TRS-3 Flashcards
TRS Plan 3 has two parts — a defined
benefit part and a defined contribution
part.
• Your employer contributes to your defined
benefit part.
•You contribute to the define
contribution part.
When you meet plan requirements and retire
You are guaranteed a monthly benefit for the rest of your life from the defined benefit part.
Your monthly benefit will be based on your earned service credit and compensation while a member of TRS Plan 3.
The formula will be used to calculate your
monthly benefit is
1% x service credit years x Average
Final Compensation = monthly benefit
You are vested in the plan when you meet
one of the following service requirements:
- 10 service credit years
- Five years of service credit with at least 12 of those months being earned after age 44
- Five service credit years earned in TRS Plan 2 before June 1, 2003
Once vested, you are eligible to retire with
a full benefit at age 65.
•Retirement before 65 is considered an
early retirement.
•If you have at least 10 years of service credit and are 55 or older, you can choose to retire early, but your
benefit might be reduced.
• There is less of a reduction if you have 30 or more years of service credit.
What do you use www.drs.gov/oaa for?
•Track your contributions and service credit.
•Read the latest newsletter.
•Update your beneficiary information or email address.
•Use your individual data to estimate your
monthly benefit.
•And when you’re ready, apply for retirement.
Who maintains the TRS and DCP?
Washington State Department of Retirement Systems (DRS) administers the Teachers’ Retirement
System and the Deferred Compensation Program (DCP).
Who maintains the defined benefit component?
DRS maintains your defined benefit
component (the part your employer contributes to)
Who maintains the defined contributions components?
Empower Retirement, the Plan 3 record keeper,
maintains your defined contribution account (the part you contribute to).
How long does a TRS member have to choose between TRS Plan 2 or 3?
TRS members
hired on or after July 1, 2007, have 90 days
from the first day of employment to choose
between TRS Plans 2 and 3.
Which TRS plan do you default to if you didn’t specifically choose?
It’s possible you defaulted into Plan 3 if you didn’t specifically choose it.
What are the criterias for an eligible teaching position?
An eligible teaching position is one that is
normally compensated for at least 70 hours
of work per month for at least five months
between September and August.
Define “teacher”
A teacher is anyone who is certified to teach
and is employed by a public school as an
instructor, administrator or supervisor.
The definition of a teacher includes:
•State, educational service district and
school district superintendents and their
assistants
• School district and educational service
district employees who the Washington
Superintendent of Public Instruction
certificated
• Any full-time school doctor a public school employs to provide instructional
or educational services
Are substitute teachers allowed to participate in the TRS?
Substitute teacher’s membership in TRS is optional
