Retirement Planning Resources
Retirement is an exciting milestone, but the process can feel complex—especially when retiring from a Washington State employer. Understanding your retirement plan, your options, and available resources will help make the transition smoother and more predictable.
Most Lower Columbia College employees participate in a Washington State–sponsored retirement plan. Plans are administered by either the Washington State Department of Retirement Systems (DRS) or TIAA (Teachers Insurance & Annuity Association). Plan handbooks and online tools are available to help you learn about your options and estimate your retirement income.
The resources below will help you understand your plan type, eligibility, supplemental
savings options, and retiree benefits.
DRS Retirement Planning Seminars
Employees who participate in PERS or TRS and are within five years of retirement are encouraged to review the DRS seminar schedule.
Retirement Plan Resources for Classified & Exempt Employees
PERS Plans 1, 2, and 3
Plan Administrator: Washington State Department of Retirement Systems (DRS)
Contact: (800) 547-6657
Plan Type: Defined Benefit (Plans 1 and 2); Plan 3 is a hybrid plan
Available to: Classified, Administrative, and Exempt employees
Resources:
Washington State Higher Education Retirement Plan (HERP) / TIAA
Plan Administrator: TIAA
Contact: (800) 842-2252
Plan Type: Defined Contribution (401(a))
Available to: Faculty; Administrative and Exempt employees; supplemental option for Classified
Resources:
Retirement Plan Resources for Faculty
TRS Plans 1, 2, and 3
Plan Administrator: Washington State Department of Retirement Systems (DRS)
Contact: (800) 547-6657
Plan Type: Defined Benefit (Plans 1 and 2); Plan 3 is a hybrid plan
Available to: Faculty
Resources:
Washington State Higher Education Retirement Plan (HERP) / TIAA
Plan Administrator: TIAA
Contact: (800) 842-2252
Plan Type: Defined Contribution
Available to: Faculty; Administrative and Exempt employees; supplemental option for Classified
Resources:
Voluntary Supplemental Retirement Savings
These optional plans allow employees to save additional pretax or post-tax (Roth) income for retirement.
Deferred Compensation Program (DCP)
Administrator: Washington State Department of Retirement Systems (DRS)
Contact: (888) 327-5596
Plan Type: 457(b) supplemental savings plan
Available to: All employee types
State Board Voluntary Investment Plan (VIP) / TIAA
Administrator: TIAA
Contact: (800) 842-2252
Plan Type: 403(b) supplemental savings plan
Available to: All employee types
Retiree Benefit Resources
PEBB Retiree Medical and Dental Insurance
Administrator: Washington State Health Care Authority (HCA)
Contact: (800) 200-1004
Plan Type: Retiree medical and dental coverage
Available to: Eligible retirees (WAC 182-12-171)
Eligible retiring public employees:
- Have access to comprehensive retiree health coverage
- Have a one-time opportunity to enroll in or defer coverage
- Must submit enrollment no later than 60 days after employer or COBRA coverage ends
Medicare
Administrator: U.S. Social Security Administration
Contact: 1-800-MEDICARE (800-633-4227)
Plan Type: Federal medical program for individuals age 65+
Available to: Required for most retirees
Voluntary Employee Beneficiary Association (VEBA)
Administrator: VEBA Trust
Contact: (888) 828-4953
Plan Type: Health Reimbursement Arrangement (HRA)
Available to: Eligible retirees
Key features:
- VEBA is not insurance; no premiums are required.
- Funded by 25% of your sick leave cash-out at retirement.
- You and your eligible dependents may use VEBA funds for qualified health expenses.
- Common eligible expenses include deductibles, co-pays, prescription medications, and retiree insurance premiums.
Essential Retirement Resources
Social Security
Administrator: U.S. Social Security Administration
Contact: (800) 772-1213
Plan Type: Defined benefit
Available to: Required for most employees
Not sure when to begin Social Security benefits?
Use SSA’s online tools to compare start-age scenarios.
Other Helpful Retirement Tools
- AARP Retirement Calculator — Estimate how much you need to save for retirement.
- U.S. Department of Labor Retirement Toolkit — Developed with the Social Security Administration and Centers for Medicare & Medicaid Services.