New PERS, SERS and PSERS annuity purchase option coming Jan. 1

Posted 25-Oct-2019

Starting Jan. 1, 2020, retiring members of PERS, SERS and PSERS will have the option to purchase an annuity with investments managed by the Washington State Investment Board. Previously, this pension plan annuity was only available to TRS, LEOFF and WSPRS members.

If you are retiring on or after Jan. 1, 2020, you can now request this annuity be included in your official benefit estimate for retirement. For a retirement date on and after Jan. 1, you’ll be able to request to purchase the annuity when you retire online.

Here is a bit more information about the new annuity:

  • While there is no maximum amount, a minimum purchase of $5,000 is required for this annuity
  • The funds to purchase this annuity must come from an eligible governmental plan, such as your DCP savings
  • If you return to work or membership your annuity continues
  • The survivor and the survivor option for this annuity will be the same as the one you select at retirement for your monthly pension benefit
  • Investments in the annuity are managed by the Washington State Investment Board

To find out more about this annuity and other annuities available through DRS, visit the annuity page.


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