State Board Retirement Plan (SBRP)
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The State Board Retirement Plan (SBRP) is a tax-deferred defined contribution
plan that helps you save for retirement. Eligible employees can start participating in the SBRP
on their first day of employment in an eligible appointment. Your employer helps you save even
more for retirement by providing 100% matching funds to your contributions. Both the employer
and employee contributions are immediately vested, and the plan is 100% portable if you move
between participating employers or leave the community and technical college system. For the
SBRP plan, vested means you are eligible to receive all contributions and accumulations if you
terminate employment from all plan employers. SBRP operates under IRC 401(a), a federal tax law
and the Washington State Board for Community and Technical Colleges 401(a) Retirement
The State Board has contracted with the TIAA-CREF companies to administer records, investments
and benefits. TIAA-CREF:
- Provides counseling and tools to help you meet your retirement saving goals;
- Provides account statements;
- Invests contributions and accumulations in the plan’s options as directed by you;
- Pay accumulations to you or your beneficiaries in accordance with the payout option selected.
This site provides a general overview of important elements of the SBRP, including:
Faculty (teachers, counselors and librarians) and exempt administrative and professional staff
assigned a 50% or more workload for at least two consecutive quarters or six consecutive months
are eligible to participate in the SBRP. Once SBRP eligibility is initially established, you
may have an option to participate in PERS 3, TRS 3 or, if a member of another PERS or TRS Plan,
reestablish active membership in that plan. More information on these options is available on
line in a plan comparison (PERS 3 or TRS
3) or through your Benefits
If SBRP is selected, participation continues until retirement, separation, a break in service or movement into an ineligible job class.
Changing positions? If you move from a SBRP-eligible to a PERS-eligible position or vice versa, contact your Benefits Office to determine your retirement plan options.
Employee and Employer Contributions
Because The amount contributed to the SBRP is determined by your age. The closer you are to retirement age, the more you can save:
||Total SBRP Contribution
IRC Contribution Limits
The Internal Revenue Codes (IRC) set annual limits on employee and employer contributions to defined contribution retirement plans such as the SBRP and State Board Voluntary Investment Plan (SB-VIP). For SBRP plan participants, the limit does not include SBRP contributions, but applies to your contributions to the SB-VIP.
The IRC limit is $50,000 for tax year 2012.
Questions & Answers
More detailed information designed for participants in a Q&A format is available in the SBRP Summary Plan Description.
Enroll in SBRP
Eligible employees may enroll in the SBRP at any time during their first thirty calendar days of work with their Participating Employer.
If you have not enrolled in a retirement plan after thirty days, you will automatically be enrolled in a SBRP and contributions will be defaulted to the TIAA-CREF Lifecycle Fund based on your targeted retirement date. Participation in a retirement plan is a condition of your continued employment with the participating employer.
Contact Fund Sponsor
Contact TIAA-CREF to access your retirement savings plan, review or change investment choices (funds), schedule a one-on-one consultation, and find out if you’re on track to reach your goals.
Access Funds Before Retirement
If you end employment at a participating employer, you keep all of the accumulations in your
SBRP—including the employer matching funds and earnings. You can contact TIAA-CREF directly
if you wish to roll your savings into another retirement plan or Individual Retirement Account
(IRA). To access funds after ending employment but before retirement, you must be separated from
an eligible position and no longer receiving ANY wages from a participating employer for at least
90 calendar days.
Contact your TIAA-CREF directly to roll your savings into another retirement
plan or Individual Retirement Account (IRA).
Only those retiring from active service
in a SBRP-eligible appointment are considered to be retirees, with rights and privileges
of SBRP retirement.
The SBRP provides participants the ability to access plan funds in times of hardship to address
an immediate and heavy financial need. For the SBRP, withdrawals are deemed to be for “an
immediate and heavy financial need” only if they are:
- Payments to prevent eviction from or foreclosure on your principal residence;
to prevent your impending bankruptcy; and/or
- Unreimbursable medical expenses
incurred by you, your spouse, your dependent children, and/or dependent parents.
Take advantage of the guidance, education, and tools that TIAA-CREF offers to help you maximize
your savings and plan for a successful retirement.
The State Board Voluntary Investment Plan (SB-VIP) is a tax deferred retirement savings plan available to most system employees
who wish to save for retirement. It’s funded by employee voluntary payroll deductions.
State Deferred Compensation Plan (WSDCP) is an additional voluntary
tax deferred retirement savings plan managed by the Washington State Department of
Retirement Systems. Employees can participate in both the SB-VIP and the WSDCP.
The State Board Supplemental Retirement
Plan (SBSRP) is available
only to those who were active participants in the SBRP on June 30, 2011. The Legislature
closed the SBSRP to participants who were not active SBRP participants on the date
it closed or who enrolled in the SBRP on or after July 1, 2011.
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Disclaimer: If there are any discrepancies between this web site and the provisions of the SBRP, the Plan Document will prevail.
Page Manager: email@example.com
Page Reviewed/Updated: June 25, 2014, 2:15 PM