Helpful Resources for Retirement Planning
If you have questions, or to request a Retirement Information Packet (click here to view online), please contact Toni Damron at 425.408.7610 or email@example.com.
The Washington State Department of Retirement Systems Website offers many valuable tools, whether you are just starting out, mid-career, or nearing retirement. You can register for seminars and webinars, use benefit calculators, and apply for your pension. Go to www.drs.wa.gov to get started!
Optional Retirement Plans
As an employee of Northshore School District, you have the option to participate in two different optional retirement plans, the Deferred Compensation Program, and the 403(b) Plans. These plans allow you to set aside tax-deferred funds for your retirement. Both plans allow you the flexibility to start, stop or change contributions at any time.
To open up a Deferred Compensation Plan, go to www.drs.wa.gov/DCP and click on "Enroll" to fill out the Participation Agreement. You can also click here to view and print the DCP Participation Agreement.
To open up a 403(b) account, select our state and school district at the National Benefit Services Website. You will be able to choose a participating 403(b) vendor (click here to view list online), and contact them directly to open your account. Once your account is open, you will need to fill out a Salary Reduction Agreement, to start the payroll deduction.
Each year your bargaining unit must decide whether to participate in VEBA. If your bargaining unit has agreed to participate, the District will remit to the VEBA Trust your annual and/or your retirement sick leave buy-out payment.
The payment to VEBA is currently non-taxable for social security and federal income tax and the amount is excluded under Internal Revenue Code 419. Therefore, contributions you make to the Trust can save you money on taxes.
You can use your VEBA account to reimburse eligible out-of-pocket healthcare costs and premiums for you, your spouse, and qualified dependents.