Human Resources - Retirement Enrollment Information

Retirement Plan Options

Pierce College offers two retirement plans:

• Department of Retirement Systems — Public employees may be eligible for retirement benefits administered by the Department of Retirement Systems (DRS)
  OR
  State Board Retirement Plan — The State Board Retirement Plan (SBRP) is a tax-deferred defined contribution plan that helps you save for retirement.
• TIAA — The State Board has contracted with the TIAA companies to administer records, investments and benefits. TIAA:
  • Provides counseling and tools to help you meet your retirement saving goals
  • Provides account statements
  • Invests contributions and accumulations in the plan’s options as directed by you
  • Pays accumulations to you or your beneficiaries in accordance with the payout option selected

Newly Eligible Employees

Depending on your classification and retirement plan participation history, newly eligible employees have the following timelines for electing a retirement plan:

• Classified and Hourly Staff have 90 days to choose a retirement plan from Department of Retirement Systems (DRS).
  • Former Plan 3 members have 90 days to choose a contribution rate and investment choice.
• Admin exempt and faculty/staff have 30 days to choose a retirement plan from either State Board Retirement Plan (SBRP) or DRS.

Below you’ll find links to the different retirement plan options available to benefits-eligible employees and the tools you’ll need to make your various elections (also a great resource for existing members):

Classified and Hourly Employees

• PERS Plan Choice Booklet
  • PERS Plan 2 Handbook
  • PERS Plan 3 Handbook
• Video – Plan 2 or Plan 3
• Plan 3 Information

Required Enrollment Forms

• DRS Enrollment and Beneficiary Designation Form

Admin/Exempt and Faculty Staff

• Option 1 — State Board Retirement Plan (SBRP)
  • SBRP Overview 
  • Registration for TIAA.ORG Account (Access Code = WAK222)
• Option 2 — Department of Retirement System (DRS)
  • PERS Plan 3 Comparison / Handbook (Admin/Exempt)
  • TRS Plan 3 Comparison / Handbook (Faculty)
  • Plan 3 Essentials Video

Required Enrollment Forms

Forms (SBCTC website)

To elect SBRP —

• Notice of Eligibility — Irrevocable Election Form A (Current TRS/PERS Members)
  OR
• Notice of Eligibility — Irrevocable Election Form B (Non DRS Members)

To elect DRS —

1. Notice of Eligibility — Irrevocable Election Form A (Current TRS/PERS Members)
   OR
   Notice of Eligibility — Irrevocable Election Form B (Non DRS Members)
2. DRS Enrollment and Beneficiary Designation Form