Good news! You are automatically enrolled and “vested” after you complete 6 months of caregiving with a covered employer. 

During your 7th or 8th month of caregiving, a welcome letter will be mailed to you with steps on how to create an account. 

If your account is showing “unvested,”  this is because different rules applied prior to July 1, 2019, and you did not complete those vesting requirements. More details may be found on the Summary Plan Document, or you can call a Secure Retirement representative at 1-800-726-8303 for further details.  

Make sure you give updated and correct contact information (email, phone and address) to your employer. Giving your email address to your employer makes it easier to get important information electronically.

Visit Retirement: My Plan for access to your account and to get instructions for creating a login. From Retirement: My Plan you will go to your Secure Retirement Plan account.

Even if you are no longer working as a caregiver, your retirement benefits are still active through Retirement: My Plan.

Service for the Secure Retirement Plan (SRP) is provided by the Milliman.

Milliman will send you account statements and more information by email or mail. To get these notices from Milliman, you will need to keep your contact information up to date with your employer and update your email address on your Retirement: My Plan account.

Milliman is the administrator for the Secure Retirement Plan.

Milliman gets your contact information from your employer. Because of this, it is important to keep your information up to date with your employer. If your mailing information is incorrect, please contact your employer directly to update it. Please allow 45 days for changes to show on your account.

Beneficiaries are an important part of your plan. A beneficiary is the person(s) you name to get the rest of your account balance when you pass away. By naming a beneficiary, you ensure your balance is paid how you choose. If you do not name a beneficiary, your account’s beneficiary will be determined by the Plan, not your preference. 

You can choose a beneficiary by logging into Retirement: My Plan or calling a Secure Retirement representative  at 1-800-726-8303. 

It depends on your age and how much money you have in your account.

1. If you are over 65 and your account is more than $2,400, it will be paid in monthly installments (minus mandatory taxes).
2. If you are over 65, no longer working, and your account is $2,400 or less, it will be paid in a single lump sum (minus mandatory taxes)
3. You also have the option of rolling your money into an IRA, regardless of the size of your account.

You will need to provide proof of age documentation. The Age Verification form includes the accepted proof of age documents. For assistance, you can call a Secure Retirement representative at 1-800-726-8303.

This Plan is a multi-employer plan. Participating employers deposit money into your account for every hour worked under the Collective Bargaining Agreement once you have worked for 6 months. The Plan provides more income when you reach retirement and is not set up to take participant contributions. If you want to contribute to your retirement, you can contribute to an IRA.

The Secure Retirement Plan (SRP) was created to provide another source of income when you retire, adding to your other retirement income sources, like an IRA or Social Security. These monthly distributions will continue as long as you have an account balance. Many caregivers continue to work after the SRP retirement age of 65. Older caregivers have the advantage of both being able to access the monthly payment as well as the benefit of having contributions continue to be made into their account. 

Once your account reaches $2,400 and you are over 65, you can start receiving a monthly payment (less required tax withholding) in an amount based on your age and account balance. The minimum monthly payment is $100 minus a 20% tax withholding. 

You can still contribute to an Individual Retirement Account (IRA) or other retirement plans while participating in the Secure Retirement Plan (SRP). You should consult a financial professional regarding your unique situation, but, in general, participating in this plan will not prevent you from making those types of contributions subject to general IRS provisions.

Washington State Retirement Marketplace offers low-cost and state-approved IRA options. Social Security is another source of retirement income for some people.

The Washington State Marketplace partners with private financial firms that help individuals save for retirement. The IRA options are low-cost for participants and are verified by the state. The Retirement Marketplace is strictly voluntary and easy to use. The website offers translation in 4 different languages.

The investments for the plan are directed by the Trustees and managed by investment professionals to grow over time and add to your retirement savings. Investment details are also available on your quarterly and annual benefit statements.

More plan details can be found in the Summary Plan Description. You can also call a Secure Retirement representative 1-800-726-8303. Help is available in your language.