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Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

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2. Getting Ready to Retire

K. Who to Contact When You’re Ready to Announce Your Retirement

When you’re ready to announce your retirement, you’ll need to contact the Chief of the Fire Department, the City of Seattle, and the State of Washington.

The Chief of the Fire Department and the Department Administration: You must submit a letter to the Fire Chief via the chain of command, giving the Department notification of your impending retirement. Be sure to include your retirement date in your letter.

Copy the Department’s Personnel Manager, Dori Towler (Dori.Towler@seattle.gov), on your email to the chain of command or call her at (206) 386-1471 with the date of your last shift. She will send you the department’s retirement packet (details below) and notify the HealthCare Trust and MERP of your upcoming retirement.

Failure to notify the Department in a timely fashion could cause a delay in your cash out, or in the official notification to the Washington State Department of Retirement Systems (DRS), or to the Deferred Compensation administrator.

Have questions? Call (206) 386-1471 to speak to the Department’s Personnel Specialist in the Human Resources Division.

The Washington State Department of Retirement Systems (DRS): The Department of Retirement Systems strongly recommends that you begin your retirement planning at least one year ahead of your planned retirement date. The department has created a helpful retirement checklist that walks you through early planning for your retirement and the steps you need to take in the year before you actually retire.

These are a few of the important things you need to do 30 to 90 days ahead of your retirement:

  • If you haven’t already done so, sign up to access your retirement account at www.drs.wa.gov.
  • Use your online account to verify the accuracy of your service credit. If you find information you think is incorrect, contact the DRS.
  • Request an official estimate of your monthly benefit payment. You can do this securely through your online account or by calling DRS at 800-548-6657.
  • Contact the DRS if you need to make changes to your official estimate (for example, to change your retirement date or survivor option).
  • Apply for retirement through your online account.
  • Review your acknowledgment letter. Ensure that it’s accurate. This important letter summarizes the options you picked. It also tells you which forms still need to be turned in so DRS can process your retirement application. If you applied online, you won’t receive this letter. Instead, review the final page of your application and the emailed receipt to verify your retirement option and see whether additional documentation is needed.
  • Pay any outstanding optional annuity or service credit invoices.
  • If you have Plan 3, decide when you want to begin receiving payments from your investment account once you retire. Explore your Plan 3 withdrawal options.
  • If you’re taking part in the Deferred Compensation Program (DCP), consider contacting DRS to ask about deferring lump sum payments for any unused leave.
  • Complete and return the forms to receive the $3000 HELPS tax credit.

Click here for the DRS’ full Retirement Planning Checklist.