The IRS limits have increased for retirement savings programs like Washington’s Deferred Compensation Program (DCP). Beginning Jan. 1, you can contribute up to $24,500 per year. Age 50 or older: you can contribute an additional $8,000 beyond the limit ($32,500 for 2026). For highly compensated employees ($150,000 in FICA wages for 2025), who are age…
Category Archives: Member
Retirees may continue CFD donations
Do you currently contribute to the state’s Combined Fund Drive (CFD) through payroll deduction? Keep in mind that if you are retired, or planning to retire soon, you may continue donating through a payroll deduction. If you are currently donating and retire, your donations continue into retirement until you elect to make changes. You can…
Retiring later: Is there any benefit to delaying?
We often talk about early retirement. But what about retiring later? Many people choose to continue working beyond the traditional retirement age, or they separate from employment but wait to start collecting retirement income. Whether you’re delaying for personal, financial or healthcare reasons, let’s explore how this timing affects your benefit. Why some people delay…
Don’t get surprised at tax time: Look at your spending and income for 2025
Tax season sneaks up on many of us and if you’re not planning ahead, April could bring some surprises. No matter where you’re at (working or retired) it’s smart to look at your income and spending for 2025 now, rather than in February or March. Proactive planning can save you money, reduce stress, and help…
The 2025 Annual Report available now
The 2025 Annual Comprehensive Financial Report (ACFR) reflects our ongoing commitment to accurate and transparent financial reporting of the retirement systems. The DRS ACFR includes DRS’ financial statements, including notes and supporting schedules. Additional information included in the DRS ACFR is summarized in the following list: Financial information for employers The 2025 Participating Employer Financial…
Public records request about retirees
The Department of Retirement Systems has received a public records request from Timothy (TJ) Martinell for the following information about members receiving a pension. • Full Name • Date of hire • Date of retirement • Agency hire • Monthly Pension Amount for years 2020-2025 Per Washington’s Public Records Act, these records are not exempt…
DRS benefits unaffected by federal shutdown
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.
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…
