Seaside School District

Retirement

We all plan to retire one day. Whether that day is one year from now or thirty years from now, the Seaside School District is here to support you in your preparation for retirement.

This webpage provides general information regarding retirement. For specific questions, please reach out to Human Resources.

Under Helpful Documents, you will find 403b information, and PERS guides, as well as retirement applications. For the most up-to-date information, please visit the PERS website, linked here.

PERS Member Services is the best resource for PERS related questions. You can reach them via the Online Member Services portal, linked here, or via phone from 8:30AM - 5:00PM at 888.320.7377. Callers can expect wait times from 20 min – 60+ min at any time, so please be patient if calling. PERS phone services are available in Spanish, once connected with a representative.

Spongebob Rainbow Retirement

Dreaming (and Saving) for Retirement

If you are in a qualifying position (a position that works 600 hours, or more, in one year), you are required to contribute to the Oregon Public Employee Retiree System (PERS). This contribution starts after you’ve served six months in a qualifying position, and is not optional. The contribution is 6% of your gross pay.

PERS consists of two parts: the defined benefit portion (your pension) and the account-based benefit (the Individual Account Program, or IAP). You can keep track of your contributions and the balance in your IAP at the Online Member Services site, linked here. Depending on income level, you can choose to increase your IAP contribution by .75%. To learn more, this link provides instructions.

You can always opt to save more for retirement by enrolling in a 403(b). The district partners with PenServ to offer multiple 403(b) vendors, viewable here. Once you have set up an account with one of the vendors, you can complete a Salary Reduction Agreement form (linked below) and route it to payroll.

These are the options for staff to save directly from their paychecks. There are many options for people to save for retirement at the personal level, including Individual Retirement Accounts, basic savings accounts, investment accounts, etc. Please check with your financial advisor on what may benefit you most.

Additionally, there are many retirement savings calculators available online. These can help you set a monthly goal on how much to save to have the retirement of your dreams.

It is never too early, or too late, to start saving for retirement. Future you will be thankful!

Retirement Savings Jar

Retirement JUST AHEAD

Starting to Apply for Retirement

As retirement approaches, Oregon Public Employee Retiree System (PERS), asks members to attend a general education session about your specific PERS plan. This general education session talks about retirement eligibility, benefit calculations/estimates, and reviews the retirement application process, among other things. You will want to attend the general education session associated with your specific PERS plan. Depending on the year you were hired, you can be one of three classifications of PERS: Tier One (members hired before Jan 1, 1996), Tier Two (members hired between Jan 1, 1996 and Aug 28, 2003), or OPSRP (members hired after Aug 28, 2003).

After attending a general education session, you will want to complete a benefit estimate, which can be done via your Online Member Services portal, linked here. Once you have decided your official retirement date, you will need to complete a retirement application (linked below). The district recommends scheduling a Retirement Application Assistance Session (RAAS) with PERS to review that completed application prior to you officially submitting the application to PERS. At that RAAS, you will meet one-on-one with an advisor who can answer questions about the different benefit options. The advisor will ensure you have completed the application in entirety, so there are no delays in your retirement process.

Retiring with PERS takes time. PERS requests that you turn in your completed application about 90 days in advance of your retirement date. Retirement dates are always the first of the month.

Once you have handled the PERS portion of your retirement, you will want to make sure to notify the district of your pending retirement. Please write a retirement letter to your supervisor/the Superintendent as soon as you know you will retire on a certain date. This helps the district plan and recruit for your position.

During this time, you’ll also want to be connecting with your financial advisor. Your personal financial advisor will be able to support you during this transition from employment to retirement. If you have any independent savings, they will be able to guide you on how those funds can impact your life after leaving employment.

A few things to consider when it comes time to retire:

Health Insurance – If you are not Medicare eligible (age 65+), you can choose to continue your OEBB health insurance coverage (medical, dental, and vision). If you are Medicare eligible, you can choose to continue your OEBB dental insurance coverage. When you move from active employment to a retiree, you move from the composite rate (same cost for everyone in the district, which doesn’t change based on who you cover on your insurance) to the tiered rate (cost increases with the number of people you cover on your insurance). If you are interested in continuing any insurance coverage through OEBB, please talk with HR before your retirement date.
Other district benefits – Are you a licensed employee that qualifies for SEA negotiated agreement – Article 15 benefits? If so, please talk with HR before your retirement date.

I’m Retired...now what?

Once you’re officially retired with the school district, you hopefully have a lot more flexibility in your schedule. Here are a few ideas of how to fill your time:

Coach a sport, officially or as a volunteer!
Help out our athletic department by working “extra duty” at athletic events – ex. working the gate at a football game, keeping score at a basketball game, timing events at a swim meet, etc.
Apply with ESS, the district substitute provider, linked here, to continue to be a teaching or educational assistant substitute within our district! If you’re not interested in working through ESS, you could apply directly with the district to support our custodial and bus driving teams as a substitute!
If you choose to retire, then work back in your same position, you will be required to apply for the position in the upcoming school year. This means you will be interviewed and need to be approved by the Superintendent to continue to work in your same position following retirement. Once you are officially PERS retired, you will no longer see the 6% PERS deduction on your paycheck. You are still welcome to contribute to your 403b post-PERS retirement.

Cannon Beach Haystack Rock Sunset

Helpful Documents

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