Summary of plan provisions

High-level summaries of plan provisions for the WA state public pension systems.

The following tables present high-level summaries of plan provisions for the following Washington State public pension systems:

Public Employees’ Retirement System (PERS)
Teachers’ Retirement System (TRS)
School Employees’ Retirement System (SERS)
Public Safety Employees’ Retirement System (PSERS)
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF)
Washington State Patrol Retirement System (WSPRS)

The provisions listed in the tables are not meant to be exhaustive lists. For complete details of plan provisions, please refer to the statutes shown in each table or contact the plan administrator, the Department of Retirement Systems (DRS). In the unlikely event that information contained in these tables conflicts with state law, the law takes precedence. The tables below contain provisions that change infrequently. Please see Summary of Plan Provisions on our Valuations page for tables containing provisions that change more regularly.

Summary of plan provisions

Summary of Plan Provisions

PERS	Plan 1	Plan 2	Plan 3
Effective Date of Plan	10/1/1947	10/1/1977	3/1/2002
Date Closed to New Entrants	9/30/1977	Open	Open
Statutory Reference	Chapter 41.40 RCW	Chapter 41.40 RCW	Chapter 41.40 RCW
Normal Retirement Eligibility (Age/Service)	60/5, 55/25, Any Age/30	65/5	65/10 or 65/5 with at least twelve months of service after age 44
Accrued Benefit Formula	2% x YOS x AFC; Maximum 60% AFC*	2% x YOS x AFC	1% x YOS x AFC; 0.25% per month pre-retirement COLA with 20 YOS
Computation of AFC	Annual average of the greatest compensation earnable during a 24 consecutive month period	Average compensation earnable for the highest 60 consecutive months	Average compensation earnable for the highest 60 consecutive months
Credited Service	Monthly, based on hours worked each month (school yr. for edu. emplys.)	Monthly, based on hours worked each month (school yr. for edu. emplys.)	Monthly, based on hours worked each month (school yr. for edu. emplys.)
Vesting	5 years	5 years	10 years (5 under select circumstances)
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus investment earnings and deferred retirement allowance
Early Retirement Eligibility (Age/Service)	N/A	55/20	55/10
Early Retirement Reduction Factors	N/A	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial
Disability Retirement Benefit	Non-duty: reduced accrued benefit; Duty: temporary annuity plus deferred retirement allowance	Accrued benefit, actuarially reduced	Accrued benefit, actuarially reduced

*Members with at least 30 YOS may be eligible for larger benefits as described in RCW 41.40.190.

Summary of Plan Provisions

TRS	Plan 1	Plan 2	Plan 3
Effective Date of Plan	3/1/1938	10/1/1977	7/1/1996
Date Closed to New Entrants	9/30/1977	Open	Open
Statutory Reference	Chapter 41.32 RCW	Chapter 41.32 RCW	Chapter 41.32 RCW
Normal Retirement Eligibility (Age/Service)	60/5, 55/25, Any Age/30	65/5	65/10 or 65/5 with at least 12 months of service after age 44
Accrued Benefit Formula	2% x YOS x AFC; Maximum 60% AFC*	2% x YOS x AFC	1% x YOS x AFC; 0.25% per month pre-retirement COLA with 20 YOS
Computation of AFC	Annual average earnable compensation for the 2 highest consecutive service credit years	Average compensation earnable for the highest 60 consecutive months	Average compensation earnable for the highest 60 consecutive months
Credited Service	Yearly, based on days worked each year	Monthly, based on number of months and hours worked during school year	Monthly, based on number of months and hours worked during school year
Vesting	5 years	5 years	10 years (5 under select circumstances)
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus investment earnings and deferred retirement allowance
Early Retirement Eligibility (Age/Service)	n/a	55/20	55/10
Early Retirement Reduction Factors	n/a	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial
Disability Retirement Benefit	Accrued benefit	Accrued benefit, actuarially reduced	Accrued benefit, actuarially reduced

*Members with at least 30 YOS may be eligible for larger benefits as described in RCW 41.40.190.

