Eligible certificated staff may choose one of the following Teacher Retirement System (TRS) plans.

• TRS PLAN 2: Defined Contribution – Variable contribution rate
• TRS PLAN 3: Defined Benefit and Defined Contribution – Fixed contribution rate

New staff are encouraged to review the webinars, information, and resources on the Washington State Department of Retirement Systems (DRS) website to help determine the best plan options, and seek personal financial advice from outside sources. Human Resources staff are not responsible for assisting staff with retirement plan choices. 

WA DRS

DRS FORMS

Eligible classified staff may choose one of the following School Employees Retirement System (SERS) plans.

• SERS PLAN 2: Defined Contribution – Variable contribution rate
• SERS PLAN 3: Defined Benefit and Defined Contribution – Fixed contribution rate

New staff are encouraged to review the webinars, information, and resources on the Washington State Department of Retirement Systems (DRS) website to help determine the best plan options, and seek personal financial advice from outside sources. Human Resources staff are not responsible for assisting staff with retirement plan choices. 

WA DRS

DRS FORMS

To support additional retirement fund growth, employees may choose to invest further through several annuity/mutual fund investment companies via a 403B Plan. Employees also have the option of increasing retirement funds by investing through the Washington State Deferred Compensation Program. 

403(b) Plan / OMNI Services

VSD Plan Details

Employee FAQ

Salary Reduction Agreement Form

Deferred Compensation Program 

What is DCP?

The Deferred Compensation Program (DCP) is an additional investment opportunity available to employees that assists with retirement fund-building. DCP works similar to a 503(b) program (annuity) and is administered through the Washington Department of Retirement System (DRS) and regulated by the Washingtion Administrative Code (WAC).

• Contributions are automatically deducted from monthly paychecks.
• Contribution amount and investment choices can be changed at any time.
• A variety of professionally managed investment options are available.
   

LEARN MORE ABOUT DEFERRED COMPENSATION PROGRAM

What is a VEBA Plan?
The VEBA Plan is a Washington based benefit program that is used to reimburse medical expenses, available for eligible school district employees (age 55 and older). VEBA is a type of trust instrument authorized by IRS wherein participant account balances are held in a VEBA trust account. Funds placed in the VEBA Health Reimbursement Arrangement (HRA) program can be used to reimburse out-of-pocket co-pays, retiree insurance premiums, and other qualifying healthcare expenses.

• There are no annual contribution limits.
• There are no annual ‘use-it-or-lose-it’ or carry over limits.
• There are no taxes on contributions, investment earnings or withdrawals.
• There are minimal monthly/annual account servicing fees. Other federal fees may be charged.
   

Visit the VEBA website

VEBA FAQ

District Procedures
Eligible staff who are leaving the district (separation or retirement) have the option of depositing 25% of their unused sick leave (the allowable “cash-out” rate per RCW 28A.400.210) into a VEBA account. This is a tax-free deposit to an established VEBA plan, with the funds set aside to be used to pay for out-of-pocket healthcare costs.

Each year, eligible staff groups vote to move their unused sick leave benefit funds into a VEBA account or to receive their available sick leave funds as taxable compensation. The VEBA option is an annual decision made by a staff group’s majority selection. The voting results determine VEBA participation for the year – meaning if the majority of the group vote “yes,” then all eligible staff in the group separating from the district in the year will participate in VEBA. Likewise, if the majority of the group vote “no,” then all eligible staff in the group will use the ‘cash-out’ option.

STAFF GROUPS

• Teachers (+ESAs)
• Classified Staff / working year-round
• Classified Staff / working 10 months
• Administrators 

When staff leave the district, the annually selected sick leave benefit payment option will be acted upon as part of the exit process with the Human Resources Director. For questions, please explore the VEBA website, or email the Human Resources Director.