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Human Resources

Retirement Savings Options

 

IRS 2013 Retirement Plan Contribution and Benefit Limits

College Contribution Plans

Administrative/ Exempt:

Administrative/exempt staff can participate in one of two plans, either the State Board for Community and Technical Colleges Retirement Plan (SBRP) or the Public Employees Retirement System (PERS) 3 plan. The SBRP is a 401(a) defined contribution plan administered by TIAA Cref. PERS 3 is a hybrid plan comprised of two components: a defined benefit and defined contribution. For more details, please view our Comparison of Retirement Plan Options Summary.

Classified Staff:

Classified staff members participate in the Public Employees Retirement System (PERS) and must choose between Plans 2 and 3 within the first 90 days of employment. PERS is a defined benefit pension plan through the Washington State Department of Retirement Systems

Faculty:

Faculty can participate one of two plans, either the State Board for Community and Technical Colleges Retirement Plan (SBRP) or the Teachers Employees Retirement System (TRS) 3 plan. The SBRP is a 401(a) defined contribution plan administered by TIAA Cref. TRS 3 is a hybrid plan comprised of two components: a defined benefit and defined contribution. For more details, please view our Comparison of Retirement Plan Options Summary

**NOTE**

On June 15, 2011, Governor Gregoire signed Engrossed Substitute House Bill (ESHB) 1981 into law.  Provisions of this new law limit PERS and TRS retirees ability to work in a public position while collecting pension payments. Any retiree of a Washington State Department of Retirement Systems Plan who returns to work after July 1, 2011 cannot participate in a College contributing plan. In addition, all PERS and TERS retirees are limited to 867 work hours per year. Once the threshold is reached, DRS will suspend pension benefits. You can read about the changes brought about by ESHB 1981 on the Department of Retirement Systems’ website http://www.drs.wa.gov/  Over on the left-hand side of the page, under News and Announcements, click on “The latest on pension legislation.”

Additional Savings Options

Supplemental Retirement Savings:  Supplemental Retirement Plan (403(B)): Pre- and post-tax savings through payroll deduction is available to all employees. Investment options are through TIAA-CREF.

Deferred Compensation Plan (DCP):  Pre-tax savings through payroll deduction is available with investment options through the Washington State Department of Retirement Systems.