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.
Active members: Update your name and/or address through your employer. That new information will soon appear in your online retirement account.