90 days to choose Plan 2 or 3
Category Archives: Member
Most DCP and Plan 3 investment costs reduced in 2024
Every summer, we post annual fee changes for DCP and Plan 3 investments. Fees are based on the cost to manage the investments and vary by fund type. The revised fee tables are available now on the DCP and Plan 3 pages. DRS investment options are provided by WSIB (Washington State Investment Board). At just a fraction of a…
Retiring outside the state or country
Moving to another state The one thing to keep in mind if you plan to live outside Washington, is state income tax. Your plan contributions were pretax, so you will have income tax when you receive your retirement payments. Washington doesn’t have state income tax, and we don’t withhold state income tax for any payments…
Retirement guide for new hires
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…
Paycheck increase allows for more savings
At the end of July, state employees may notice a 3% increase to their paycheck. This increase is thanks to legislation that passed in March 2023 and is intended to help you with the cost of inflation. One of the best things about getting a paycheck increase is that it gives you more flexibility with…
COLA vs benefit indexing
As a retiree, it’s important to know how your pension works. There are certain rules in place that allow your pension to grow over time with the cost of inflation. All Plan 2 and 3 retirees are eligible to receive a COLA every July. But not all plans or members are eligible for the inflation…
Site changes
On Monday, June 10, we updated DRS’ website to highlight our calculators and to make it easier for folks to find what they’re looking for. When you visit www.drs.wa.gov now, you’ll see a new calculator page, new site index that includes alphabetic sorting, changes to our search tool, updated table of contents navigation, and some other behind-the-scenes code changes to…
The basics of retiring with DRS
Take a look at the steps to retire from public service…
DCP Roth and Roth IRA – What’s the difference?
Washington’s Deferred Compensation Program (DCP) offers a Roth option in addition to the traditional pretax option many customers contribute to. Here we’ll take a look at questions you’ve asked about the newer Roth option, especially in comparison to a Roth IRA. While DCP is available only through employers, an IRA, or Individual Retirement Account, is…
Your DCP contribution changes can happen sooner
In May, you might notice that the timing for your Deferred Compensation Program (DCP) contribution changes are happening sooner. SECURE Act 2.0 of 2022, part of the Consolidated Appropriations Act (CAA) of 2023, builds on and expands the SECURE Act of 2019 to improve retirement savings opportunities. Before this option was added, contribution updates took…
