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 have an eligible survivor, 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 retirement 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:
You'll need to begin drawing your retirement benefit no later than the first of the month that follows the month you turn 60. (The one exception is for the Chief of the State Patrol.)
If you separate from employment and wait to begin drawing your benefit, and if you retire between the age of 55 and 60, your benefit will be reduced.
When I retire, what will my monthly benefit be and how will it be calculated?
You can use our online service to estimate your benefit or, if you are within two years of retirement, 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 2 percent x Average Final Salary = Monthly Benefit
Your service retirement benefit is limited to 75% of your Average Final Salary.
How do I calculate my Average Final Salary (AFS)?
Average your monthly salary from the highest-paid 24 consecutive months in which you earned service credit. Usually, this is
your last 24 months of service. In some cases, other payments may be included in your AFS. For more detail, see Your Contributions in your member handbook.
When I cash out my annual leave or roll it over, will the cash out be included in my
benefit calculation?
If you cash out annual and/or holiday leave, you may be able to use all or part of its value in your Average Final Salary (AFS)
calculation. To be included, the leave must have been earned during your AFS period (your highest-paid 24 consecutive service
credit months) and you must have been commissioned before July 1, 2001.
If your AFS period is more than 24 months prior to your retirement date, you may not be eligible to include leave cash outs.
How do I decide which benefit option to choose?
Each option has both benefits and consequences you will need to evaluate. Before making a decision, it's a good idea to consult a licensed tax
advisor, estate planner, or financial planner who specializes in retirement law and planning.
You'll want to consider the following:
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.
How does membership in another system affect my retirement?
If you're an active member in any of the retirement systems listed below and you once belonged to another of these systems, you may be eligible for
benefits as a "dual member."
There are three advantages to being a dual member:
To find out more about retiring as a dual member, see What is dual membership and how does it affect me?
If you were a member of SCERS, please call us at (360) 664-7000 or 1-800-547-6657 for information about dual membership with SCERS.