Newly vested
Am I vested? Being vested means you’re eligible to receive a lifetime monthly pension. Your eligibility is different depending on your plan number.
Plan 2
You’ll need 5 years of service credit to qualify for a pension retirement.
Plan 3
You’ll need 10 years of service credit to qualify for a pension retirement. However, if you earn at least 12 months of service after age 44, you only need 5 years to qualify.
Vested? Congratulations! Here’s what’s next:
1. Estimate your benefit
Your retirement income will grow the longer you remain in public service. Use the Benefit Estimator tool in your online account. This can give you an idea of how your pension might grow based on the number of years you work.
- From the DRS homepage, select the Member Login button in the top right.
- Log in to your online account.
- In the menu bar, select your plan name – such as PERS 2. This will open a dropdown menu.
- Select Benefit Estimator.
- Read how to use the estimator and select Accept & Continue.
- For first-time users, we recommend using the four-step process. This helps you learn how your benefit is calculated.
You can use this tool at any point in your career. You can create an estimate using different factors as many times as you like. This calculator will allow you to see a private preview of what your monthly retirement income might look like.
2. Boost your retirement income
Washington’s Deferred Compensation Program (DCP) lets you contribute directly from your paycheck. Over time, those contributions (and earnings) can help you grow your retirement income. Use the DCP calculator to see how your contributions could grow over time.
An annuity is a guaranteed income plan that you can purchase with pre-tax money (such as DCP). The money you receive from your annuity is in addition to the money you receive from your pension. Find out more about your options by visiting our annuity page.
3. Check in with your budget regularly
See where you can set aside more for retirement. If available, use automatic contributions so your savings continue without extra effort.
Watch this savings video for ideas or you can use Voya’s budget calculator.
4. Review early retirement options
If you’re thinking about retiring early, it depends on your plan. In most cases, if you retire before you turn age 65, your monthly benefit is reduced because you will receive it over a longer period of time.
The amount of the reduction depends on how much younger than age 65 you are when you retire and the amount of service credit you have. Some systems allow a full retirement benefit at an earlier age.
See your plan
5. Stay on track
Sign up for the DRS email news list to get regular tips, plan updates and legislative changes. Members say staying informed through these updates is what gives them the most retirement confidence.
Subscribe to DRS news
For more information, check your plan page.
