Time Extension For Higher Pension In Washington
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FAQ
2024 COLA changes Certain retirees in Plan 1 of the Public Employees' Retirement System and Plan 1 of the Teachers' Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July 2024 as a result of House Bill 1985 (pending the governor's signature).
A retirement plan is a required part of the benefits package for your Washington public service. Both Plan 2 and Plan 3 offer a lifetime pension benefit.
The average annual state pension for all plans (weighted by headcount) is $21,493.
If you have at least 10 years of creditable service, then you are vested in PSERS. You will eligible to receive a retirement benefit from PSERS the first of the month following your 60th birthday (at a reduced benefit) or the month following your 65th birthday for full benefits.
However, if any of those years includes at least 12 months of service after age 44, you only need 5 years to qualify. Once you are vested, if you separate from service and withdraw your contributions, you can still qualify for a pension.
If you have at least 10 years of creditable service, then you are vested in PSERS. You will eligible to receive a retirement benefit from PSERS the first of the month following your 60th birthday (at a reduced benefit) or the month following your 65th birthday for full benefits.
Immediate Retirement If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62, unless you have 20 years of service and your benefit starts when you reach age 60 or later.
