300-18
RETIREMENT

Department: HUMAN RESOURCES & RISK MANAGEMENT

Effective Date:    1/1/97

Supersedes:    11/1/82

Staff Contact:    B. Nelson Glode

Approved by:    Jesse Tanner

1.0 PURPOSE:

To establish a uniform procedure for employees to request retirement information or apply for retirement benefits.

2.0 ORGANIZATIONS AFFECTED:

All departments/divisions.

3.0 REFERENCES:

Not applicable.

4.0 POLICY:

Not applicable.

5.0 DEFINITIONS:

5.1    DRS means the Washington State Department of Retirement Systems.

5.2    PERS means the Public Employees Retirement System, a division of DRS.

5.3    LEOFF means the Law Enforcement Officers Firefighters Retirement System, a division of DRS.

5.4    Vesting means rights to a retirement benefit are met when five years of service credit are earned and upon reaching the Plan’s age requirement.

6.0 PROCEDURES:

When an employee wishes to retire a Request for Estimates form can be obtained from the Human Resources & Risk Management Department. At least ninety (90) days in advance of the anticipated date of retirement, the form should be sent to the retirement system in Olympia. (Requests may also be sent in at any time for employees to obtain an approximate projected retirement benefit figure).

6.1    Once the estimate of benefits information has been received by the employee from the retirement system, a personal appointment should be scheduled with the retirement office in Olympia to finalize the retirement date and complete required documents.

6.2    The department head of the employee should be provided with a written notice of retirement thirty (30) days prior to the selected retirement date.

6.2.1    The department head must notify both Human Resources & Risk Management and Finance & Information Services of the impending retirement to allow for processing of associated documents.

6.3    Finance will forward all documents related to the employee’s separation to the retirement office in Olympia.

6.4    PERS Retirement Provisions

Plan I: Benefits for employees hired or established membership before October 1, 1977.

1.    Any age with 30 or more years of service credit.

2.    Age 60 or older with at least 5 service credit years.

3.    Age 55 or older with at least 25 service credit years.

Plan II: Benefits for employees hired or established membership after October 1, 1977.

1.    Age 65 or older with at least 5 service credit years.

2.    Reduced benefits at age 55 with at least 20 service credit years.

6.5    LEOFF Retirement Provisions

Plan I: Benefits for employees hired and established membership before October 1, 1977.

1.    Retirement benefits at age 50 with 5 years of service credit.

2.    Mandatory retirement at age sixty (60), excluding law enforcement officers and firefighters on duty as of March 1, 1970, and Police and Fire Chiefs remaining in that position.

Plan II: Benefits for employees hired and established membership after October 1, 1977.

1.    Service retirement benefits at age 55 with 5 or more years of service credit.

2.    Any members who has completed twenty (20) years of service and has attained age fifty (50). The benefit will be actuarially reduced.