Leaving your job at the UW before you’re vested affects each part of your PERS 3 plan differently. Members of PERS Plan 2 who were enrolled in the plan prior to March 1, 2002 have an annual option to transfer to PERS 3 between January 1 and January 31. Part 2: 5-15% employee contributed; can be managed by employee in numerous fund options. The deadline for selecting a retirement plan for newly eligible employees is as follows: If you are a prior PERS 3 participant, you will be placed in the PERS 3 with a 90-day window to elect a rate option. Here are some reasons I plan to transfer to PERS 3: 1. At retirement, your defined benefit makes up part of the income you receive from PERS 3. Disability Benefits Handbook Investment Information Military Service Credit Plan Choice Purchasing an Annuity Recovery of Withdrawn or Optional Service Credit Retirement Planning FAQs Thinking About Retiring Early? 206-543-4444 Plan 3 Defined Benefit provides a retirement benefit at: Age 65 with at least five years of service credit if: 12 months were earned after age 44, OR; 5 years of service were established in Plan 2 prior to transferring to Plan 3 and prior to June 1, 2003 (PERS members), September 1, … The second part of the plan is defined by contributions that you select and investment portfolios that you select. Do you have questions about the PIN letter you received this month? Plus, you keep your service credit if you leave your job. The Washington State Department of Retirement Systems (DRS) provides comprehensive information for those thinking about retiring early. totalben@uw.edu These contributions are automatically taken out of your paycheck on a pretax basis. Both parts of the PERS 3 retirement plan play a significant role in your income at retirement. PERS Tier One (hired before 1996) PERS Tier Two (hired between 1/1/96 & 8/28/03) OPSRP (hired after 8/28/03) P (See PERS: By The Numbers, p. 3) Defined contribution plan; cash in the bank Must tie division date to December 31 of any year Mid year split requires calculation by hand to specify dollar amount PERS will allow immediate payment You also have the option to retire earlier, but your defined benefit will be reduced. Voya Financial is the new DRS record keeper for Plan 3, DCP and JRA investment accounts. If you’re vested, you’re eligible to retire at age 65. Part 2: Your defined contribution. Get to know Plan 3 Plan 3 forms More resources Plan Basics Get to know Plan 3. . Veterans' information page on this site . Use your PIN to … Log into your account to apply for a job or manage your profile. Now as you near retirement, it’s time to make a plan for ending your service here at UW. The Public Employees’ Retirement System Plan 3 (PERS 3) is a two-part, hybrid retirement plan that combines a traditional pension plan, where your receive a defined benefit at retirement, with investment options that work like a typical retirement plan, such as a 401(k). These letters are from the new record keeper, Voya Financial. Starting two years before your target date, begin using the DRS retirement planning checklist. Investments Your guide to investments and their performance. Your contributions are then invested in your retirement fund. HTML PDF: 415-108-432: PERS Plan 1 duty disability benefits. The UW Retirement Checklist has deadlines and resources that will get you through the retirement process. You can’t take out a loan from your PERS 3 funds or otherwise access your funds while you’re working at UW. HTML PDF: 415-108-440: Revocability. You must submit an online UW Retirement Application within 6 months of your UW separation date and no later than 60 days after the separation date. Staff who do not have access to computers can contact either the PERS 2/PERS 3 helpline at 1-888-711-8773 or the Benefits Office. Washington offers competitive benefits for you and your family. While this income is guaranteed, you’re not eligible to receive it until you’ve worked long enough to become vested. Not applicable. This is what you would need to know to calculate your PERS 3 retirement income: At retirement, part of your PERS 3 income comes from your defined benefit. In some cases, you can earn a service credit year for working a minimum number of hours during a nine-month-long “school year.”. No limit to the Washington state Department of retirement Systems ( DRS ) every payday do I determine I... Plan elections, reference this benefits Enrollment – retirement – Faculty and professional staff user guide and... 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