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Washington State TRS, SERS, & PERS

<h2 data-section-id="4" data-box-id="1" data-box-type="title">What we do</h2>

What we do

For the past two decades our team has educated and advised employee participants in the Washington State TRS/SERS/PERS 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 us to do a review.

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

<br/><h2 data-section-id="2" data-box-id="1" data-box-type="title">Pension Calculations&#160; &#160;&#160;</h2><h2 data-section-id="2" data-box-id="1" data-box-type="title">(Defined Benefit)</h2>

Pension Calculations    

(Defined Benefit)

The defined benefit part of your plan will provide you a monthly income for the rest of your life.  The amount is based on your years of service and your average final compensation (the average of your top five highest years in salary).

TRS/SERS/PERS Plan 2 Formula:

2% x Average Final Compensation x Service Credit Years

TRS/SERS/PERS Plan 3 Formula:

1% x Average Final Compensation x Service Credit Years

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<br/><h2 data-section-id="3" data-box-id="1" data-box-type="title">Choosing your retirement benefit option</h2>

Choosing your retirement benefit option

When you retire, you are required to choose a beneficiary option.  This option, once chosen, cannot be changed so it is extremely important to have guidance when making this choice.

  • 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.
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<br/><h2 data-section-id="2" data-box-id="1" data-box-type="title">Plan 3 (Defined contribution)</h2>

Plan 3 (Defined contribution)

The defined contribution (only part of plans 1 & 3) is money you added through your paycheck while you were working.  You have several options with this money when you retire.

  • Purchase a TAP Annuity to create additional guaranteed income
  • Rollover into a Traditional IRA or eligible employer plan
  • Take it as cash

Each of these options has pros and cons and different tax implications.  It is important to discuss this decision with us to see how it fits into your overall income strategy before you make a choice.

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