Violet Ferrier is 14 years old and she’s a Deferred Compensation Program (DCP) customer. You might want to read that again; it’s not a typo. This teenager is serious about her retirement savings. When Violet sent her paperwork to DRS, the office assistant was stymied. She thought there must be a mistake. Surely, there are…
Category Archives: News
Public Records Request Notification
The Department of Retirement Systems (DRS) has received a public records request from the Seattle Times for information about members of the state’s retirement systems, including retirees and non-retirees, for a one-year period. The Seattle Times has been making this request annually for the past several years, and DRS provides this information to them as…
2025 Pension-Related Legislation
The 2025 Legislative session begins Jan. 13, 2025. We’re tracking retirement-related topics in the table below. Check back or subscribe for weekly updates about bills being considered that may have a fiscal impact on DRS. For complete information, see the Washington State Legislature website. Find pension-related legislation tracked in the 2024 session.
Sign up for pension-related legislative alerts
If you’re interested in pension-related legislation, sign up below to receive an email alert when we update our Pension-Related Legislation page. We expect to send updates weekly, but we may send more or less frequently depending on how bills move through the legislative process. As part of this list, you might also receive a few…
Plan 3 transfer window open in Jan.
Each January, active members who joined Plan 2 before a certain date have the option to transfer to Plan 3. Plan 3 has two parts: a pension account and an investment account. Your employer pays into your pension fund, while your contributions go into an investment account that you control. Plan 3 rules allow you…
State pension funding at 96%
Public employees in Washington State can take comfort in the security of their retirement funds. Our state pension system, administered through the Department of Retirement Systems, is 96% funded. This places us among the top 5 pension systems in the nation. The Office of the State Actuary calculates this funding status yearly. Washington is a…
1099-R tax form available by Jan. 31
Looking for your 1099-R form for tax purposes? By Jan. 31, 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. For Plan…
Pension payment schedule for 2025
Mark your calendar – the new schedule is here! DRS issues pension payments on the last business day of each month. Please note: the date you receive your payment will depend on your financial institution. 2025 pension payment schedule Jan 31 Feb 28 Mar 31 Apr 30 May 30 Jun 30 Jul…
Release date for 2025 COLA amounts
The 2025 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 2025 (usually sometime in March). Review the current 2024 COLA adjustments on the COLA information page.
More DCP savings in 2025
The IRS limits have increased for retirement savings programs like Washington’s Deferred Compensation Program (DCP). Beginning Jan. 1, 2025, you can contribute up to $23,500 per year. If you’re 50 or older, you can contribute up to $31,000 per year. These limits apply to DCP Roth and pretax contributions. That means whether you contribute to…
