Retirement Planning Checklist
The earlier you begin planning for retirement, the better prepared you’ll be. If you haven’t already sought financial planning advice, now is a great time. This checklist can help you successfully transition into retirement. You might be able to increase your retirement income or even retire sooner than you had planned.
- Sign up for an online account. Use your account to:
- Verify the number of service credit years you have.
- Calculate your retirement income through the Benefit Estimator.
- Review your plan for your retirement eligibility.
3-12 months before retiring
- Request an official estimate of your monthly benefit through your online account or by calling DRS.
- Complete payment for any optional service credit.
1-3 months before retiring
- Contact DRS if you need to make changes to your official estimate
(for example, if you want to change your retirement date or survivor option).
- Apply for retirement through your online account (members of more than one plan will need to contact DRS to apply). Include any additional requested information with your submission.
- If you have Plan 3 or DCP, decide when you want to begin receiving payments from your contributions. See your withdrawal options for Plan 3 or DCP. Contact the record keeper at 888-327-5596 with questions.
Tell your employer your intended separation date.
At and during retirement
- After you retire, we’ll mail you a letter with your monthly benefit information. Make sure your information on the letter is correct.
- The same month you retire, you’ll receive your first payment on the final business day of that month. If you don’t receive your payment, contact DRS.
- When you receive your first monthly benefit payment, make sure the deductions on your statement are correct. Contact DRS if you have questions about any
non-medical insurance deductions.
Keep your current address and beneficiary information up-to-date with DRS.
Tips for a better retirement
2-20 years before retirement
- Sign up for DCP to save even more for retirement. Over 50? DCP has a catch up savings option for you.
- Review your options for restoring or purchasing service credit to increase your benefit.
1-2 years before retirement
- Register for a retirement webinar. This is a great way to get an overview of the retirement process and ask questions.
- Want to increase your retirement income? Explore your annuity options or contact us.
- Plan for health care in retirement. Find out which options are available to you. Your employer may have additional information for you.
3-12 months before retirement
- If you’ll be covered by the Public Employees Benefits Board (PEBB) program health insurance, contact PEBB services.
- Decide when to apply for Medicare and Social Security retirement benefits.
30-90 days before retirement
- If you’ll be using PEBB health care, now is the time to send in your coverage election form.
- DCP customers, contact DRS to find out if you can apply any unused leave toward your account.
Here are some organizations customers commonly contact when retiring.
Deferred Compensation Program (DCP)
Plan 3 Record Keeper
Social Security Administration (SSA)
Internal Revenue Service (IRS)
Health Care Authority (PEBB or SEBB)
Phone: 800.200.1004PEBB Phone: 360.725.0440 or 800.200.1004
Voluntary Employees’ Beneficiary Association (VEBA)