Employee Retirement Savings Options
College Contribution Plans
Administrative/Exempt Employees
Administrative/exempt employees can choose to participate in either the State Board for Community and Technical Colleges Retirement Plan (SBRP) or the Public Employees Retirement System (PERS) Plan 3. The SBRP is a 401(a) defined contribution plan administered by TIAA-CREF. PERS 3 is a hybrid plan comprised of two components: a defined benefit and defined contribution. For more details, please view our Comparison of Retirement Plan Options Summary.
Classified Employees
Classified employees participate in the Public Employees Retirement System (PERS) and must choose between Plans 2 and 3 within the first ninety (90) days of employment. PERS is a defined benefit pension plan through the Washington State Department of Retirement Systems (DRS).
Faculty
Faculty can participate in one of two plans, either the State Board for Community and Technical Colleges Retirement Plan (SBRP) or the Teachers Retirement System (TRS) Plan 3. The SBRP is a 401(a) defined contribution plan administered by TIAA-CREF. TRS 3 is a hybrid plan comprised of two components: a defined benefit and defined contribution. For more details, please view our Comparison of Retirement Plan Options Summary.
**NOTE**
On June 15, 2011, the Washington State Governor signed Engrossed Substitute House Bill (ESHB) 1981 into law. Provisions of this law limit PERS and TRS retirees' ability to work in a public position while collecting pension payments. Any retiree of a Washington State DRS plan who returns to work after July 1, 2011 cannot participate in a college contributing plan. In addition, all PERS and TRS retirees are limited to 867 work hours per year. Once the threshold is reached, DRS will suspend pension benefits.
Additional Savings Options Available to All Employees
Supplemental Retirement Savings: Supplemental Retirement Plan (403(B)): Pre- and post-tax savings through payroll deduction is available to all employees. Investment options are through TIAA-CREF.
Deferred Compensation Plan (DCP): Pre-tax savings through payroll deduction is available with investment options through DRS