Looking for your 1099-R form for tax purposes? Beginning January 24, you can access it by signing in to your retirement account and then selecting the 1099-R link from the main menu. From there you can view it or print a copy. Hard copies of the form will be mailed by the end of January.…
Category Archives: Member
Release date for 2024 COLA amounts
The 2024 COLA percentages effective July 1 for most plans have not been released. DRS will update the COLA information page when the information becomes available in 2024 (usually sometime in March). You can review the current COLA adjustments that came out in 2023 on the COLA information page.
Notice to DRS Members and Retirees – Public Records Request
The Department of Retirement Systems (DRS) has received a public records request from The Seattle Times that seeks information about all members of the state’s retirement systems, including all retirees and members, for the period of July 1, 2021, to June 30, 2023. DRS has received a copy of the requestor’s Declaration of Non-Commercial Purpose…
More DCP savings in 2024
The IRS has increased the amount you can contribute to DCP.
Is retiring early right for you?
Retiring early isn’t something everyone longs for, but it might be worth considering if you haven’t thought about it already. As with all big decisions that leave us standing at the crossroads, deciding to retire early isn’t something you can take lightly. It’s not as easy as deciding on a dessert at a buffet, but…
Retirees may continue CFD donations
Like pumpkins, cooler days and football, the state’s Combined Fund Drive – CFD – campaign returns each fall. If you’re retired or are planning to retire soon, keep in mind that you may continue – or begin – to donate to CFD after you retire. “The biggest thing we want our retirees to know is that our…
Required minimum distributions begin at 73
Do you have DCP or Plan 3? If so, keep in mind that federal law requires you to withdraw a minimum amount from your investment account when you reach age 73 if you are separated from employment. The DRS record keeper, Voya, calculates this required minimum distribution (RMD) and pays out this amount to you…
Rumors we have heard
Rumors. They sure can be wild at times. At DRS, it’s not unusual for us to speak with customers who have heard a rumor that, as it so often turns out, is not exactly accurate. Some of the rumors we hear include:
The 2023 Annual Report is here
The 2023 Annual Comprehensive Financial Report (ACFR) reflects our on-going commitment to accurate and transparent financial reporting of the retirement systems. It contains the following detailed information: DRS’ 2022 ACFR has been recognized with a certificate of achievement from the Government Finance Officers Association (GFOA). This was the 29th consecutive year DRS earned the highest form of…
Rise in fraudulent retirement calls and emails
Department of Retirement Systems recently learned of several email and phone schemes targeting public employees. Last week, an employee at the Washington State Department of Ecology got a call from one of these scammers. The employee, who will remain anonymous, received a call on her work cell phone from someone claiming to represent a non-profit…
