Once you have worked and paid contributions for 30 years, further contributions will not increase your retirement benefit. For that reason, you can choose to participate in a program that earns 7.5 percent interest on contributions you make after 30 years and refunds the money at retirement. If you participate in the program, your monthly retirement benefits will be based on earnings made prior to the date DRS received notice of your election to participate. Election to participate is irrevocable and must be made within six months after earning 30 service credit years, and is effective the first of the month following the month you make this election. This law was enacted on July 25, 1999, and is not retroactive.
In the months prior to your 30th service credit year, DRS will contact you and provide information to help you make an informed decision. To learn more about the Post 30-Year Program, review the DRS publication, PERS Plan 1 Post 30-Year Program.
Your benefits may be affected if you work for a DRS-covered employer after retirement. Under state law, the employer is required to report your hours to DRS. When you apply for retirement you will receive the publication, Thinking About Working After Retirement? which explains how your benefit may be affected.
If your employer offers continuing health care coverage through the Public Employees Benefits Board (PEBB), you may be qualified for health care coverage when you retire. If qualified, you must:
To find out if you are qualified for PEBB benefits, contact your employer. You can also contact the Health Care Authority at 1-800-200-1004.
DRS requires that you provide your Social Security Number when you are conducting business with the agency. Internal Revenue Code Sections 6041 (A), and 6109 authorize DRS to solicit your Social Security Number.