When can I retire from Washington DRS?
The earliest and full-pension retirement ages for each plan, how much an early start costs, and a worked example for each.
In Plan 1, you can retire with a full pension at any age with 30 years, at 55 with 25 years, or at 60 with 5 years. In Plans 2 and 3, full retirement is 65, and you can start a reduced pension at 55 (20 years in Plan 2, 10 in Plan 3). PSERS allows a full pension at 60 with 10 PSERS years, or a reduced one at 53 with 20 years.
All ages at a glance
| Plan | Full pension | Earliest (reduced) |
|---|---|---|
| PERS and TRS Plan 1 | 30 years at any age; 55 with 25; 60 with 5 | Same (no reduced path while working) |
| PERS, TRS, SERS Plan 2 | 65 with 5 years | 55 with 20 years |
| PERS, TRS, SERS Plan 3 | 65 with 10 years (or 5 with conditions) | 55 with 10 years |
| PSERS Plan 2 | 60 with 10 PSERS years, or 65 with 5 | 53 with 20 years |
| LEOFF Plan 2 | 53 with 5 years | 50 with 20 years |
In Plans 2 and 3, members hired before May 1, 2013 with 30 years can also get a full pension at 62. The "full pension" ages mean no cut for age. "Service" means service credit, which DRS counts by the month.
Plan 1
Plan 1 is for people hired before October 1, 1977. If you are still working in a covered job, the law lets you retire at any of three points, and none of them carries an age reduction (RCW 41.40.180, DRS: PERS Plan 1):
- Any age with 30 years of service.
- Age 55 with 25 years.
- Age 60 with 5 years.
TRS Plan 1 uses the same three points (DRS: TRS Plan 1). If you left public service and are an "inactive" member, DRS lists age 65 with five years for a full pension, and age 60 with five years with a possible reduction.
The pension is 2% x years x AFC, capped at 60% of AFC. AFC (average final compensation) is your best 24 months in a row in PERS 1, or your two best fiscal years in a row in TRS 1.
Ruth is a made-up PERS Plan 1 member, still working, age 57 with 33 years and an AFC of $6,500 a month.
- She already qualifies: she has more than 30 years.
- 2% x 33 = 66%, but the cap is 60%.
- 60% x $6,500 = $3,900 a month, with no age reduction.
Plan 2
Full retirement in PERS, TRS and SERS Plan 2 is 65 with at least 5 years (RCW 41.40.630). You can retire early from 55 with at least 20 years. The cut depends on your service and hire date:
| Your situation | Early retirement cut |
|---|---|
| 20 to 29 years | Actuarial factor: keep about 41% at 55, 63% at 60, 91% at 64 |
| 30+ years, hired before May 1, 2013 | 2008 ERF: 20% off at 55, 2 to 3 points less each year, none from 62 |
| 30+ years, hired May 1, 2013 or later | 5% ERF: 5% off for each year before 65 |
The actuarial percentages are from DRS's sample factors on the PERS Plan 2 page, which DRS says can change. Its full monthly tables are on the administrative factors page. "ERF" stands for early retirement factor. The 2008 ERF by age is 0.80 at 55, 0.83 at 56, 0.86 at 57, 0.89 at 58, 0.92 at 59, 0.95 at 60, 0.98 at 61 and 1.00 at 62 to 64.
Marcus is a made-up SERS Plan 2 member hired in 1998, with an AFC of $5,000 a month.
- At 58 with 26 years: 2% x 26 x $5,000 = $2,600. Under 30 years, so the sample factor at 58 is 0.5280: $2,600 x 0.5280 = $1,373 a month.
- At 62 with 30 years: 2% x 30 x $5,000 = $3,000. Hired before May 2013 with 30 years, so the factor at 62 is 1.00: $3,000 a month.
- Working four more years more than doubles his monthly pension, because he gains years of service and reaches the 30-year rule.
Ana is a made-up TRS Plan 2 member hired in 2014 who will have 30 years at 60, with an AFC of $7,000 a month.
- Full formula: 2% x 30 x $7,000 = $4,200.
- Hired after May 1, 2013, so the cut is 5% for each of the 5 years before 65: factor 0.75.
- $4,200 x 0.75 = $3,150 a month. Waiting to 65 would mean no cut, plus any extra service.
