When should I start planning for retirement?
Planning for retirement is an ongoing process. The sooner you start, the more likely you are to enjoy a comfortable and successful retirement. Here are some simple things you can do to help build your retirement plan:
- As early in your career as possible, attend one of the Department of Retirement Systems’ (DRS) Retirement Planning Seminars. These full-day sessions feature qualified speakers on a number of retirement subjects and are free of charge. The dates and locations for these seminars are announced in the member newsletter, Retirement Outlook.
- Learn more about investing at an Investment Education Seminar. Seminar locations can be found online on the SERS Plan 3 Investment Education Web site.
Plan 3 membership definition
You are a SERS Plan 3 member if you were first hired into an eligible position at a school district or educational service district (ESD) on or after September 1, 2000 and have never been a Public Employees’ Retirement System (PERS) Plan 2 member, or if as a SERS Plan 2 member you elected to transfer to Plan 3 after September 1, 2000.
For purposes of this plan, an “eligible position” normally requires at least 70 hours of compensated service per month during five months each year with a covered employer that participates in SERS. This includes all Washington state public school districts and ESDs.
Additional criteria for membership
Some employees may satisfy the basic eligibility criteria for membership but be ineligible for other reasons. If you belong to one of the following categories, contact DRS to determine your eligibility.
You may be ineligible for membership if:
- You are receiving a retirement or disability benefit from a retirement system including the city retirement systems of Seattle, Tacoma and Spokane.
- You provide professional services to an employer on a fee, retainer or contract basis, or the income from the professional services is less than 50 percent of the gross income you receive from your profession.
- You are enrolled in a state-approved apprenticeship program (see RCW 49.04) and are employed to earn hours for program completion, and are making contributions to a union-sponsored retirement plan or are a member of a Taft-Hartley retirement plan.
