Retirement Benefits

Newly Eligible Members - Retirement Choices

Classified, Hourly, and Student Staff*Exempt StaffFacultyPolice Officers
PERS Plan 2TESC Retirement PlanTESC Retirement PlanLEOFF Plan 2
PERS Plan 3PERS Plan 3TRS Plan 3

 

DCPDCPDCPDCP

New Classified Employees with no prior state service and

Eligible Temporary/Hourly or Student Employees with no prior state service

You can choose between PERS Plan 2 or Plan 3.  The Department of Retirement Systems Plan Choice Booklet explains in depth the differences in the two plans. 

  • You will have 90 days to make your choice between PERS Plan 2 or Plan 3. 
  • If you do not choose a plan during your first 90 days, you will automatically default to Plan 3.
  • Once you are in Plan 2 or Plan 3, you will remain in that plan through your career with the state of Washington.

New Eligible Exempt Staff or Faculty with no prior state service

You may elect to participate in PERS3 (exempt staff only), TRS3 (faculty only), or TESC Retirement Plan. For more detailed information on the choices you should review the DRS Plan 3 Summary and the TIAA-CREF TESC Retirement Plan website.

Note:  New employees who come to Evergreen as eligible faculty with previous WA State TRS, or exempt staff with previous WA State PERS membership may remain in their present plan, or they can elect to participate in The Evergreen State College Retirement Plan.  Please review the exceptions and detailed eligibility charts for Retirement Membership Options – Faculty and Retirement Membership Options – Non Faculty

  • You have 30 days to make the choice between TESC Retirement Plan and PERS3/TRS3. 
  • If you do not choose a plan during your first 30 days, you will automatically default to The Evergreen State College Retirement Plan.

Department of Retirement Systems (DRS) Plans

The Washington State Department of Retirement Systems offers the following plans to eligible employees:

PERS Plan 1 is no longer offered to new employees.
PERS Plan 2 is a defined benefit plan. It provides a guaranteed lifetime monthly retirement benefit based on length of employment and salary.  Additional information can be found in the PERS Plan 2 Member Handbook.  A classified employee with PERS2 membership prior to March 1, 2002 will have the option to transfer into PERS3 every January.
PERS Plan 3 has two components - a defined benefit component and a defined contribution component.  The defined benefit component provides a guaranteed lifetime monthly retirement benefit.  The defined contribution component is based on the amount you contribute and the performance of the investments you select.  Additional information can be found in the PERS Plan 3 Member Handbook.
TRS Plan 3 (for faculty) has two components - a defined benefit component and a defined contribution component. The defined benefit component provides a guaranteed lifetime monthly retirement benefit. The defined contribution component is based on the amount you contribute and the performance of the investments you select. Additional information can be found in the TRS Plan 3 Member Handbook.
LEOFF is offered to commissioned police officers.

Contributions are based on your gross salary amount. Your contributions are treated as reductions from your salary. Therefore, you do not pay income tax on that portion of your earnings now. It will be taxed upon withdrawal.  How the plans vary in the amount withheld from you check is as follows:

Contributions are as follows:Your ContributionEvergreen Contribution

PERS 1 (Must have joined the system prior to October 1, 1977. Must be hired into a PERS eligible position and previously in PERS1.)

6.00%

11.18%*

PERS 2 (Must be hired into a PERS eligible position, or exempt staff previously in PERS2)

6.12%*

11.18%*

PERS 3 (Must be hired into a PERS eligible position, or Exempt Staff position)

See Handbook

11.18%*

TRS 2 (Must be hired into a faculty position)

5.95%

13.13%

TRS 3 (Must be hired into a faculty position)

See Handbook

10.39%

LEOFF (Must be hired as a commissioned police officer)

8.41%*

8.59%*

*Contribution set by legislature and subject to change.

DRS Deferred Compensation Plan (DCP) - Automatic Enrollment

As a new Washington public employee, you will be automatically enrolled in the program.  Because DCP is voluntary, there are actions you can take once you receive your enrollment notification letter in the mail.  You can also opt out of DCP under the procedures listed below, with the option to rejoin later.

Enrollment timeline

  • Day 1 You are hired

  • About 30 days after hire You receive a mailed DCP notification letter

  • Within 30 days of date on notification letter You have 30 days to opt out of DCP enrollment if you do not want to participate

  • 3 months after your hire date Your 3% paycheck contributions begin if you make no changes to your DCP account

  • Within 90 days of your first contribution You can still withdraw your automatic enrollment contributions and stop your deferrals; after these 90 days only withdrawals are permitted  when you leave DCP-covered employment

The Evergreen State College Retirement Plan

TIAA-CREF administers The Evergreen State College Retirement Plan for faculty and exempt staff.

TESC Retirement Plan is a 403(b) retirement annuity.  Your contributions are based on your age and matched by the college.  Your benefit depends on the amount and performance of your investments. Additional information can be found in The Evergreen State College Retirement Plan document (PDF).
Contributions are based on your gross salary amount. Your contributions are treated as reductions from your salary. Therefore, you do not pay income tax on that portion of your earnings now. It will be taxed upon withdrawal. 

Employee Age

Your Contribution

Evergreen Contribution

Under 35 years old

5.00%

5.00%

35 to 50

7.50%

7.50%

50 and above

10.00%

10.00%

Voluntary Investments are Available to all employees

Deferred Compensation Plans


Evergreen offers you a choice of two different tax deferred plans:

Roth Savings Plan


Evergreen offers you one Roth Savings plan:

 

*Membership exceptions—Full-time Evergreen student and spouse of a full-time Evergreen student.

 

You may be exempted from membership in PERS when:  You are a full-time student or the spouse of a full-time student; and you are employed at the same institution where you are a full-time student or where your spouse is a full-time student; and you determine that your employment is primarily an incident to and in furtherance of your education or training, or the education or training of your spouse