This calculator estimates annuity payments for the Washington State Investment Board (WSIB) Investment Program. You can input your personal information into the calculator and see how different annuity purchase amounts and annuity beneficiary options impact your estimated annuity benefit.
The WSIB Total Allocation Portfolio (TAP) Annuity provides a guaranteed lifetime monthly benefit that includes an automatic 3 percent annual TAP Annuity Cost of Living Adjustment (COLA). It also guarantees the purchaser's estate will receive the balance of the original annuity purchase price, minus the payments made to the purchaser (and beneficiary if chosen), should the payments made amount to less than the purchase price of the annuity. More information about the WSIB TAP Annuity can be found in the Plan 3 Annuity Guide.
Effective October 2020, DRS will update the administrative factors used in benefit calculations. Calculations with the new factors as of Oct. 1, 2020, will likely differ from calculations done prior to that date. You can create an estimate with the new factors beginning Oct. 1, 2020.
The results obtained from this calculator are dependent upon the purchase amount of the annuity, the age which you begin receiving the annuity and whether or not you choose an annuity beneficiary option. You may find it useful to run several different scenarios through the calculator with different input values. You can keep track of the different scenarios by naming them when you save the information.
Before you can use this calculator, you must click the link to review the following disclaimer:
Before you can use this program, you must review disclaimer and select the check box.
Load a previously saved TAP Annuity scenario.
Enter the name of the person who will receive a lifetime benefit as your survivor if you select a Joint Life Annuity instead of a Single Life Annuity.
Explanation of Retirement Systems
Enter the date you'd like to begin receiving your annuity payments.
Enter the amount from your Plan 3 defined contribution account that you'd like to turn into an annuity. The amount entered can be all or part of your account balance, but it must be at least $25,000.
You may choose to receive your TAP Annuity under one of the following four options: