{"id":39731,"date":"2024-07-02T16:19:31","date_gmt":"2024-07-02T23:19:31","guid":{"rendered":"https:\/\/inside.ewu.edu\/hr\/?page_id=39731"},"modified":"2025-10-27T08:47:54","modified_gmt":"2025-10-27T15:47:54","slug":"retirement","status":"publish","type":"page","link":"https:\/\/inside.ewu.edu\/hr\/benefits-briefing\/benefits\/retirement\/","title":{"rendered":"Retirement"},"content":{"rendered":"
\n
\n
\n\n

Retirement<\/h1>\n\n<\/div><\/div><\/div>\n\n
<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n
<\/div>\n\n\n
\n\n

Retirement Plan Options for Classified Staff<\/h2>\n\n<\/div>\n\n\n
<\/div>\n\n\n\n

Below is a table summary of the retirement plans offered to classified staff, plans are administered by the Department of Retirement Systems<\/a>. 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.<\/p>\n\n\n\n

Service credit canceled by previous withdrawals may be restored by repayment of withdrawn contributions, plus interest within 5 calendar years of returning to a PERS eligible position or before retirement, whichever is first.<\/p>\n\n\n\n

* 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.<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n\n\n\n\n\t\n\n\t\n\t\n\t
Plan<\/th>IRS Qualification<\/th>Contribution Rates<\/th>Vesting<\/th>Retirement <\/th>Benefit<\/th>\n<\/tr>\n<\/thead>\n
PERS Plan 2<\/a><\/td>401(a) Defined Benefit Plan<\/td>Employee<\/strong>: 5.38%
\nEmployer<\/strong>: 5.58%<\/td>		After 5 years of service.<\/td>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.<\/td>2% of AFC per year of service<\/td>\n<\/tr>\n
PERS Plan 3<\/a><\/td>401(a) Defined Benefit Plan with Defined Contribution <\/td>Employee<\/strong>: Six options available
\nEmployer<\/strong>: 5.58%<\/td>		After 10 years of service.<\/td>At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service (defined benefit portion).<\/td>1% of AFC per year of service (Defined Benefit portion), plus Defined Contribution portion. *see handbook for details<\/em><\/td>\n<\/tr>\n
LEOFF Plan 2<\/a>
\nCommissioned Police Officers<\/em>
\n<\/td>		401(a) Defined Benefit Plan<\/td>Employee<\/strong>: 8.53%
\nEmployer<\/strong>: 5.32%<\/td>		After 5 years of service.<\/td>At age 53 with 5 years of service, or a reduced benefit at age 50 with 20 years of service.<\/td>2% of AFC per year of service<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n\n

Retirement Plan Options for Faculty & Exempt Staff<\/h2>\n\n<\/div>\n\n\n
<\/div>\n\n\n\n

Below is a table summary of the retirement plans offered by EWU for full time Faculty and Exempt staff.  Participation in a retirement plan is mandatory. New full time Faculty and Exempt employees have 30 days<\/strong> from their date of hire to irrevocably select the retirement plan they wish to participate.<\/p>\n\n\n\n

More detailed information regarding the various retirement plans is available on the following links:<\/p>\n\n\n\n

\u2022 The Eastern Washington University Retirement Plan (EWURP)<\/a>
<\/strong>For full time Faculty and Exempt staff:  Administered by TIAA<\/em><\/p>\n\n\n\n

\u2022 The Teachers Retirement System (TRS) Plan 3<\/strong><\/a>
<\/strong>For full time Faculty:  A<\/em>dministered by Washington State Department of Retirement Systems (DRS) <\/em><\/p>\n\n\n\n

\u2022 The Public Employees Retirement System (PERS) Plan<\/strong><\/a>
<\/strong>For full time Exempt staff:  <\/em>Administered by Washington State Department of Retirement Systems (DRS<\/em>)<\/em><\/p>\n\n\n\n

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<\/strong> eligible to participate in the EWURP. Contact the Benefits Office to discuss options for plan participation for new employees with prior DRS service.<\/p>\n\n\n\n

<\/div>\n\n\n\n\n\n\n\n\t\n\n\t\n\t\n\t
Plan<\/th>IRS Qualification<\/th>Contribution Rates<\/th>Vesting<\/th>Retirement<\/th>Benefit<\/th>\n<\/tr>\n<\/thead>\n
EWURP
\nFaculty and Exempt staff<\/td>		403(b) Defined Contribution Plan<\/td>Employee:<\/strong>
\nUnder age 35: 5%
\nAge 35-49: 7.5%
\nAge 50: 10%
\nEmployer:<\/strong> Equal Match<\/td>		Immediately upon participation.<\/td>Age 55 with 10 or more years of service.<\/td>Multiple options available including annuitizing. Consult your TIAA representative.<\/td>\n<\/tr>\n
PERS Plan 3
\nExempt staff<\/td>		401(a) defined benefit plan with a defined contribution component<\/td>Employee:<\/strong> Six options available
\nEmployer:<\/strong> 5.58%<\/td>		After 10 years of service credit.<\/td>At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service (defined benefit portion).<\/td>1% of AFC per year of service (Defined Benefit portion), plus Defined Contribution portion. *see handbook for details<\/em><\/td>\n<\/tr>\n
TRS Plan 3
\nFaculty <\/td>		401(a) defined benefit plan with a defined contribution component<\/td>Employee: <\/strong>Six options available
\nEmployer: <\/strong>7.74%<\/td>		After 10 years of service credit.<\/td>At age 65 with 10 years of service, or a reduced benefit at age 55 with 10 years of service.<\/td>1% x service credit years x AFC = monthly benefit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/div>\n\n\n
\n
\n\n

Helpful Links<\/h2>\n\n\n\n

DRS Retirement Savings: Are You On Track? Savings and Retirement Calculators<\/a><\/p>\n\n\n\n

PEBB Retiree Coverage <\/a><\/p>\n\n\n\n

DRS Retiree Returning to Work Information<\/a><\/p>\n\n<\/div><\/div>\n\n

\n\n
\"campus
\t\t\t\t\t\t<\/figcaption><\/figure>\n\n<\/div><\/div>\n\n
\n\n
\"campus
\t\t\t\t\t\t<\/figcaption><\/figure>\n\n<\/div><\/div>\n\n
\n\n

Documents<\/h2>\n\n\n\n

DRS Retirement Status Verification<\/a><\/p>\n\n\n\n

PERS\/LEOFF\/TRS Forms<\/a><\/p>\n\n<\/div><\/div>\n<\/div>\n\n\n

<\/div>\n\n\n
\n\n

Frequently Asked Questions About Retirement For DRS Plans<\/h2>\n\n<\/div>\n\n\n
<\/div>\n\n\n
\n
\n\n