Retirement Badge #04: Retirement Reporting Essentials & Employer Responsibilities-Retirement Badge #04

Video Transcription

Video Summary

This recording (WASBO Retirement Badge #4) explains essential retirement reporting duties for Washington school employers. Presenter Rochelle Gaines introduces the Department of Retirement Systems (DRS), which administers retirement plans for public employees statewide and provides planning tools and employer resources.<br /><br />A major employer responsibility is verifying and documenting every new employee’s retirement status in writing (not just full-time or benefit-eligible staff). DRS provides a Retirement Status Verification Form (RSVF) that meets legal requirements, must be signed by both employee and employer, and must be retained for 60 years. Accurate verification helps prevent reporting errors that can delay benefit calculations and create employer financial liability. DRS also recommends avoiding third-party vendors for retirement/benefit-eligible roles because they can complicate contribution and data reporting.<br /><br />The session defines “reportable compensation” (also called “earnable compensation” or “compensation earnable”) as the pay that must be reported for retirement contributions and is used in pension calculations. DRS evaluates compensation based on the nature of a payment, not its local label. Incorrect reporting can cause contribution/interest errors, retroactive payments, or benefit over/underpayments. DRS provides plan-specific reference tables for TRS and SERS; some items vary by plan (especially TRS Plan 1). Employers should consult the WAC/RCW sources and contact DRS Employer Support when unsure.<br /><br />The Deferred Compensation Program (DCP) is a 457 supplemental savings plan with pre-tax and (since Oct. 2023) Roth options. Employers process changes only when listed on DRS’s monthly deferral change report and must submit accurate, timely transmittals and payments so funds can be invested. The module ends with key term definitions and linked resources for ongoing reference.

Keywords

Washington school employers

Department of Retirement Systems (DRS)

retirement reporting duties

Retirement Status Verification Form (RSVF)

employee retirement status verification

60-year record retention

reportable/earnable compensation

TRS and SERS reference tables

Deferred Compensation Program (DCP) 457 plan

Roth 457 option (Oct 2023)