Life Events

Retirement Planning Checklist

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The earlier you begin planning for retirement, the better prepared you’ll be. If you haven’t already sought financial planning advice, now is a great time. This checklist can help you successfully transition into retirement. You might be able to increase your retirement income or even retire sooner than you had planned.

How to retire with DRS

Sign up for an online account.

  • Use your account to:
    • Verify the number of service credit years you have.
    • Calculate your retirement income with the Benefit Estimator.

3-12 months before you retire

Request an official benefit estimate. Make this request through your online account or by calling DRS. In most cases, we’ll provide your estimate 5 to 8 weeks before your retirement date.

  • If you need to make changes to your official estimate, contact DRS. (For example, contact us to change your retirement date or survivor.)
  • Complete payment for any optional service credit. (You can use funds from your DCP account to pay for optional service credit.)

1-3 months before you retire

Apply for retirement through your online account. After receiving your official benefit estimate, we recommend completing the application at least 3 to 5 weeks before the date you intend to retire. If you can’t make this timeline, contact us as soon as possible so we can help keep your retirement on track. Members of more than one system will need to complete a paper application.

  • Tell your employer your separation date (the last day you’ll be paid for work).
  • If you have Plan 3 or DCP: Decide when you want to begin receiving payments from your investments. Review the withdrawal options at drs.wa.gov/plan. Contact the DRS record keeper, Voya Financial, at 888-327-5596 with questions.

At and during retirement

The month you retire, we’ll mail you a benefit information letter.

  • Make sure your information on the letter is correct.

The same month you retire, you’ll be paid on the final business day of that month. If you don’t receive your payment, contact DRS.

  • Review the deductions on your statement. To change or remove deductions from organizations such as HCA, Metlife or CFD, you’ll need to contact them directly.
  • Keep your address and beneficiary information up-to-date with DRS. Visit the DRS retiree page to get information like the latest Pension Payment schedule.

Enjoy retirement!

Tips for a better retirement

2-20 years before retirement
  • Sign up for Washington’s DCP to save even more for retirement.
  • Age 50 or older? You can contribute a higher annual limit to DCP. And you can contribute up to twice the maximum during the three years before your normal retirement age. More about DCP.
  • Review your options for restoring or purchasing service credit to increase your benefit. If you’re missing credit, it’s better to pay for it sooner than later.
1-5 years before retirement
3-12 months before retirement
  • DCP customers, ask your employer if you can apply any unused leave toward your account.
  • If you’ll be covered by the Public Employees Benefits Board (PEBB) retiree health insurance, contact PEBB services at hca.wa.gov/pebb.
30-90 days before retirement
  • If you’re enrolling in or deferring PEBB retiree health care, now is the time to send in your coverage election form.
  • If you qualify, apply for Public Service Loan Forgiveness (PSLF). You must be employed in the public sector when you apply. Visit wsac.wa.gov/pslf. You’ll lose eligibility for this program once you retire.

Contacts

Here are some organizations customers commonly contact when retiring. 

Department of Retirement Systems
Website: www.drs.wa.gov
Phone: 360-664-7000 or 800-547-6657 (TTY dial 711)
Visit the DRS contact page for more options to reach us. 

Deferred Compensation Program (DCP)
Website: www.drs.wa.gov/dcp
Phone: 888-327-5596 

Plan 3 Record Keeper
Website: www.drs.wa.gov/rk
Phone: 888-327-5596 

Social Security Administration (SSA)
Website: www.ssa.gov
Phone: 800-772-1213 

Internal Revenue Service (IRS)
Website: www.irs.gov
Phone: 800-829-1040 

Health Care Authority (PEBB or SEBB)
Website: www.hca.wa.gov
Phone: 800-200-1004 PEBB Phone: 360-725-0440 or 800-200-1004 

Medicare/Medicaid
Website: www.medicare.gov
Phone: 888-633-4227

Voluntary Employees’ Beneficiary Association (VEBA)
Website: www.veba.org
Phone: 888-828-4953

Statewide Health Insurance Benefits Advisors (SHIBA)
Website: www.insurance.wa.gov/shiba/
Phone: 800-562-6900

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