DRS News
Public Records Request for Retiree Information
March 31, 2025
The Department of Retirement Systems has received a public records request from ...
Is your pension enough?
March 13, 2025
Your retirement needs are unique. Not unlike your family tree that can show you where you got your brown eyes and curly hair, you also have a pension DNA. Unfortunately, there...
COLA rates established for 2025
March 06, 2025
A cost-of-living adjustment (COLA) is an annual adjustment applied to your retirement income to reflect changes in the economy (inflation). Most DRS retirement plans offer a C...
Stay on track with an online retirement check up
February 27, 2025
Can you live comfortably in retirement? If you don’t know the answer, there’s an easy way to check. From this website you can log in to your ...
School employees: how to time your retirement
February 13, 2025
Is it better to retire at the beginning of summer or at the end? When it comes to retirement for teachers and school emplo...
Retirees returning to work must wait 30 days
February 04, 2025
For a lot of people, retirement is a time to sit back and relax, or time to do some traveling. But some retirees like to stay busy by volunteering. They may even decide they w...
Accessing your 2024 1099-R form
January 31, 2025
Looking for your 1099-R form for tax purposes? You can access it by signing in to your retirement account and then selecting the 1099-R link from...
Use your mobile number for account verification
January 16, 2025
Did you know? Using your mobile number is a more secure option for multifactor authentication (MFA). Close to 60% of DRS customers have not yet added a mobile number for login...
She’s 14 and already saving for retirement
January 14, 2025
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...
Public Records Request Notification
January 06, 2025
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, incl...
2025 Pension-Related Legislation
January 03, 2025
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 ...
Sign up for pension-related legislative alerts
January 03, 2025
If you’re interested in pension-related legislation, sign up below to receive an email alert when we update our Pension...
Plan 3 transfer window open in Jan.
January 02, 2025
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. ...
State pension funding at 96%
December 19, 2024
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 Sy...
1099-R tax form available by Jan. 31
December 17, 2024
Looking for your 1099-R form for tax purposes? By Jan. 31, you can access it by signing in to your retirement account ...
Pension payment schedule for 2025
December 17, 2024
Mark your calendar – the new schedule is here! DRS issues pension payments on the last business day of each month. Pleas...
Release date for 2025 COLA amounts
December 10, 2024
The 2025 COLA percentages effective July 1 for most plans have not been released. DRS will update the COLA information...
More DCP savings in 2025
December 03, 2024
The IRS limits have increased for retirement savings programs like Washington’s Deferred Compensation Program (DCP). ...
Updates to DCP and Plan 3 Retirement Strategy Funds
November 21, 2024
A new Retirement Strategy Fund (RSF) is coming to the lineup of investment options in Plan 3 and the Deferred Compensation Program (DCP). The most recent addition – the 2070...
The ins and outs of retirement service credits
November 19, 2024
We’re often asked to explain what service credit is and how it works. Customers want to know about topics related to service credit, such as portability (also known as recip...
Required minimum distributions begin at 73
November 14, 2024
Do you have DCP or Plan 3? If so, keep in mind that if you are separated from employment, federal law requires you to withdraw a minimum amount from your investment account wh...
Retirees may continue CFD donations
November 12, 2024
If you’re retired or are planning to retire soon, you can continue donating to the state’s Combined Fund Drive (CFD) after you retire. ...
Customers report receiving unrequested verification codes
October 31, 2024
A few DRS customers have reported receiving unrequested text, voice or email messages with a verification code from Voya Financial, our record keeper for DCP and plan 3 invest...
The 2024 Annual Report is here
October 24, 2024
The 2024 Annual Comprehensive Financial Report (ACFR) reflects our on...
Keep your retirement accounts secure
October 17, 2024
Each October National Cybersecurity Awareness Month focuses on raising awareness of the importance of cybersecurity. This month is a great time to do a security check on your ...
This October, create your retirement blueprint
September 24, 2024
When it comes to budgeting, you may have heard the term “Save more and spend less.” But that’s easier said than done. We know that retirement planning can be a lot. Howe...
Is that email or call really from DRS?
September 19, 2024
We often hear about email and phone schemes targeting public employees. Scammers disguise themselves as the Department of Retirement Systems representatives and request person...
Banking on financial advisors and fiduciaries
September 12, 2024
Navigating the world of investments and finances can be daunting. Especially when it comes to preparing for retirement. You want the assurance and confidence that comes from k...
Managing health care in retirement
September 05, 2024
As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real. Care can require considerabl...
DRS annuity options
August 29, 2024
What’s an annuity? An annuity is a guaranteed income plan you purchase w...
Hey millennials, plan for your future with 3 easy steps
August 13, 2024
Millennials are defined by Pew Research as being born between 1981 and 1996 and are now ages 28 to 43. That means most are somewhere in the middle of their career. If that...
Employers make pension contributions too
August 08, 2024
As a Plan 2 member of a Washington state retirement plan, you contribute a certain percentage amount from your paycheck toward your pension. That percentage amount is called a...
Choosing a plan
July 30, 2024
If you’re a new public employee, school employee or teacher, you have 90 days to choose between two retirement plans: Plan 2 or Plan 3. The decision you make is permanent, b...
Most DCP and Plan 3 investment costs reduced in 2024
July 25, 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...
Retiring outside the state or country
July 18, 2024
Moving to another state The one thing to keep in mind if you plan to...
Retirement guide for new hires
July 09, 2024
Did you know that you started earning a pension benefit when you were hired into public service in Washington state? If yo...
Paycheck increase allows for more savings
June 25, 2024
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 wi...
COLA vs benefit indexing
June 18, 2024
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. ...
Site changes
June 12, 2024
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. ...
