Secure Retirement Plan
Extra retirement income for caregivers.
This plan was created to provide you with an additional source of income for retirement. It’s easy, stress-free and purely an added benefit to you!
Retirement Saving Made Simple.
Start working as a caregiver and after 6 months with a participating employer, you’re automatically enrolled in the plan. Your employer contributes money for every eligible hour you work. In month 7 or 8, you’ll receive a letter with steps to set up your account and choose a beneficiary.
Your account is fully yours (vested) and is meant for retirement. The money stays in the plan until you reach retirement age (usually 65). It is not a savings account you can use before then.
Milliman, the administrator of the plan, manages your account. You can log in anytime to see your balance and update your information or beneficiaries—even if you’re no longer working as a caregiver.
Watch your money grow.
Secure Retirement Plan participants can access their retirement account online.
See your account balance.
Access your account statements.
Name a beneficiary.
Frequently Asked Questions
How do I participate in the Secure Retirement Plan?
You are automatically enrolled after completing 6 months of caregiving with a covered employer. A Welcome Letter with registration steps will be mailed during your seventh or eighth month.
How much is my employer contributing?
Your employer contributes for every eligible hour worked under the CBA once you become a participant. Contributions vary by employer. Your account is fully vested, meaning it cannot be forfeited.
Is money taken from my paycheck?
No. Your employer contributes to your SRP account for every hour you work in covered employment as a caregiver. Contributions are determined by the Collective Bargaining Agreement (CBA).
Can I contribute my own money?
No. The SRP does not accept participant contributions. If you want to save more, consider opening an Individual Retirement Account (IRA). Visit the Washington State Retirement Marketplace for low-cost IRA options.
How do I access my account?
You can access your Retirement: My Plan account online.
If you are no longer working as a caregiver, you still have login access to your account. Keep your contact information up to date.
Who is Milliman?
Milliman is the SRP recordkeeper. They provide account details and can be contacted Monday–Friday from 5 a.m. to 5 p.m. at 1-800-726-8303. Translators are available.
Who decides how my money is invested?
The SRP Trustees direct the investments, which are managed by professionals to help grow your savings over time. The SRP uses target date funds tailored to your date of birth.
How do I get my money, why is there a waiting period?
Generally, you must be 65 or older to take a distribution. Starting January 1, 2025:
- If your account is over $5,000, it will be paid in monthly installments (minimum $200, minus taxes).
- If your account is $5,000 or less and you are no longer working, it can be paid in a lump sum or rolled into an IRA after a 24-month waiting period.
The waiting period exists because many caregivers return to work within 24 months. During this time, your account remains invested and has the opportunity to grow.
Why can’t I take the full amount when I turn 65?
The SRP is designed to provide monthly income in retirement alongside other sources like Social Security or IRAs. Caregivers working after age 65 can still receive monthly distributions while employer contributions continue to grow their account balance.
How do I update my contact information with Milliman?
Milliman receives your contact information from your employer. If it’s incorrect, update it directly with your employer. Changes may take up to 45 days.
If you are no longer a caregiver, contact Milliman for an address change form.
Monday–Friday from 5 a.m. to 5 p.m. at 1-800-726-8303. Translators are available.
What if my termination date is missing or incorrect?
Your termination date is calculated using your last contribution date. Small account closures cannot occur until 24 months after your last contribution. Refer to the Summary Plan Description (SPD) or contact Milliman for assistance.
How else can I save for retirement?
In addition to the SRP, you can save through:
- An Individual Retirement Accounts (IRA).
- Other employer-sponsored retirement plans, if eligible.
Plan documents govern in case of conflict with these FAQ highlights.
Retirement Benefit Support
If you have questions, visit the support page or call a Milliman Secure Retirement representative at 1-800-726-8303. Help is available in your language.
Planning for Retirement
In addition to your SRP account, learn how other sources of income like IRAs, Social Security and personal savings can help make sure you can retire comfortably.
Common Retirement Terms to Know
Learn the definitions of common retirement terms and definitions you need to know in order to make decisions for your financial future.
Tips for Caregiver Money Management
Find resources for topics like tax help, retirement planning, retirement calculators, budgeting and more.
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