I plan to retire in two years. What should I do to prepare and when should I do it?
It's never too early to begin preparing and we're here to help. Be sure to take a look at our checklist of
retirement planning steps that includes not only the "what," but also the "when."
When am I considered retired?
You're considered retired once you begin receiving a retirement benefit. This is usually the day following the last
day you work. If you separate from employment, but wait to start drawing a benefit, you'll be considered retired once
you do begin receiving it.
I'm close to retiring. Can I increase the amount I contribute to my DCP account?
There are two catch-up options you can use to defer additional money to your DCP account. For details, call us at 1-888-327-5596 and select option 2.
How long will my benefit last?
You are guaranteed a retirement benefit for your lifetime and, if you choose a survivor option, for the lifetime of your survivor.
Once I retire, when will I get my first benefit check?
You should receive your first benefit payment by the last working day of the month you retire, or a few days after. For example, if you retire
on March 1 and the last working day of the month is March 31, you should receive your payment (by check or direct deposit to your bank account)
by March 31 or shortly after.
If you've arranged for direct deposit, your first payment may be mailed to your bank. All payments after that will be electronically transferred to your account.
We're only able to send your check to one bank account. If you would like your payment deposited in two accounts, be sure to arrange with your bank for an automatic transfer of funds.
What kinds of deductions can be taken from my benefit?
Deductions to your benefit check can include:
The good news is – some of the payroll deductions you currently see (Social Security, Medicare) will not be taken from your retirement benefit.
When is the earliest I can start receiving my benefit?
It depends on your age and your service credit.
You can begin drawing your retirement benefit at age 60 or older, if you have at least 15 years of service (12 years, if your service ended involuntarily).
When I retire, what will my monthly benefit be and how will it be calculated?
Please call us at (360) 664-7000 or 1-800-547-6657 to request a written estimate. Here is the formula we will use to calculate your
monthly benefit:
Service credit months ÷ 12 x 3.5 percent x Final Average Salary = Monthly Benefit
Your service retirement benefit is limited to 75% of your Final Average Salary.
How do I calculate my Final Average Salary (FAS)?
It depends on your employment situation before you retire. If you have served the same court for at least 12 consecutive months
before your retirement date, your FAS will be the monthly salary for the position you hold at the time you retire.
When I cash out my annual leave or roll it over, will the cash out be included in my
benefit calculation?
Cash outs are not included in your benefit calculation.
Do I need to make an appointment with a benefits counselor at DRS or can I start the
retirement process over the phone?
We're always glad to meet and help you in person, but there's no requirement to come in and talk with a Retirement Services
Analyst (RSA). You can easily start the retirement process over the phone and complete it through the mail.
If you prefer to talk with an RSA in person, just call us for an appointment. It works best if you first request an estimate and retirement packet and have enough time to look it over before making an appointment. That will give your RSA specific information to go over with you and also ensure your questions are answered.
You can reach us at (360) 664-7000 or toll free (outside the Olympia area) 1-800-547-6657. Here are directions and a map to DRS.
I received a letter that says you have my application. When will I hear from you again?
During the month of your retirement, we will send you a letter with the amount of your benefit and the date you can expect to receive
your first payment. Any time you have questions, be sure to call.
I plan to move out of the country (or state) after retirement. Are there any special considerations
I should be aware of?
Here are a few things to consider when moving outside the country or state:
Can service credit I earned in another state be used to qualify for retirement?
Your retirement system does not accept service credit from other states.