Retirement is an exciting time but it can also be puzzling, especially when retiring
from a state agency. There are many pieces that don't seem to fit together. The more
familiar you are with the plans and options, the easier the retirement process will
be.
Many Lower Columbia College employees have a Washington state-sponsored retirement
plan through one of two administrators. The Washington State Department of Retirement
(DRS) administers the Public Employee Retirement System (PERS) for classified and
exempt employees and Teachers Retirement System (TRS) for faculty. The Teachers Insurance
& Annuity Association-College Retirement Equities Fund (TIAA-CREF) administers the
State Board Retirement Plan for exempt and faculty. Plan handbooks are available online
and provide important details about your specific retirement plan. Agency websites
also have several brochures and tools to help plan and forecast retirement income.
The following resources should help you become familiar with your retirement plan
and other retiree benefits.
If you are a member of a WA State Retirement Systems (PERS, TRS) and within five years
of retirement, review the seminar information and register online! Any seminars that are held at Lower Columbia College will be listed on the Public Web Calendar under the Red Devil Wellbeing filter.
Retirement Plan Resources for Classified & Exempt
- Plan Administrator: Washington State Department of Retirement Systems (DRS)
- Contact: (800) 547-6657
- Type of Plan: Defined Benefit; (Plan 3 is a hybrid plan)
- Supplemental Contribution Plan Available? Yes, Deferred Compensation
- Available to: Classified, Admin & Exempt
- Plan Administrator: Teachers Insurance & Annuity Association-College Retirement Equities Fund
- Contact: (800) 842-2252
- Type of Plan: Defined Contribution, 401(a)
- Supplemental Contribution Plan Available? Yes, State Board Voluntary Investment Plan
- Available to: Faculty, Admin & Exempt (Supplemental for Classified)
Retirement Plan Resources for Faculty
- Plan Administrator: Washington State Department of Retirement Systems (DRS)
- Contact: (800) 547-6657
- Type of Plan: Defined Benefit; (Plan 3 is a hybrid plan)
- Supplemental Contribution Plan Available? Yes, Deferred Compensation
- Available to: Faculty
- Plan Administrator: Teachers Insurance & Annuity Association-College Retirement Equities Fund
- Contact: (800) 842-2252
- Type of Plan: Defined Contribution
- Supplemental Contribution Plan Available? Yes, State Board Voluntary Investment Plan
- Available to: Faculty, Admin & Exempt (Supplemental for Classified)
Voluntary Supplemental Retirement Plan Resources
- Plan Administrator: Washington State Department of Retirement Systems (DRS)
- Contact: (888) 327-5596
- Type of Plan: Supplemental Plan, 457(b)
- Available to: Any employee type
- Plan Administrator: Teachers Insurance & Annuity Association-College Retirement Equities Fund
- Contact: (800) 842-2252
- Type of Plan: Supplemental Plan, 403(b)
- Available to: Any employee type
Retiree Benefit Resources
- Plan Administrator: Health Care Authority
- Contact: (800) 200-1004
- Type of Plan: Medical and Dental Plan
- Available to: Eligible Retirees (WAC 182-12-171)
- Eligible retiring public employees:
- Have access to comprehensive health insurance coverage
- Have a one-time opportunity to enroll in or defer coverage
- Must complete an enrollment form no later than 60 days after employer-sponsored or
COBRA coverage ends
- Plan Administrator: U.S. Social Security Administration
- Contact: 800-MEDICARE (800) 633-4227
- Type of Plan: Medical Program for age 65 and older
- Available to: Mandatory for most employees
- Plan Administrator: VEBA Trust
- Contact: (888) 828-4953
- Type of Plan: Health Reimbursement Arrangement (HRA)
- Available to: Eligible Retirees
- Eligible retiring public employees:
- An HRA is not an insurance plan and you do not pay a premium
- Funded by 25% of your sick leave cash-out upon retirement
- As a retiree, you and your eligible dependents can use it to pay qualified health
expenses after your retirement
- Common qualified expenses include co-pays, deductibles, prescription drugs, and retiree
insurance premiums
Essential Retirement Resources
- Plan Administrator: U.S. Social Security Administration
- Contact: (800) 772-1213
- Type of Plan: Defined Benefit
- Available to: Mandatory for most employees
DRS Retirement Planning
Other Retirement Resources
- AARP Retirement Calculator - Calculate how much you need to save to retire.
- Retirement Toolkit - U.S. Department of Labor's online retirement toolkit in cooperation with Social
Security Administration, Centers for Medicare and Medicaid Services.