Retirement planning checklist

Sign up for an online account at any age

How to retire with DRS

  • Sign up for an online account at drs.wa.gov/oaa
    Use your account to:
    • Verify the number of service credit years you have.
    • Calculate your retirement income with the Benefit Estimator.
3- 12 months before you retire
  • Request an official benefit estimate
    Make this request through your online account or by calling DRS. In most cases, we’ll provide your estimate 5 to 8 weeks before your retirement date.
    • If you need to make changes to your official estimate, contact DRS.
      For example, contact us to change your retirement date or survivor.
    • Complete payment for any optional service credit.
      You can use funds from your DCP account to pay for optional service credit.
You’ll need these two dates:
/ /

The last day you’ll be paid for employment. Typically, your last day in public service.

/ /

The first day of the month AFTER your separation date and you’ve applied for retirement.

1- 3 months before you retire
  • Apply for retirement through your online account
    After receiving your official benefit estimate, we recommend completing the application at least 3 to 5 weeks before the date you intend to retire. If you can’t make this timeline, contact us as soon as possible so we can help keep your retirement on track. Members of more than one system will need to complete a paper application.
    • Tell your employer your separation date (the last day you’ll be paid for work).

    Plan 3 or DCP:

    • Decide when you want to begin receiving payments from your investments. Review the withdrawal options at drs.wa.gov/plan Contact the DRS record keeper, Voya Financial, at 888-327-5596 with questions.
At and during retirement

The month you retire, we’ll mail you a benefit information letter.

  • Make sure your information on the letter is correct.

The same month you retire, you’ll be paid on the final business day of that month. If you don’t receive your payment, contact DRS.

  • Review the deductions on your statement. To change or remove deductions from organizations such as HCA, Metlife or CFD, you’ll need to contact them directly.
  • Keep your address and beneficiary information up-to-date with DRS. Visit drs.wa.gov/retired to get information like the latest Pension Payment schedule.

Tips for a better retirement

2-20 years before retirement
• Sign up for Washington’s DCP to save even more for retirement. Age 50 or older? You can contribute a higher annual limit to DCP. And you can contribute up to twice the maximum during the three years before your normal retirement age. drs.wa.gov/dcp
• Review your options for restoring or purchasing service credit to increase your benefit. If you’re missing credit, it’s better to pay for it sooner than later.  drs.wa.gov/sitemap/service

1-5 years before retirement
• Attend a Nearing Retirement Seminar online. drs.wa.gov/life/retire/seminar
Find out how and when to:
• request an official estimate
• restore or purchase service credit
• increase your retirement income with annuity options
• Want to increase your retirement income? Explore your annuity options
at drs.wa.gov/annuity 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.

VEBA – Voluntary Employees Beneficiary Association

Provides a Health Reimbursement Arrangement
(HRA); an account you can use to reimburse your
out-of-pocket health care expenses.
State and school districts: 888-828-4953 veba.org
Cities, counties, political subdivisions:
888-659-8828 hraveba.org

SHIBA – Statewide Health

Insurance Benefits Advisors
Trained volunteers who
can answer your
Medicare questions.
800-562-6900
insurance.wa.gov/shiba/

Social Security Administration
800-772-1213 ssa.gov

Medicare
800-633-4227
medicare.gov

3-12 months before retirement
• DCP customers, ask your employer if you can apply any unused leave toward your account.
• If you’ll be covered by the Public Employees Benefits Board (PEBB) retiree health insurance,
contact PEBB services at 800-200-1004 or hca.wa.gov/pebb

30-90 days before retirement
• If you’re enrolling in or deferring PEBB retiree health care, now is the time to send in your
coverage election form.
• If you qualify, apply for Public Service Loan Forgiveness (PSLF). You must be employed in the public
sector when you apply. Visit wsac.wa.gov/pslf. You’ll lose eligibility for this program once you retire.