Deferred Compensation Program
The Smart, Easy Way to Save
DCP is a supplemental retirement savings program offered by DRS to public employers at no cost. This benefit provides your employees with the opportunity to invest money through payroll deductions while deferring federal taxes.
Get Started Today!
To offer DCP to your employees complete this resolution form and mail to DRS - we'll handle the rest. Once you've adopted DCP, your employees can enroll with a few simple steps.
More than 1,000 employers and 53,000 employees are already participating in DCP. Here's why:
A Benefit for your Employees
- Start saving with as little as $30 per month
- Low fees, Tax Savings and Portability
- 24/7 Account access
- No penalties for early withdrawals
- Responsive, friendly customer service
- Investing opportunities through WSIB
Also a Benefit for you - the Employer
- All services are provided by DRS at no cost
- Simple reporting process
- DRS administers the plan
- On-site education provided by DRS
- Responsive, friendly employer support
- Helps with recruitment and retention
The DRS Education and Outreach Team is ready to assist you and your employees with this important decision. We provide on-site education for state retirement plans and DCP. Whether you'd like to discuss the decision to adopt DCP or schedule an on-site training event, call the Education and Outreach Team at 360-664-7021 - we'll be glad to help.
DRS partners with the Washington State Investment Board (WSIB) and Great-West Retirement Services to offer the Deferred Compensation Program. The goal is to help public employees save for their future while saving your organization time and money.
As one of the most successful public institutional investors in the country, WSIB selects and updates the investment options offered through DCP.
Great-West Retirement Services is contracted with DRS for record keeping and other administrative services like mailing quarterly statements.