Preparing for Retirement
Are you preparing for retirement? The Department of Retirement Systems (DRS) offers Retirement Planning Seminars that may be useful as you get ready for your future beyond Evergreen. They are designed for members within five years of retirement. You may also find this Retirement Planning Checklist (PDF) a useful guide for your last six months of preparation.
Retiree Medical, Dental and Life Insurance
Your state sponsored benefits will end effective on the last day of the month in which you retire. If you meet the definition of an eligible retiree (as defined by WAC 182-12-171), you have the option to continue your medical, and/or dental insurance on a self-pay basis as a state retiree. You must enroll within 60 days of your retirement.
The supplemental life insurance will continue for 60 days beyond your benefits end date. If you wish to convert your life insurance to an individual permanent whole life policy you need to make the conversion within 60 days of ending benefits. To apply for conversion, please complete and mail the PEBB Life Insurance Conversion Form to the ReliaStar Life Insurance Company. In addition, there is a basic retiree life insurance plan available to you. For more information, please visit the Public Employees Benefit Board website at: http://www.pebb.hca.wa.gov/
If you have any questions regarding your retirement insurance or conversion of your life insurance plan, please call the Health Care Authority directly at (800) 200-1004. If you have any additional questions regarding your retirement please review the Retirement Planning Checklist (PDF) or contact the Payroll and Benefits Office at ext 6460.
Voluntary Employees Beneficiary Association – Medical Expense Plan
Visit the VEBA website for full details.
- VEBA is available if you are a Classified or Exempt Employee.
- The VEBA MEP is a post-retirement health reimbursement arrangement (HRA) available to eligible state and higher education employees.
- Twenty-five percent of your sick leave accruals will be cashed out at retirement. The funds are transferred directly to your account with the VEBA Plan Third-Party Administrator, Meritain Health. You can then use your funds to reimburse yourself for eligible medical expenses.
- Complete the enrollment form provided in the retirement packet you will receive from Human Resource Service or obtain online.
- Mail or drop off the completed enrollment forms to the Human Resources Service. If you mail the forms, be sure you keep a copy for yourself.
- Remember, if you do not enroll in VEBA, you will forfeit your cash out.
TIAA-CREF Retirement Supplementation
What is Supplementation?
Supplementation is a payment to a "retired person or to his/her designated beneficiary(ies)" paid by the College if the annuity income received from TIAA-CREF does not meet a goal amount per Revised Code of Washington (RCW) 28B.10.400.
Who is eligible for Supplementation?
If you were employed on or before June 30, 2011 and are retiring under the TIAA-CREF TESC Retirement Plan you may be eligible for supplementation. The basic eligibility criteria are age 62 or older at time of retirement and continuous participation in the retirement plan for ten or more years. However, a person who retires prior to age 62, for conditions of health, is eligible if s/he has ten or more years of participation in the retirement plan.
The goal amount is based upon salary, years of service (not to exceed 25 years), age at retirement, and an assumed TIAA-CREF annuity benefit.
Payment of supplementation occurs when the "goal income" is greater than the "assumed income," subject however, to additional qualifications such as retirement prior to age 65 and other state retirement benefits. Selection of a survivor income option affects the final amount of payment due the retiree.
Supplementation is determined for qualifying retirees at the time of retirement. If payment is due it will continue until the death of the retiree (and spouse if a survivor income option is selected). Additional information can be found in The Evergreen State College 401(a) Supplemental Retirement Plan Document (PDF).