HomeMy WebLinkAbout300-18LL POLICY & PRtJCET}URE
Subject: Indez: HUMAN RESUURCES
RISK MANAGEMENT
RETIREMENT Number: 300-18
Et`ective Date Supersedes Page Sfaff Contact ' pprov
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111l9 I llll82 1 of 2 B. Nelson Glode
1.0 PURPOSE:
To establish a unifarm procedure for ernplayees ta request retirement infarn atian or apply for
retirement benefits.
2.0 QRGANIZATI4NS AFFECTED:
All departmentsldivisions.
3.0 REFERENCES:
Not applicable.
4.0 POLICY:
Not applicable.
S.0 DEFINITION5
5.1 DRS rneans the t Vashington State Department af Retirement Systems.
5.2 PERS means the Public Emplayees Retirement System,a division of DRS.
5.3 LEOFF means the Law Enforcement Officers Firefighters Retirement System, a division
of DRS.
5.4 Vesting rneans rights to a retirement benefit are met when five years of service credit are
earned and upan reaching the Plan's age requirement.
6.0 PRUCEDURES:
When an employee wishes to retire a Request for Estima.tes farm can be obtained from the Human
Resources & Risk Managernent Departrnent. At least ninety (90) days in advance of the
anticipated date of retirement, the farm should be sent to tl e retirernent system in Olympia.
Requests may also be sent in at any tirne for employees to obtain an approximate prajected
retirement benefit figure}.
RETIREMENT-300-18
Page 2
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 siaKy (60), excluding law enforcement officers and
firefighters on duty as of March 1, 19'70, and Police and Fire Chiefs remaining in
that position.
Plan II: Benefits for employees hired and established membership after October 1, 1977.
l.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.