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What is the difference between the VERI plan offered last year to WSU Retirement Plan participants (WSURP) and the VRIP plan for DRS participants?

April 26, 2017difference offered participants Plan retirement plan veri vrip WSU wsurp

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What is the difference between the VERI plan offered last year to WSU Retirement Plan participants (WSURP) and the VRIP plan for DRS participants?

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The Office of Financial Management (OFM) and the Department of Retirement Systems (DRS) must approve any retirement incentive offered to DRS participants. The dollar value after tax is approximately the same ($18,000) as the VERI offered to WSURP members, and it allows more flexibility for the recipients on how the money is used. OFM requires that incentive plans for employees in DRS plans be limited to those who have been eligible for regular retirement from their DRS plan for at least 12 months, vs. the age 55 with 10 years of service that was offered to the WSURP participants.