The State of Washington has a retirement program for its public service employees called the Washington Public Employees’ Retirement System (PERS). The program offers a few employer-contributed retirement plans.
If you are a member of the Washington Public Employees’ Retirement System, you can use the DRS website to access your account, calculate your pension, estimate your savings, and more. The DRS also offers a Deferred Compensation Program (DCP) that allows you to save for retirement with tax benefits. The DCP Roth and pretax limits for 2024 have increased, and all DCP participants under age 50 can contribute up to $23,000 per year. If you are 50 or older, you can contribute up to $30,500 per year.
The Department of Retirement Systems (DRS) offers several retirement plans for state employees in Washington. Here is a brief summary of the plans:
1. PERS Plan 1: A lifetime retirement pension plan available to public employees in Washington . The pension amount depends on how long you work in public service and your salary.
2. PERS Plan 2: A defined benefit plan, which means an individual's retirement benefit is defined by a formula . The formula is: 2% x service credit years x Average Final Compensation = monthly benefit .
3. PERS Plan 3: A defined contribution plan, which means the retirement benefit is based on the contributions made to the plan and the investment performance of those contributions.
4. LEOFF Plan 1: A lifetime retirement pension plan available to law enforcement officers and firefighters in Washington . The pension amount depends on how long you work in public service and your salary .
5. LEOFF Plan 2: A defined contribution plan, which means the retirement benefit is based on the contributions made to the plan and the investment performance of those contributions .
6. TRS Plan 1: A lifetime retirement pension plan available to teachers in Washington . The pension amount depends on how long you work in public service and your salary .
7. TRS Plan 2: A defined benefit plan, which means an individual's retirement benefit is defined by a formula . The formula is: 1.867% x service credit years x Average Final Compensation = monthly benefit .
8. SERS Plan 2: A defined benefit plan, which means an individual's retirement benefit is defined by a formula . The formula is: 2% x service credit years x Average Final Compensation = monthly benefit .
9. WSPRS Plan 1: A lifetime retirement pension plan available to Washington State Patrol officers in Washington . The pension amount depends on how long you work in public service and your salary .
10. PSERS Plan 2: A defined benefit plan, which means an individual's retirement benefit is defined by a formula . The formula is: 2% x service credit years x Average Final Compensation = monthly benefit .
You can find more information about these plans on the Department of Retirement Systems (DRS) website .
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The Washington State Health Care Authority provides health care benefits for Washington public employees, including retirees. As a retiree, your PEBB benefits include medical (including vision) and dental coverage. You may also have term life insurance.
If you are preparing to retire, the Washington State Health Care Authority offers monthly retirement webinars that walk through eligibility, the enrollment process, and explain what benefits are available.
Please note that the Department of Retirement Systems (DRS) does not provide retiree health care. However, the DRS website provides some resources to help you find what you need.
If you have any questions about your retirement plan or health care benefits, it’s best to contact the Washington State Health Care Authority or the Department of Retirement Systems directly.
