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DRS uses administrative factors to calculate benefit adjustments. There are several types of benefit adjustments, but the most common are survivor, early retirement and purchasing service credit.
The Office of the State Actuary (OSA) recommends new administrative factors at least every six years, but there are times when changes may need to happen more frequently. OSA’s recommendations are the results of demographic experience studies and valuation reports. They also take the impacts of recent legislation into consideration.
For additional information on how administrative factors are used in benefit calculations, see the Washington Administrative Code.
While these administrative factors do not take effect until Oct. 1, 2020, they are published now to help customers make informed decisions about retirement. Note that administrative factors currently in effect are listed below this section.
Copyright 2019 Washington State Department of Retirement Systems | 800.547.6657
Members, you can update your beneficiary information from your online retirement account. Select “My Account” in the navigation menu and then “View/Edit” beside “Beneficiary.”
(If you prefer to fill out and mail in a printed form, select this link.)