Plan 3
The Plan 3 pension (1% x years x AFC) has full retirement at 65 once you are vested. You are vested with 10 years of service, or with 5 years if at least 12 months were earned after age 44 (RCW 41.40.820, DRS: PERS Plan 3). A third route applies to some members who moved from Plan 2.
Early retirement starts at 55 with 10 years. The cuts are the same as Plan 2: the actuarial factor under 30 years, the 2008 ERF with 30 years for pre-May 2013 hires, and the 5% ERF with 30 years for later hires.
Plan 3 has two features that change the timing question:
- Your investment account is separate. You can draw on it after you leave your job, whether or not you have started the pension.
- Delayed pensions grow. If you leave with at least 20 years and wait to start the pension, it grows 0.25% a month, compounded, until it starts (RCW 41.40.790). DRS describes this as about 3% a year.
Jordan is a made-up PERS Plan 3 member with 22 years and an AFC of $6,000 a month, leaving work at 60.
- Full pension at 65: 1% x 22 x $6,000 = $1,320 a month.
- Starting at 60 instead, with the sample factor of 0.6292: $1,320 x 0.6292 = about $831 a month.
- If Jordan waits until 65, the $1,320 pension also grows by the 0.25% monthly indexing for the five years of waiting, because Jordan left with more than 20 years.
PSERS and LEOFF
PSERS Plan 2 covers corrections officers and other full-time public safety jobs. Full retirement is at 60 with 10 years of PSERS service, or 65 with 5 years. You can retire early from 53 with 20 years, with a cut of 3% for each year before 60 (RCW 41.37.210). DRS's table keeps 79% at 53, 85% at 55 and 97% at 59 (DRS: PSERS Plan 2).
Kim is a made-up PSERS member, 56, with 22 years and an AFC of $6,200 a month.
- Full formula: 2% x 22 x $6,200 = $2,728.
- Four years before 60, so the cut is 12%: $2,728 x 0.88 = about $2,401 a month.
LEOFF Plan 2 (police and firefighters) allows a full pension at 53 with 5 years, or early from 50 with 20 years, keeping 91% at 50, 94% at 51 and 97% at 52 (DRS: LEOFF Plan 2).
Other things that affect the date
- Retirement starts on the first of a month. Your retirement date is the first of the month after you leave (DRS: TRS Plan 2).
- School years. TRS and SERS members who retire before August 31 don't get full credit for that school year.
- Health insurance. To keep PEBB retiree coverage, most retirees must start their pension right away, and HCA must get your form within 60 days after employer coverage ends (WAC 182-12-171). More on coverage before 65.
- Going back to work. Wait at least 30 days after retiring before working for a DRS employer, and watch the 867-hour yearly limit (DRS: PERS Plan 2).
- Social Security. If your job paid Social Security tax, your own benefit has separate ages. Compare 62, full retirement age and 70.
What to do next
- Check your service credit and hire date in your DRS online account. They decide which rule applies.
- Ask DRS for an official estimate 3 to 12 months before your date. DRS lets you start the process within 12 months of retiring.
- Read how the plans differ. Plan 1, 2 and 3 side by side.
See whether your pension and Social Security cover your costs at 62, 67 or 70.
Check if I can retireCommon questions
What is the earliest age I can retire from PERS 2?
Age 55, if you have at least 20 years of service. The pension is reduced unless you are 65, or 62 with 30 years and hired before May 1, 2013.
Can I retire at 62 with 30 years in Plan 2?
With a full pension, only if you were hired before May 1, 2013. Later hires with 30 years keep 85% at 62.
Do partial years count?
Yes. Service credit is counted by the month, and the 5% ERF is prorated by month. DRS's full factor tables also go month by month.
Does the early retirement cut end at 65?
No. The reduced pension is permanent. It does still get the yearly COLA in Plans 2 and 3.
I'm in Plan 3 with 8 years at 56. Can I retire?
Not on the pension yet: early retirement needs 10 years. If you are vested, you can start the full pension at 65. Your investment account is available after you leave your job.
Who confirms my exact date?
DRS. Call 800-547-6657 or use your online account.
General information, not advice. We aren't part of the Washington State Department of Retirement Systems. Ask DRS for an official estimate before you choose a date.