Retirement Badge #03: Web-Based Tools, Governance, and Key Terms-Retirement Badge #03

Retirement Badge #03 - PowerPoint

Pdf Summary

This training (WASBO Retirement Badge #3) explains employer tools, governance, and key retirement terms for administering Washington State retirement benefits through the Department of Retirement Systems (DRS). Employers are key partners and are responsible for accurate retirement reporting, supporting employee decisions (without providing investment advice), managing the retirement process, and ensuring timely and correct transmission of both employer and employee contributions.<br /><br />It introduces major DRS web tools. The Employer Reporting Application (ERA) is used to submit monthly employee wage and hour reports so DRS can track service credit, compensation, and contribution amounts. Access is provided through the DRS SecureAccess Portal, which requires secure credential management consistent with state IT policy. Employers also use plan eligibility and enrollment tools to determine whether employees qualify for plans such as TRS, PERS, or SERS and to enroll members in Plan 2 or Plan 3. Additional resources include the Member Reporting Handbook (reporting codes, eligibility rules, and processes) and DRS employer notices/newsletters for legislative changes, rate updates, system enhancements, and deadlines.<br /><br />The document summarizes governance and oversight: DRS administers public pension plans under a governor-appointed director; the Office of the State Actuary provides actuarial oversight, sets contribution rate guidance, and evaluates long-term solvency; the Washington State Investment Board (WSIB) invests retirement funds (over $100B) under fiduciary standards; and plan-specific boards (TRS, PERS, SERS) include employer, employee, and retiree representatives who advise on benefits and legislation.<br /><br />Key terms include Plan 2 (defined benefit) vs. Plan 3 (hybrid defined benefit/defined contribution), with new members choosing within 90 days and generally unable to change later. Service credit rules vary by plan (months vs. years) and by system (TRS/SERS specifics provided). The module also defines contributions, vesting requirements by plan, separation types employers must report, and other terms such as COLA and withdrawal vs. retirement. Resources and final assessment requirements (80% to pass) conclude the training.

Keywords

WASBO Retirement Badge #3

Washington State Department of Retirement Systems (DRS)

Employer Reporting Application (ERA)

DRS SecureAccess Portal

monthly wage and hour reporting

TRS PERS SERS plan eligibility and enrollment

Plan 2 defined benefit

Plan 3 hybrid defined benefit defined contribution

service credit vesting and contributions

Washington State Investment Board (WSIB) and Office of the State Actuary governance