Prepare for Retirement - What you need to know

Contents: Overview of Steps ~~ Key Resources / Contacts ~~ Materials from DCPS/DCRB Training ~~ WTU FAQs ~~ Best Practices Shared from Recent WTU Retirees

Overview of Steps for Retirement (Download)

Key Resources / Contacts

• DCPS Human Resources - Process the initial paperwork for retirement
  • Email: [email protected]
  • Octo Website (Where the forms are): https://www.dcpsotc.org/retire 
  • DCPS Public Website: https://dcps.dc.gov/page/retirement 
  • DCPS Forms (also available through Octo Site): Link to SharePoint
• DC Retirement Board (DCRB)
  • Active Teacher Member: Michael Bethea - mbethea [at] wtulocal6.net 
  • Retired Teacher Member: Nathan Saunders
  • Website: https://dcrb.dc.gov/ 
  • Phone:
    • Member Services: (202) 343-3272
    • Main: (202) 343-3200

Materials from the DCPS/DCRB Latest Training

DCPS Workflow

Watch the DCPS/DCRB Retirement Workshop Presentation (Must be on your DCPS Account to access)

Click link

DC Retirement Plan Workshop

DCPS FAQ on Retirement

Additional FAQs and Best Practices

WTU FAQ

How can I see how many years of service I have?

• Email DC Office of Payroll at [email protected] and ask for a IRR/SF-2806 to check over your years of service

What is the reason to purchase years of service / How do I purchase years of service? 

• If you worked in a similar role somewhere else (i.e., a teacher in another District, a social worker in DBH, etc.) you can purchase those years of service and retire more quickly.
  • Maximum 10 years
• Contact [email protected] and let them know you want to buy back years of service

1. 1. Employees interested in calculating the cost to purchase service start with DCRB Purchase of Service calculator
   2. If an employee wants to move forward, request the purchase of service forms with DCPS Retirement Team
   3. Certificate of Longevity Placement form/memo signed by DCPS Retirementoffice
   4. Verification of Employment Form
   5. Personnel action (Date of hire personnel action)
   6. DCPS Retirement team completes requested forms
   7. DCPS Retirement team sends the forms to the DC Retirement Board (DCRB)
   8. DCRB performs the cost calculation
   9. DCRB sends the employee a POS letter that includes the cost of the purchase and how to make payments

How is left over leave calculated towards retirement? 

• 22/23 Day increments towards your payment. You can't retire early, but it will potentially increase (ask DCPS/DCRB)
• Left over after the 22/23 calculation can contributed left over to Parental Leave Bank 

How is Retirement Calculated – See process graphic / DCRB Website

• Check out the DCRB Retirement Calculator: https://dcrb.dc.gov/node/1667621
• Take average of 3 years of highest salary. Keep in min Each salary year is 12 months and not 10, so calculations don't always look like you might think.
  • Pro Tip before you retire: download pay stubs from your 3 highest base pay income years (not counting bonuses, stipends or LIFT bumps)

How does the Pension work?

While working: Contribute 8% of salary to the plan (unless hired before 1996, then 7%). Then when you are able to retire you will receive a fixed payment for the rest of your life! (Note: there are Cost of Living Adjustments that can occur)

• When you can retire:
  • Age 55 and at least 30 years of service; 
  • Age 60 and at least 20 years of service; 
  • Age 62 and at least 5 years of service; 
  • Any age with at least 30 years of service if hired on or after November 1, 1996 

How does Leave Without Pay (LWOP) affect my years of service?

• As long as there isn't more than 6 months of LWOP in a calendar year, then you are still credited with the year of service.

Best Practices - Advice from recent WTU Retirees!

1. Key documents/records?
   1. Original Hiring Date Documentation
   2. Paystubs – have some paper copies
   3. Life Insurance and Health Insurance
   4. Complete Employment Profile Record
   5. Check on the right step, etc.
2. Based on your experience, what would you suggest as a “First step”? process steps?
   
   1. If you want to change insurance you need to do that before you retire because once you retire you won’t be able to
   2. Save up money
      
      1. Could take a while to process
      2. Need to be able to live off one check per month
   3. Any extra Days you are going to lose
3. What is the most important document to keep a record of to improve the retirement process?
   
   1. Go through and keep track of checks – make sure money is going into the proper accounts and that money isn’t coming out in the wrong manner.
4. After retiring, how long did it take for you to get your first payment?
   
   1. Can take 6+ months unfortunately
   2. Especially if there are errors and lapses in service
5. If you could give your younger self advice about the retirement process that would make it seamless, what would you say?
   
   1. Protect the pension
   2. Make a copy of everything and keep a file at home in case you fall prey to a cyber attack
   3. Keep a running email so everyone can see what the subject is so people can see everything in the email and what has been said so far.
   4. Once you get out it is very hard to change your insurance
   5. Be persistent, don’t let them dictate and wait for things to happen
   6. Once you leave DC if you have deductions coming out they will stop
   7. If you get married and change your name make sure to change it with the whole system
   8. Make sure it is your information and not somebody else’s in case the application gets crossed.
   9. Make sure you have enough time to retire, taking into account breaks in service
   10. Write down every time you contact someone, include the name and the date