Approaching Retirement
Western is here to support your transition to retirement and has collected the following resources for those of you approaching retirement age. One to two years before retiring, you may need to prepare in the following ways:
- Confirm your retirement eligibility under your specific retirement plan.
- Evaluate your retirement income options.
- Choose health and benefits plans.
- Give notice to your department and HR.
Retirement Eligibility
Each retirement plan has different stipulations based on age and service years that makes employees eligible for retirement from Western. Please select your retirement plan below to view retirement eligibility criteria.
Eligible to retire at age 65 with at least 5 service credit years.
An early retirement is anything before age 65.
- You can retire as early as age 55 with a reduced benefit if you have at least 20 service credit years.
- You can retire as early as age 62 with 30 service credit years.
To view your service credit year, log in to your DRS Online Account.
Learn more about PERS Plan 2.
Learn more about TRS Plan 2.
Eligible to retire at age 65 if you are vested.
Any early retirement is anything before age 65.
- You can retire as early as age 55 with a reduced benefit if you have at least 10 service credit years.
To view your service credit year, log in to your DRS Online Account.
Learn more about PERS Plan 3.
Learn more about TRS Plan 3.
Eligible to retire at age 53 with at least 5 service credit years.
- You can retire as early as age 50 with a reduced benefit if you have at least 20 service credit years.
To view your service credit year, log in to your DRS Online Account.
Learn more about LEOFF Plan 2.
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Retirement Resources
Normal retirement age is 65.
- Early retirement age is 62.
- You can retire as early as age 55 if you have at least 10 years of participation in the WWURP without a break in service.
For more information log in to your account on Fidelity’s website.
Evaluate Income Options
At least one year prior to retirement you will want to review your retirement income sources such as Social Security and your retirement savings plan(s). Western’s retirement accounts are administered by the Department of Retirement Systems (DRS), Fidelity, and TIAA.
Before you decide on a withdrawal strategy or your income in retirement, you should evaluate your investment portfolio to ensure it is still in line with your long-term goals. Visit the Retirement Contacts page for information on how to contact your retirement plan administrators directly. This page also has helpful links, commonly requested forms, and other resources such as prerecorded seminars from retirement administrators.
DRS Resources
Fidelity Resources
Social Security Administration (SSA) Resoruces
Health & Benefits Plans
Public Employees Benefits Board (PEBB) benefits such as medical insurance, dental insurance, long-term disability insurance, and life insurance end on the last day of the last month in which you are employed. You will need to decide what healthcare plan you would like to enroll in when your employment benefits through Western end.
Retirees will have 60-days from when their PEBB benefits end via WWU to submit the PEBB Retiree Enrollment form to Health Care Authority (HCA) to indicate either enrolling or deferring from PEBB retiree coverage. An election must be made within those 60-days, regardless of if the retiree is going to utilize the insurance. Taking no action may results in the retiree losing any chance to ever enroll into the PEBB Retiree insurance in the future.
Enroll in a Washington State Health Care Authority PEBB Retiree Plan. This allows folks to keep a similar plan to what they had while employed at Western. If you are eligible to retire from your retirement plan, you are eligible to enroll in a PEBB Retiree plan. Plans are also available for the retiree's spouse, state-registered domestic partner, and dependents.
Helpful Links
If you are 65 or older at the time of retirement you are eligible for Medicare. SHIBA and Guided Solutions are two agencies available to assist you enrolling in Medicare and a supplemental plan. Learn more about them on the Retirement Contacts page.
Enroll in a healthcare plan on the open marketplace.
Helpful Links:
If your spouse or state-registered domestic partner is still working and has insurance through their employer you may choose to enroll in their plan.
Give Notice
Staff and faculty must provide their department with at least two weeks of working notice, but more time is always appreciated. HR has created the following resources to help your department transition after your retirement:
Cash Out Leave
At retirement, vacation leave is cashed out automatically on the final paycheck, and 25% of sick leave is cashed out to a Voluntary Employees' Beneficiary Association (VEBA) account.
Voluntary Employees’ Beneficiary Association (VEBA)
The VEBA Trust manages health reimbursement accounts (HRA) for public employees of Washington State, and Western retirees with a sick leave balance are automatically enrolled in this program through HR's Payroll Department. An HRA is a type of health savings plan for medical care expenses, including retiree insurance premiums. Western cashes out 25% of your sick leave balance to your VEBA account and you invest those funds through VEBA. Your HRA can then be used to reimburse medical expenses and insurance premiums. Employees who do not have sick leave accruals will not be enrolled in VEBA and will not receive sick leave cash out.
Return to Work Rules
There are some limitations to returning to work at Western or another DRS covered employer after you retire. Please review the Return to Work Policies for your specific retirement plan.