Faculty (teachers, counselors and librarians) and exempt administrative and professional staff assigned a 50 percent or more workload for at least two consecutive quarters or six consecutive months are eligible to participate in the SBRP. Once SBRP eligibility is initially established, you may have an option to participate in PERS 3, TRS 3 or, if a member of another PERS or TRS Plan, reestablish active membership in that plan. More information on these options is available on line in a plan comparison (PERS 3 or TRS 3) or through your Benefits Office.
If SBRP is selected, participation continues until retirement, separation, a break in service or movement into an ineligible job class.
Changing positions? If you move from a SBRP-eligible to a PERS-eligible position or vice versa, contact your Benefits Office to determine your retirement plan options.
The amount contributed to the SBRP is determined by your age. The closer you are to retirement age, the more you can save:
|Your Age||Your Contribution||Employer Contribution||Total SBRP Contribution|
The Internal Revenue Codes (IRC) set annual limits on employee and employer contributions to defined contribution retirement plans such as the State Board Retirement Plan (SBRP).
For tax year 2017, the annual defined contribution limit from all sources (employee and employer) is $54,000.
Eligible employees may enroll in the SBRP at any time during their first thirty calendar days of work with their Participating Employer.
If you have not enrolled in a retirement plan after thirty days, you will automatically be enrolled in a SBRP and contributions will be defaulted to the TIAA Lifecycle Fund based on your targeted retirement date. Participation in a retirement plan is a condition of your continued employment with the participating employer.
If you end employment at a participating employer, you keep all of the accumulations in your SBRP—including the employer matching funds and earnings. You can contact TIAA directly if you wish to roll your savings into another retirement plan or Individual Retirement Account (IRA). To access funds after ending employment — but before retirement — you must be separated from an eligible position and no longer receiving ANY wages from a participating employer for at least 90 calendar days.
Contact TIAA directly to roll your savings into another retirement plan or Individual Retirement Account (IRA).
Only those retiring from active service in a SBRP-eligible appointment are considered to be retirees, with rights and privileges of SBRP retirement.
The SBRP provides participants the ability to access plan funds in times of hardship to address an immediate and heavy financial need. For the SBRP, withdrawals are deemed to be for “an immediate and heavy financial need” only if they are:
- Payments to prevent eviction from or foreclosure on your principal residence
- Payments to prevent your impending bankruptcy and/or
- Unreimbursable medical expenses incurred by you, your spouse, your dependent children, and/or dependent parents.
Take advantage of TIAA guidance, education and tools to help you maximize your savings and plan for a successful retirement.
The State Board Voluntary Investment Plan (SB-VIP) is a tax-deferred retirement savings plan available to most system employees who wish to save for retirement. It’s funded by employee voluntary payroll deductions.
The Washington State Deferred Compensation Plan (WSDCP) is an additional voluntary tax-deferred retirement savings plan managed by the Washington State Department of Retirement Systems. Employees can participate in both the SB-VIP and the WSDCP.
The State Board Supplemental Retirement Plan (SBSRP) is available only to those who were active participants in the SBRP on June 30, 2011. The Legislature closed the SBSRP to participants who were not active SBRP participants on the date it closed or who enrolled in the SBRP on or after July 1, 2011.
Disclaimer: If there are any discrepancies between this website and the provisions of the SBRP, the Plan Document will prevail.
Last Modified: 10/9/17 11:48 AM