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…
Category Archives: Member
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…
PERS 1, TRS 1 one-time benefit increase in July
Certain retirees in Plan 1 of the Public Employees’ Retirement System and Plan 1 of the Teachers’ Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July of this year. This is the result of legislation approved in 2023. Under the law, eligible PERS 1 and TRS 1 retirees will…
Notice to Retirees – Public Records Request
The Department of Retirement Systems has received a public records request from Erin Raasch of American Transparency for the following information about members who received monthly payments in 2023: • Full Name• Retirement Date• Employer Name• Monthly Pension Amount Per Washington’s Public Records Act, these records are not exempt from disclosure, so DRS must share this information with the…
2024 Pension-Related Legislation
During the 2024 session, DRS tracked bills that affected retirement, including pensions and benefits. Here are bills tracked, including summary descriptions from legislative reports: *Bills marked with an asterisk have passed. Subscribe to our policy list below for rule and legislative updates.
Help us serve you better
Do you have ideas for making our communications clearer? We are looking to build a bank of members and retirees to participate in upcoming focus groups designed to improve our systems and how we communicate with you. What will we ask you to do? We may ask you to review benefit information – such as…
Socially responsible investments changing
Changes are coming to the Socially Responsible Investment (SRI) Balanced Fund for those with an investment account in DCP, Plan 3 or JRA. In April 2024, the SRI changes from a balanced fund – invested in both stocks and bonds – to a new SRI that solely invests in stocks. This represents higher potential long-term…
Retirement taxes FAQ
These are the tax questions we’re asked most often. Keep in mind you’ll need to work with a tax advisor if you have questions beyond the information we can provide. DRS and the investment record keeper Voya are not able to offer tax advice. Will my monthly DRS pension payments be taxed? Yes. Whether you…
