%
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 3401(a) Defined Benefit Plan with Defined Contribution Employee: Six options available
Employer: 10.25%
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 PlanEmployee: 8.53%
Employer: 8.71%
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.

PlanIRS QualificationContribution RatesVestingRetirementBenefit
EWURP
Faculty and Exempt staff
403(b) Defined Contribution PlanEmployee:
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 componentEmployee: Six options available
Employer: 10.25%
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 componentEmployee: Six options available
Employer: 14.42%
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

Helpful Links

DRS Retirement Savings: Are You On Track? Savings and Retirement Calculators

PEBB Retiree Coverage 

DRS Retirement Outlook Newsletter

DRS Retiree Returning to Work Information

campus in the summer
campus in the spring

Documents

DRS Retirement Status Verification

PERS/LEOFF/TRS Forms

Frequently Asked Questions About Retirement For DRS Plans

When can I retire? Expand

You're eligibility to retire from active services depends upon which PERS plan you are a member of.

PERS 1:
-Any age with 30 years of service.
-Age 55 or older with 25 years of service.
-Age 60 or older with 5 years of service.

PERS 2:
-Age 65 or older with 5 years of service.
-Age 55 or older with 20 years of service. *actuarially reduced if under age 65 (approximately 3% -5% for every year under age 65)
-Age 62 with 30 years of service with full benefit.

PERS 3:
-Age 65 or older with 10 years of service.
-Age 55 with 5 years of service with a reduced benefit.
*See PERS 3 handbook for early retirement details

Where do I start and what will my benefit be? Expand

Usually the process begins with your department and/or the Benefits Office, early planning is ideal and it is not a commitment that you are retiring.

If you expect to retire within the next year, we encourage you to contact DRS to request a written estimate of your benefit. You can also go onto your online account access  and use the benefit estimator tool to estimate your benefit at different retirement dates.

The PERS 1 and 2 plans have a set formula: 2% x years of service x AFC (average final compensation) x 12 months.

The PERS 3 plan: 1% of AFC per year of service (Defined Benefit portion), plus Defined Contribution portion. *see handbook for details

When should I retire? Expand

Only you can decide that question. Usually people have a "milepost" goal-completing a full year of service credit, hitting a particular age, completing a full calendar year, etc. Your retirement date is always effective on the first day of the month!

Is there a certain time frame to follow? Expand

Four to six months or longer lead-time is a good guideline. This allows your department time to address scheduling issues, salary issues, budgeting, etc.

Are there forms to complete? Expand

Yes. When you have made the decision to retire, the Benefits Office will provide the "official" declaration of retirement that is distributed to Human Resources, Payroll and your department. You will have a DRS application and a Social Security application (if you begin receiving a benefit).

Can I continue my medical/dental benefits when I retire? Expand

Yes. You will receive a retiree packet with current medical/dental rates and forms from the Benefits Office.
Frequently asked questions (FAQs) about retiree PEBB coverage

Thinking about working after you retire? Expand

Be aware of the rules of your plan prior to returning to work for any state agency.  Click here for more information regarding the rules of your plan.

Where can I find answers to frequently asked questions about the retirement system? Expand

Plan FAQ's

Where do I order a retirement plaque? Expand

Retirement plaques can be ordered through the Paint Shop.  Contact Facilities and Planning to submit a request https://inside.ewu.edu/facilities/.

318 Showalter Hall
email: benefits@ewu.edu
phone: 509.359.2488
fax: 509.359.2874
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