Helpful Resources for Retirement Planning
If you have questions, or to request a Retirement Information Packet (click here to view online), please contact Toni Damron at 425.408.7610 or firstname.lastname@example.org.
The Washington State Department of Retirement Systems Education Website (click to view), offers many valuable tools, whether you are just starting out, mid-career, or nearing retirement. You can register for seminars and webinars, use benefit calculators, and apply for your pension. Go to www.drs.wa.gov to get started!
Thinking about retiring?
The Department of Retirement Systems has posted an article on the DRS website that is of particular interest to teachers and school employees who are nearing retirement. It provides information about the various implications to consider when weighing a July vs. September retirement date, including a new consideration related to the launch of SEBB and health insurance costs.
Here is a link to the article:
Retirement Plan Choice
If you are a new school district employee hired for the first time into a SERS or TRS eligible position, you have an important decision to make about your retirement. If you haven't made your plan decision yet, we invite you to a live Plan Choice webinar, click to sign up. You can also watch the Online Plan Choice Video, click to view, whenever convenient for you. You have 90 days from your start date to make your retirement plan choice decision. The choice that you make is permanent.
Retirement Plan Member Contribution Rate Changes For Plan 2 Members
The employee contribution rate for TRS Plan 2 and SERS Plan 2 will increase, effective September 1, 2019. The new rate will be reflected on your September pay warrant. The employee contribution rates will change as follows:
TRS Plan 2: New rate is 7.77%. The old rate was 7.06%
SERS Plan 2: New rate is 8.25%. The old rate was 7.27%
Optional Retirement Plans
As an employee of Northshore School District, you have the option to participate in two different optional retirement plans, the Deferred Compensation Program, and the 403(b) Plans. These plans allow you to set aside tax-deferred funds for your retirement. Both plans allow you the flexibility to start, stop or change contributions at any time.
To open up a Deferred Compensation Plan, go to www.drs.wa.gov/DCP and click on "Enroll" to fill out the Participation Agreement. You can also click here to view and print the DCP Participation Agreement.
To open up a 403(b) account, select our state and school district at the National Benefit Services Website. You will be able to choose a participating 403(b) vendor (click here to view list online), and contact them directly to open your account. Once your account is open, you will need to fill out a Salary Reduction Agreement, to start the payroll deduction. Click here to view the Universal Availability Notice, for more information on the 403(b) Plan.
Each year your bargaining unit must decide whether to participate in VEBA. If your bargaining unit has agreed to participate, the District will remit to the VEBA Trust your annual and/or your retirement sick leave buy-out payment.
The payment to VEBA is currently non-taxable for social security and federal income tax and the amount is excluded under Internal Revenue Code 419. Therefore, contributions you make to the Trust can save you money on taxes.
You can use your VEBA account to reimburse eligible out-of-pocket healthcare costs and premiums for you, your spouse, and qualified dependents.