Retirement benefits for Washington’s retired public workers in a DRS plan are not affected by the federal governmental shutdown. DRS pays more than $8 billion each year to members, with about $9 of every $10 dollars remaining in Washington. This is critical not only to each retiree and their families but to our state’s economy.
Category Archives: Member
This October, follow this retirement recipe
Sometimes saving for retirement can feel like trying to cook a recipe without clear instructions. You feel like the recipe is smudged and you’re not sure about the ingredients. You might be thinking: “Am I saving enough? What’s the right number for me? Should I save with pretax or Roth? Stocks or bonds?” But just…
Keep your retirement account secure
It can take a lifetime to accrue the retirement benefits you have earned. Unfortunately, it can take only one fraudulent scheme for those benefits to be negatively impacted. Beyond what DRS can do as an organization, it’s a best practice for all of us to take steps to keep our own account information secure. At…
Is consolidating accounts right for you?
As a public employee, you may be looking at your financial picture and seeing a mix of different retirement accounts: a 401(k) from a past job, maybe an IRA, and probably a Deferred Compensation Program (DCP) account. Each of these accounts has served a purpose over the years, but managing them all can feel like…
Savvy school district savers
You’ve most likely heard us say the Deferred Compensation Program (DCP) is a terrific way to save for retirement. And that in addition to your pension, DCP can help you reach your retirement goals. We’re not bragging, but here are a couple of school district (SD) employees who demonstrate what they did or are doing…
Considering a 403(b) or 457(b) plan?
While public employees have lots of ways to save for retirement, two of the most popular are IRC Section 457(b) and Section 403(b) plans. Both provide for pre-tax contributions taxed as income when withdrawn, but there are some differences to consider when choosing the best option for you. Many Washington public employees have access to a pre-tax 457(b) plan…
How much does an annuity pay?
When you purchase an annuity from the state of Washington, you receive a guaranteed monthly income from that annuity for the rest of your life. Annuities are not impacted by market swings, and you cannot outlive them. Annuity income is in addition to your pension. Your monthly annuity payment will depend on several factors, including…
What to do when you’re brand new
Did you know that you started earning a pension benefit when you were hired into public service in Washington state? If you didn’t know until just now, we understand. A new job can be overwhelming – loads of information is served up to you all at once. You may have overlooked, or not had time…
Deductions in retirement
When people get close to retirement, they often wonder how much money they’ll get to take home. This means they want to understand the difference between their gross pay (total earnings before deductions) and their net pay (the amount that goes into their bank account). While you’re working, your paycheck has many deductions, like Social…
What retirement? Tacoma firefighter going strong after 48 years
Longevity on the job is not uncommon among public service workers; teachers and judges often come to mind, their careers sometimes spanning decades. But what about firefighters? “I started working as a firefighter on Oct. 1, 1976. I thought it would be fulfilling to help other people,” says Dave Kaiser. He’s the Battalion Chief over…
