Ours is a big job that is growing each year. We now manage 15 retirement plans and a deferred compensation plan for more than 550,000 active, inactive (including both those who are vested and those who are not) and retired members. We issue nearly $2.5 billion dollars each year in retirement payments. Industry experts estimate that on average 75-80 percent of retirement payments are generated from investment returns, making our retirement system a significant economic driver for Washington state.
In addition to properly maintaining your account, our staff continues their dedication to outstanding personal service. Some indicators of that service are:
- Our administrative cost per member continues to be lower than peer pension systems with similar complexity.
- A trained, knowledgeable staff member answers phone calls within an average of 18 seconds, walk-in customers are met by staff in less than two minutes and requests for written pension estimates are filled in an average of less than four days.
- We improved our benefit estimate letters based on member feedback—delivering complex information in plain language and a format easy to understand.
- We’re continually updating and improving our education and outreach to keep up with the changes you’re facing in your life. Our focus on living healthy to retire well has been positively received.
We hope the theme of growth that we have incorporated into this year’s summary of financial information has meaning for you. We recognize that people continue to grow throughout their lives, both personally and financially. Our goal for the next year is to continue to grow our services in ways that will benefit you.
We are proud of the benefits the Washington state pension system provides to those in public service. We are committed to continuing to deliver outstanding service and look forward to serving you in 2008.
Sincerely,
Sandy Matheson, Director