Washington (TRS/SRS)

Our team for almost a half century has actively educated and currently advises employee participants in the Washington State TRS/SRS pension plans as they approach retirement.  As a result, these state employees confidently make better decisions about their pension options, DRS Plan 3 investments, and retirement account rollovers. We are always abreast with recent legislation and ways in which it will impact the long term decision you will make in retiring from the state. We take a comprehensive approach in looking at all aspects of your financial picture.  How will your Washington State pension affect Social Security, IRA's and any other planning needs you will have?  Contact one of our team members to do a review.

This is the most difficult and biggest decision you will make that will affect the rest of your life. 

TRS Plan 1

• Hired before October 1, 1977
• Normal Retirement Age & Service Credit Requirements
• Age: Any  Years of Service: 30
• Age: 55     Years of Service: 25
• Age: 60     Years of Service: 5

TRS/SERS Plan 2

• Hired on or after October 1, 1977
• Normal Retirement Age & Service Credit Requirements
• Age: 65   Years of Service: 5
• Reduced Retirement Age & Service Credit Requirements
• Age: 55   Years of Service: 20 

TRS/SERS Plan 3

• Hired on or after October 1, 1977
• Has 2 parts à Defined Benefit (DB) & Defined Contribution (DC)
• Your employer contributes to the DB, you contribute to the DC
• Normal Retirement Age & Service Credit Requirements
• Age: 65   Years of Service: 

  5 years if at least 12 months earned after age 44

  or 5 years earned in Plan 2 before July 1, 1996

• Age: 55  Years of Service: 10 

TRS/SERS Plan 2 Formula:

• 2% x Average Final Compensation x Service Credit Years

TRS/SERS Plan 3 Formula:

• 1% x Average Final Compensation x Service Credit Years

This is for the pension portion of your benefit only.  There are many other options for the TRS/SRS Plan 3 rollovers at retirement including annuitization options and rolling over to your Traditional IRA once separated from service. Please contact Carrie or Logan for a one on one pension review before making your final decisions to retire. 

• Option 1 – Single Life: Highest retirement benefit. Pays only for your lifetime.
• Option 2 – Joint & 100% Survivor: Benefit option is less than Option 1. Provides same lifetime monthly benefits to your survivor.
• Option 3 – Joint & 50% Survivor: Benefit option is more than Option 2. Provides 50% of the lifetime monthly benefits to your survivor that you were receiving.
• Option 4 – Joint & 66.67% Survivor: Benefit option is more than Option 2 and less than Option 3. Provides 66.67% of the lifetime monthly benefits to your survivor that you were receiving.

Our specialty is helping you plan for the long term decision of retirement and looking at which options make the most sense for you. We take a look at every piece of the puzzle.  Please do not make a decision on which option to go with, without looking at other considerations including: 

• Disability Retirement Benefit
• Purchase Service Credit
• In-Service Death Benefits  –Be aware of workings

• Medicare  - Make sure to sign up 3 months before age 65

• Social Security Benefits  - If applicable, consider when best to start receiving, especially if you have a spouse