WSU plans to seek approval from the state to offer a retirement incentive program to employees who participate in a state Department of Retirement Systems (DRS) plan, such as PERS or LEOFF.
During the recent state legislative session, WSU worked to persuade lawmakers to allow the university to offer the same type of voluntary early retirement incentive (VERI) to DRS-covered employees as it is offering to employees in the WSU Retirement Plan (TIAA-CREF). Though specific authority for such a plan was not granted, the Legislature did add a section to the budget allowing agencies, including WSU, to ask the state for a retirement incentive program for employees in DRS plans.
WSU plans to submit a proposed plan to the state Office of Financial Management. If approved as submitted, the plan will allow WSU to offer – sometime after July 1 and for a limited time – an early retirement incentive to employees who retire under a DRS plan. It will be similar to the VERI plan.
Should the DRS incentive be approved, Human Resource Services will provide educational and informational seminars and resources similar to those that have been provided under the VERI program.
In the meantime, employees interested in reviewing their retirement options can read the March 2009 HRS Essentials publication found at www.hrs.wsu.edu/utils/File.aspx?fileid=4807
