DRS Plan 2
The phrase commonly used to describe defined benefit plans
What is pension
what is 55
The age people born after 1960 are considered "full retirement age" for Social Security benefits
What is 67
The name of the supplemental retirement plan offered through your school district, as defined in the IRC (Internal Revenue Code)
What is 403(b)?
The number of years needed to be "vested" or eligible to receive your Plan 2 pension in retirement
what is 5
The number of years needed to be "vested" or eligible to receive your Plan 3 pension benefit
What is 10 years
The earliest age a retiree can begin collecting their Social Security benefit
what is 62
The standard employer-sponsored retirement plan contribution limit for 2026.
What is $24,500?
The age in which you are considered "full retirement age"
What is 65
This percentage is the lowest amount a Plan 3 member can contribute to their Plan 3 investment account?
What is 5%
The typical age a retiree is eligible for Medicare
What is 65?
The years of service needed to receive a full pension benefit with no reductions
what is 30 years
This percentage is one factor of the Plan 3 pension formula.
What is 1%
This part of Medicare covers prescription drug costs.
What is Part D?
This phrase refers to the average of the top five highest paid consecutive years of service of a Plan 2 member. The phrase used to describe a component of the pension formula.
What is average final compensation?
The IRC (Internal Revenue Code) name for the Plan 3 account
What is 401(a)?
This phrase describes the 8 month window that a retiree has to sign up for Medicare after they stop working/lose their current benefits through their employer.
What is Special Enrollment Period?