Defined Benefit Plan (PERS, CSRS, FERS)
• Participant receives a specific monthly benefit at retirement.
• Benefit calculated through a formula based on participants salary and service.
• Not required to make investment decisions.
• Referred to as a fully funded pension plan.
Defined Contribution Plan (TIAA-CREF)
• Benefits are based on the amount contributed, affected by income, expenses, gains and loses.
• No promises of a set monthly benefit at retirement.
• Examples 401(k) plans, 403(b) plans, employee stock ownership plans and profit sharing plans.
Extension Faculty Hired before 1988
• Civil Service Retirement System
• Federal Employees Retirement System
WSU Retirement System (TIAA-CREF)
• Administrative Professional
• Extension Faculty Hired After 1988
• CAHNRS Faculty
Public Employees Retirement System
• PERS 1– Any age with 30 years of service
credit– Age 55 with 25 years of service
credit– Age 60 with 5 years of service credit
Public Employees Retirement System
• PERS 2– At age 65 with five years of service– Or an actuarially reduced benefit at
age 55 with 20 years of service• PERS 3
– At age 65 if vested – Or actuarially reduced benefit at 55
with 10 years of service credit (defined benefit portion)
Civil Service Retirement System (Federal)
• Age 55 with 30 years
• Age 60 with 20 years
• Age 62 with 5 years
Federal Employees Retirement System
• Minimum retirement age with 30 yearsVaries between 55 years and 57
based on year of birth
• Age 60 with 20 years
• Age 62 with 5 years
Tax Deferred Annuities
• State Deferred Compensation
• TIAA-CREF
• Thrift Savings Plan (CSRS/FERS only)
• Continue in retirement if you meet retirement requirements
• Monthly Cost for Uniform Plan(employee and spouse)
Health DentalPrior to 65 $848.41 $83.38After 65 $333.95 $83.38
State Health Insurance
Federal Health Insurance
• Must be enrolled for 5 years prior to retirement in order to take into retirement
• Pay the same rate as employeeBlue Cross Blue Shield monthly rate Employee $152.06Family $356.59
Medicare
Eligibility• Age 65• All WSU employees are contributing
Apply before 65th birthday, no matter employment status (retired or employed)
Things to do in preparation for retirement
• Find your birth certificate
• Find your marriage certificate
• Meet with Benefits Counselor
• Attend a Pre-Retirement Counseling Session
Emeritus Status—Eligibility
• Tenured faculty
• Age 60 with 10 years of service at WSU or
• Completed 25+ years of service to WSU, AND have held an eligible rank at WSU for a period of at least 5 years prior to leaving WSU.
TIAA-CREF
• Kirkland Office 1-877-209-3142
• National Office 1-800-842-2252
• Counseling Sessions (individual and group)
• County employees can access at community colleges
Department of Retirement Systems (PERS)
• (360) 664-7000 or toll-free
• (outside the Olympia area) 1-800-547-6657
• http://www.drs.wa.gov/
Annual Leave Payment
• Defined Benefit usually better to take a lump sum Payment.– Extra months of service usually do
not increase benefit
• Defined Contribution usually better to run out leave.– Continue health coverage– WSU match
Sick Leave Incentive Program
• Annual Attendance Incentive
– 480 hours
– Payment of 25% of unused leave for the year
– Leave balance reduced by 100%
Sick Leave Incentive Program--VEBA
• Voluntary Employee’s Benefit Association Medical Expense Plan (at retirement or death)
– Payment of 25% of unused sick leave into a tax exempt account
Sick Leave Incentive Program--Eligibility
• Civil Service/Bargaining Unit
• Administrative Professional
• Faculty with teaching or research responsibilities excluded
• Extension faculty hired before 1999 with 50% or more Extension Appointment
Employment at WSU After Retirement
• 40% rehire is not a right
• Phased retirement
• Reemployment after retirement
Types of Employees
603 Faculty
309 Administrative Professional
320 Civil Service/Bargaining Unit
616 Hourly
276 Graduate Assistants
Faculty
• Receive benefits if 50% for more than 6 months
• Appointments in excess of 2 years require a search
• Salary negotiable
• Minimum requirement—master’s degree
Administrative Professional
• Administrative Professional (AP) positions perform administrative, managerial, and professional duties.
• Positions are exempt from coverage of the state of Washington Civil Service System.
• Defined by RCW 41.060.070
Administrative Professional
• WSU Human Resource Services audits each position to determine:– if it meets these related criteria and – is in compliance with the FLSA.
• State funded positions require an exemption from hiring freeze (Approval by Assoc VP, VP, and President)– Position is critical to the operation of
the unit.
Administrative Professional
• Extension or Continuing Education – responsible for originating and developing formal education programs for the general public usually in close contact with faculty and staff or training or consulting with community groups to enable them to provide specialized training and/or service to the community.
Administrative Professional
• Emergency hire for up to two years without a search.– Exemption from hiring freeze—state
funded positions– Position audited by HRS– HRS review to determine
incumbents qualifications• Appointments in excess of 2 years
require a search—through Lisa Clyde, EEO Coordinator
Administrative Professional
• 50% or more for minimum of 6 months
• Salary is negotiable, but must meet certain minimums
• Minimum of $36,000 to be exempt from overtime
Civil Service/Bargaining Unit
• 50% or more for a minimum of 6 months
• Employee on probation for 6 months, then becomes a permanent employee.
• Position audited by HRS, open search
• Salary based on grid
Civil Service/Bargaining Unit
Instruction & Classroom Support Technician Minimum Maximum 1 $31,176.00 $40,524.00 2 $35,040.00 $45,828.00
Civil Service/Bargaining Unit—Hiring Steps
• Exemption from hiring freeze
• Position audited by HRS
• Position posted on HRS web site https://www.wsujobs.com
• HRS Screens candidates and makes applications available to hiring official
Hourly
• Can work up to 1,050 hours in a year.
• Year begins when employee begins
• Submit hours on a pay period basis
Hourly—Health Insurance
• Work 480 hours or more over a consecutive 6 month period become benefit eligible at the beginning of month 7.
• An employee must report a minimum of eight hours in month 7 to receive the insurance benefits.
Hourly—Health Insurance
• After establishing eligibility, if an employee does not work a minimum of eight hours in any month, the employee will lose benefit eligibility and must reestablish eligibility by working a minimum of 480 hours or more over a six consecutive month period.
Hourly—Health Insurance
• Effective June 1, 2008, HRS will no longer apply a continuous rolling look-back for employees who lose eligibility for benefits. In order to become eligible again, they would need to work 480 hours over a new look forward 6 month basis.
Hourly Procedures
• For forms go to http://bfo.cahe.wsu.edu/personnel/tempemployment/index.htm
• Submit forms to Linda Loos at [email protected] or Maureen Stephens at [email protected] for FSNEP
• Submit Daily Activity Reports to Business and Finance Office
Public Affiliate
• Non-WSU Extension personnel, with a 50% or more appointment
• Become more "formally" affiliated with WSU.
• Allows access to budgets, handling money, obtain a WSU Network ID, WSU email, campus directory, I-9 verification
Public Affiliate
• Encouraged to become public affiliates to have consistent email addresses for marketing purposes while sending out Extension information.
• Three year appointments
Change in Procedures
• Linda Loos and Vickie Parker-Clark are contacts for creating and hiring positions
• Maureen Stephens for Food Sense positions– Always let District Office know of ALL
Hires