Teachers' Retirement System (TRS) Plan 3 is a 401(a) plan with two parts: pension and investment. Your employer contributes to your pension.New public employees, teachers and school employees have 90 days to choose between two retirement plans: Plan 2 or Plan 3. On March 28, 2024, Washington State's Governor, Jay Inslee, signed into law a bill that creates a new staterun retirement program called "Washington Saves." Learn ways to save and invest to help you prepare for your retirement. Professional advice. A Teacher Retirement System is a state-level organization that administers retirement savings plans for workers in public schools and colleges. The majority of state Teacher Retirement Systems receive low rankings. Only 1 out of 5 teachers receive their full pensions. Involved in the plan can determine whether a plan is subject to ERISA.