What plan design does each retirement plan use?
LEOFF 1 is a defined benefit retirement, medical, and disability plan. PERS 1 and TRS 1 are defined benefit retirement and disability plans. LEOFF 2, PERS 2, TRS 2, SERS 2, PSERS 2, WSPRS 1, and WSPRS 2 are defined benefit retirement plans. PERS 3, TRS 3, and SERS 3 are hybrid retirement plans with defined benefit and defined contribution components. Volunteer Fire Fighters’ and Reserve Officers’ Relief and Pension Plan is a medical and disability plan combined with a defined benefit retirement plan. JRS and Judges are defined benefit retirement plans. Higher Education Retirement Plan provides benefits through defined contribution accounts administered by third-party investment corporations. The Higher Ed plan also includes a state-funded supplemental benefit guaranteeing a minimum benefit level.
