NEW Percentage option available for your DCP contributions

Posted 05-Oct-2016

A new feature is available in the Deferred Compensation Program – now you can make DCP contributions using either a whole percentage or dollar amount. What is great about percentages? Your contributions are based on a percentage of your salary, so when you get a raise or position advancement, your DCP contributions automatically grow right along with you. Change your contributions quickly and easily online when you log in through drs.wa.gov/login. You can also call 888-327-5596.

What is DCP?

If you’re not enrolled in the state’s Deferred Compensation Program, now’s the time to join. DCP is a supplemental savings program that offers you the opportunity to invest extra funds for retirement. Unlike most conventional savings accounts, the money you contribute to DCP is deducted from your paycheck before taxes are taken out, so you lower the amount you pay in current federal income taxes. Plus the money you contribute and the investment earnings grow tax-deferred until they are distributed.

Administered by the state Department of Retirement Systems, DCP is available to all state government employees. It is also offered by many local governments and districts. To get started or find out more about the program, visit drs.wa.gov/dcp.