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Retirement Rules For State Government Employees In Washington
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Multi-State
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US-001HB
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FAQ
If you are a customer contacting DRS, you'll receive the fastest service by contacting us through your DRS online account or calling 800-547-6657.
You must meet service requirements to be eligible for the employer-funded pension. But once you meet those, you are guaranteed a lifetime pension income.
How to find your 401(k) from past jobs Contact previous employers. It may seem obvious, but one of the quickest ways to track down an old 401(k) plan is to go directly to the source. Review past W-2 tax forms. Check your mail. Search the National Registry. Search Form 5500 Directory. State unclaimed property.
800-547-6657 or 360-664-7000 (TTY 711)
How do I retire with DRS? Request an official benefit estimate from DRS 3 to 12 months prior to your retirement date. Make this request through your online account or by contacting us. Complete a retirement application at least 5 weeks from the date you intend to retire (once you receive your official estimate).
Full retirement You are eligible to retire at age 65 if you have at least five years of service credit. You are eligible to retire at age 60 if you have at least 10 years of PSERS service credit.
It's certainly possible to retire early at 50 with $700,000 in savings, but you'll likely need to make some lifestyle adjustments. Using the 4% safe withdrawal rate, you could take out $28,000 per year, or $2,333 per month. This should last you for 30 years until age 80 assuming average market returns.
“Its low rankings in tax-friendliness (36th) and elder care costs weigh heavily on its overall retirement-friendliness,” Lupo noted. “Collectively, these factors illustrate why Washington ranks so low in WalletHub's Best States to Retire study for 2025.”
More info
Retirement plan guides for all Department of Retirement System plans including rules and benefit information for Washington State DRS pension customers. Once vested, you are eligible to retire with a full benefit at age 65.Retirement before 65 is considered an early retirement. Though DRS prioritizes application for earlier retirement dates, its best to complete your application 30-90 days before you plan to retire. 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." Full Retirement age at 55 with 30 years of service. In addition to this form, you should complete Forms 85 (Direct Deposit - Electronic Funds Transfer Sign-Up) and 766. Employees must have 5 years of creditable civilian service and must not be eligible for immediate annuity. Retirement contributions cannot have been withdrawn. If you are ready to select your options, you will fill out, sign, and file your application for voluntary retirement.