The basics of retiring with DRS
May 23, 2024
Once you’ve reached the required age and years of service for your plan, you can apply for your pension retirement through DRS. We have a complete ...
DCP Roth and Roth IRA – What’s the difference?
May 21, 2024
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 ...
Your DCP contribution changes can happen sooner
May 16, 2024
In May, you might notice that the timing for your Deferred Compensation Program (DCP) contribution changes are happening sooner. ...
PERS 1, TRS 1 one-time benefit increase in July
May 07, 2024
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 incr...
Notice to Retirees – Public Records Request
May 06, 2024
The Department of Retirement Systems has received a public records reque...
2024 Pension-Related Legislation
April 30, 2024
During the 2024 session, DRS tracked bills that affected retirement, including pensions and benefits. Here are bills tracked, including summary descriptions from legislative r...
Help us serve you better
April 25, 2024
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...
Socially responsible investments changing
April 23, 2024
Changes are coming to the Socially Responsible Investment (SRI) Balanced Fund for those with an investment account in DCP, Plan 3 or JRA. ...
Retirement taxes FAQ
April 18, 2024
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 an...
Retirement preppers sleep better
March 28, 2024
April is Financial Literacy month and spring break, and that means it’s a great time to look at your budget and set some financial goals now so you’re p...
Increasing your tax withholdings
March 26, 2024
Many retirees, especially early in their retirement, find that they need to increase the amount of tax (tax withholdings) that are deducted from their monthly pension. ...
What is DB, DC and DCP?
March 12, 2024
When it comes to your retirement plan, have you seen these acronyms? DB ...
The value of a pension
February 15, 2024
The Office of the State Actuary prepared this example to assist DRS with developing a general educational resource. We caution against using this hypothetical illustrati...
Retirement Outlook – Winter 2024
February 01, 2024
For the winter edition of the Retirement Outlook newsletter, we take a look at a few of our most popular articles from the past year. ...
One teacher’s fulfilling solution
January 25, 2024
If you retired today, would you volunteer to work for free at the same place? Meet Cornelius Lopez. ...
What is vesting?
January 02, 2024
Vesting is your right to the money contributed to your pension plan by your employer. Once you become vested, you’re entitled to receive a pension benefit when you retire. Y...
New benefits for some retirees, including return to work rules
December 12, 2023
New legislation allows more flexibility in the number of hours some retirees can work for the public sector. Also, retirees who chose the 3% ERF option will receive an increas...
Is retiring early right for you?
November 21, 2023
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 stand...
Rumors we have heard
November 02, 2023
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 accurat...
Rise in fraudulent retirement calls and emails
October 20, 2023
Department of Retirement Systems recently learned of several email and phone schemes targeting public employees. Last week...
Retirement planning email scam alert
October 05, 2023
DRS has learned about an email scam currently targeting teachers and school employees. However, everyone should be aware that the scam can target anyone. ...
What’s your personal inflation rate?
September 21, 2023
The overall inflation rate currently sits at 3.7%, but that may not be the...
Change of address fraud on the rise
September 19, 2023
A major increase in change of address fraud has caught the attention of the United States Postal Service (USPS) and federal lawmakers. Data shows that change of address fraud ...
Who will inherit your assets?
September 14, 2023
Most of us aren’t wealthy enough to fret over who gets our 40’ yacht after we’re gone. But let’s face it – even if we don’t have yachts or mansions, we should all ...
Transferring investment accounts
August 22, 2023
If you’re enrolled in the Deferred Compensation Program or you have a DRS annuity, you can transfer certain qualified investments into your account. This increases your DCP ...
Income letter verification available in online account
August 16, 2023
Life events often require retirees to verify their monthly retirement income. These events may include: ...
Do you have unclaimed funds?
August 08, 2023
What are unclaimed funds? Unclaimed funds are moneys owed to you that you did not collect or that did not get refunded to you. ...
Deductions in retirement
August 03, 2023
A common question DRS receives: “Is my pension benefit taxed?” The short answer is yes, you will owe federal income tax on your pension benefit. DRS has a tax calculator a...
Roth option coming to DCP October 2023
July 06, 2023
Effective October 1, DCP will include a Roth option. Customers will be able to choose between pretax and Roth contributions, or a combination of both wh...
How to apply for retirement
June 09, 2023
If you’re thinking about retirement, DRS recommends using the estimate calculator in your online retirement accoun...
Member contribution rates approved
May 31, 2023
Member contribution rates have been approved by the legislature and signed by the governor for the 2023-2025 biennium. Rat...
Health care, retirement and prepping for the best
May 24, 2023
Let’s say you have a good friend named Landry who tells you all the time about how much fun and freedom they’ll have in retirement. As you ride the elevator together, they...
Explore your options for retirement living
May 11, 2023
When you retire, there are several decisions you’ll need to make. One of the biggest decisions will be choosing where you want to live. Modern retirement living offers more ...
More account security with multifactor authentication
May 02, 2023
Multifactor authentication (MFA) is a tool that provides extra security to protect access to your retirement accounts. When you log into your ...
Career transitions and your retirement
March 02, 2023
If you leave your public service employment, you’ll have choices to make about your DRS retirement accounts. Here are the three big ones: ...
Best financial wellness tips for your age
September 29, 2022
When it comes to budgeting, you may have heard the term “Save more and spend less.” But sometimes that’s easier said than done. If you’re saving for retirement or a bi...
Keep career milestones in mind
September 16, 2022
As a member of one of the state’s retirement plans, there are quite a few milestones throughout your career. Fir...
Considering a 403(b) or 457(b) plan?
September 01, 2022
While public employees have lots of ways to save for retirement, two of the most popular are IRC ...
Pennies on the dollar viewpoint could increase savings
August 23, 2022
Seeing your DCP contributions as pennies on the...
