Retirement Plans
DRAFT
Seattle Colleges provides various retirement plans for employees dependent upon employee classification. If you are new to Seattle Colleges or in a new retirement-eligible role, the Benefits Department will notify you of your retirement plan options and any enrollment deadlines.
Important notes:
- Regardless of which retirement plan you elect, employees are unable to borrow or take out a loan against their DRS or State Board Retirement plan, per IRS guidelines.
- Retirement elections have a hard deadline. Failure to submit your election form to the Benefits department by the due date runs the risk of being defaulted into a retirement plan with no option to change.
If you have prior service years in any of these retirement plans from a previous position or with a previous employer, you may be enrolled back into the same retirement plan.
Retirement Plan Options
Default retirement plans are dependent on employee classification. Click the classification below to learn more about the corresponding options available.
Retirement plans for eligible Classified Staff are available through the Public Employees Retirement Systems (PERS) program operated by the Department of Retirement Systems (DRS). There are two plans available: PERS Plan 2 or PERS Plan 3.
PERS Plan 2 is a pension plan in which you and your employer both contribute. The main reasons customers choose Plan 2 are simplicity and low risk. Plan 2 customers qualify for a pension after 5 years of service.
Plan 3 has two parts – a pension and an investment. You contribute to the investment. Your employer funds the pension. The main reasons customers choose Plan 3 are control and growth potential.
Please review the resources available on the DRS Plan Choice website to aid in your decision. The website allows you to see plan details side-by-side.
- Employees have 90 days from their start date to make a selection, and PERS plan enrollments are final. Retirement elections cannot be changed while you are employed at Seattle Colleges, and PERS elections may follow you through your career at other Washington State employers.
- Employees who do not submit their DRS election form by the due date will be automatically enrolled into the DRS PERS Plan 2.
Retirement plans for eligible professional staff are the Department of Retirement Systems (DRS) Public Employee Retirement System (PERS) Plan 3 or the State Board Retirement Plan (SBRP).
Administered by TIAA, the State Board Retirement Plan (SBRP) is a tax-deferred defined contribution 401(a) plan that helps you save for retirement. Eligible employees can start participating in the SBRP on their first day of employment in an eligible appointment.
Your employer helps you save even more for retirement by providing 100 percent matching funds to your contributions. Both the employer and employee contributions are immediately vested, and the plan is 100 percent portable if you move between participating employers or leave the community and technical college system.
- Employees have 30 days from their start date to make a selection, and plan enrollment into is final. Retirement elections cannot be changed while you are employed at Western and PERS elections may follow you through your career at other Washington State employers.
- Employees who do not submit their retirement election form by the due date will be automatically enrolled into the SBRP plan.
Retirement plans for eligible faculty members are the Department of Retirement Systems (DRS) Teachers Retirement System (TRS) Plan 3 or the State Board Retirement Plan (SBRP). (TRS Plan 3 has the same characteristics as PERS Plan 3.)
- Employees have 30 days from their start date to make a selection, and plan enrollment into is final. Retirement elections cannot be changed while you are employed at Western and TRS elections may follow you through your career as a faculty member at other Washington State employers.
- Employees who do not submit their retirement election form by the due date will be automatically enrolled into the SBRP plan.
Optional Retirement Savings Plans
The State Board Voluntary Investment Program (SBVIP) is an optional, unmatched retirement savings plan, operating under Section 403(b) of the Internal Revenue Code (IRC).
The Washington State Deferred Compensation Program (DCP) is an optional, unmatched retirement savings plan, operating under Section 457(b) of the Internal Revenue Code (IRC).
Both plans allow for pre-tax and post-tax contributions. Presently both have minimum contributions of $30/month and maximum contributions of $24,500.
For additional information on these plans please visit their respective websites: