Without dual membership, your service wouldn’t be eligible for a monthly benefit from either system

If you retire at age 65 with three years of service credit from TRS Plan 3 and four from the Public Employees‘ Retirement System (PERS) Plan 3, you are a dual member. With dual membership, your service credit is combined, giving you enough to retire. Your benefit from each system is calculated with service from that system alone. This is how your benefit is calculated:

Military service

Do you have U.S. military service? If you leave or reduce your DRS retirement plan-covered employment to serve in the military, you could be eligible for restoration of missing retirement service credit. The amount of service credit you have directly affects your retirement income calculation.

There is a deadline

You must complete payment for the military service credit within five years of returning to DRS-covered employment, or before you retire, whichever comes first. After this time has passed, and if the service does not qualify for no-cost service, you will no longer be eligible to replace the service credit using the military credit program. However, you can still purchase the service credit for a much higher cost as an optional bill past the statutory deadline date up to the time you retire (RCW ). The longer you wait, the more it costs.

You can apply to recover up to five years of interruptive military service credit (sometimes up to 10 years depending on your circumstance). If your military service was during a period of war or an armed conflict during which you earned a campaign badge or medal https://gorgeousbrides.net/pt/noivas-alemas/, you might be able to recover up to five years of service credit at no cost to you.

For other interruptive military service, you can apply to receive an optional bill for the retirement contributions you would have paid on your normal salary during that time. Continue reading →