Summary of Plan Provisions

SERS	Plan 2	Plan 3
Effective Date of Plan	9/1/2000	9/1/2000
Date Closed to New Entrants	Open	Open
Statutory Reference	Chapter 41.35 RCW	Chapter 41.35 RCW
Normal Retirement Eligibility (Age/Service)	65/5	65/10 or 65/5 with at least 12 months of service after age 44
Accrued Benefit Formula	2% x YOS x AFC	1% x YOS x AFC; 0.25% per month pre-retirement COLA with 20 YOS
Computation of AFC	Average compensation earnable for the highest 60 consecutive months	Average compensation earnable for the highest 60 consecutive months
Credited Service	Monthly, based on number of months and hours worked during school year	Monthly, based on number of months and hours worked during school year
Vesting	5 years	10 years (5 under select circumstances)
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus investment earnings and deferred retirement allowance
Early Retirement Eligibility (Age/Service)	55/20	55/10
Early Retirement Reduction Factors	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial	3% or alternate subsidized ERF with 30 YOS (5% if hired on or after 5/1/13), otherwise actuarial
Disability Retirement Benefit	Accrued benefit, actuarially reduced	Accrued benefit, actuarially reduced

Summary of Plan Provisions

PSERS	Plan 2
Effective Date of Plan	7/1/2006
Date Closed to New Entrants	Open
Statutory Reference	Chapter 41.37 RCW
Normal Retirement Eligibility (Age/Service)	65/5 Total Service, 60/10 PSERS service
Accrued Benefit Formula	2% x YOS x AFC
Computation of AFS	Average compensation earnable for the highest 60 consecutive months
Credited Service	Monthly, based on hours worked each month
Vesting	5 years
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance
Early Retirement Eligibility (Age/Service)	53/20 Total Service
Early Retirement Reduction Factors	3% ERF with 20 YOS, otherwise actuarial
Disability Retirement Benefit	Non-duty and duty, occupational: accrued benefit, actuarially reduced from age 60; Duty, total: 70% of AFC with offsets for Social Security and L&I benefits, not to exceed 100% of AFC

Summary of Plan Provisions

LEOFF	Plan 1	Plan 2
Effective Date of Plan	3/1/1970	10/1/1977
Date Closed to New Entrants	9/30/1977	Open
Statutory Reference	Chapter 41.26 RCW	Chapter 41.26 RCW
Normal Retirement Eligibility (Age/Service)	50/5	53/5
Accrued Benefit Formula	Accrual % (1%, 1.5%, 2%) x YOS (5, 10, 20) x FAS	Accrual % (2%, 2.5%, 2%) x YOS (0-15, 15-25, 25+) x FAS; 0.25% per month pre-retirement COLA with 20 YOS*
Computation of FAS/AFC	The basic salary attached to the position or rank at retirement if held for at least 12 months	Average compensation earnable for the highest 60 consecutive months
Credited Service	Monthly, based on hours worked each month	Monthly, based on hours worked each month
Vesting	5 years	5 years
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions (x 150% if 10 YOS) plus interest, or deferred retirement allowance
Early Retirement Eligibility (Age/Service)	n/a	50/20
Early Retirement Reduction Factors	n/a	3% ERF with 20 YOS
Disability Retirement Benefit	50% FAS, (max 60% if children)	Non-duty: accrued benefit, actuarially reduced; Duty, occupational: accrued benefit without actuarial reduction, minimum 10% of AFC; Duty, total: 70% of AFC with offsets for Social Security and L&I benefits, not to exceed 100% of AFC

Summary of Plan Provisions

WSPRS	Plan 1	Plan 2
Effective Date of Plan	6/12/1947	1/1/2003
Date Closed to New Entrants	12/31/2002	Open
Statutory Reference	Chapter 43.43 RCW	Chapter 43.43 RCW
Normal Retirement Eligibility (Age/Service)	Age 55 (or Age 60 if terminated), Any Age/25, Mandatory at 65	Age 55 (or Age 60 if terminated), Any Age/25, Mandatory at 65
Accrued Benefit Formula	2% x YOS x AFC; Maximum 75% AFC	2% x YOS x AFC; Maximum 75% AFC
Computation of AFC	Average monthly salary of the highest two consecutive years	Average monthly salary of the highest 60 consecutive months
Credited Service	Monthly, based on hours worked each month	Monthly, based on hours worked each month
Vesting	5 years	5 years
Vested Benefits Upon Termination	Refund of employee contributions plus interest, or deferred retirement allowance	Refund of employee contributions plus interest, or deferred retirement allowance
Early Retirement Eligibility (Age/Service)	n/a	n/a
Early Retirement Reduction Factors	n/a	n/a
Disability Retirement Benefit	50% comp with offsets, paid from WSPRS operational funds	50% comp with offsets, paid from WSPRS operational funds