While public employees have lots of ways to save for retirement, two of the most popular are IRC Section 457(b) and Section 403(b) plans. Both provide for pre-tax contributions taxed as income when withdrawn, but there are some differences to consider when choosing the best option for you. Many Washington public employees have access to a pre-tax 457(b) plan…
Category Archives: Member
How much does an annuity pay?
When you purchase an annuity from the state of Washington, you receive a guaranteed monthly income from that annuity for the rest of your life. Annuities are not impacted by market swings, and you cannot outlive them. Annuity income is in addition to your pension. Your monthly annuity payment will depend on several factors, including…
What to do when you’re brand new
Did you know that you started earning a pension benefit when you were hired into public service in Washington state? If you didn’t know until just now, we understand. A new job can be overwhelming – loads of information is served up to you all at once. You may have overlooked, or not had time…
Deductions in retirement
When people get close to retirement, they often wonder how much money they’ll get to take home. This means they want to understand the difference between their gross pay (total earnings before deductions) and their net pay (the amount that goes into their bank account). While you’re working, your paycheck has many deductions, like Social…
What retirement? Tacoma firefighter going strong after 48 years
“I was still trying to find what I wanted to do,” he says. “I was taking a scuba diving class and one of the divers was a captain with the Tacoma Fire Department. He sparked my interest.” No pun intended; it was quite a spark indeed. This chance meeting set off Dave’s 48-year firefighting career…
Customer survey (closed)
As part of our commitment to providing the best possible experience, we’ve created a short survey to gather your input. Whether it’s praise, suggestions, or areas where we can improve, your input plays a crucial role in helping us serve you better. Thank you! The survey is now closed. Please contact us with suggestions or…
Twenty years might be your retirement milestone moment
Why does 20 years matter? DRS pension plans are vested, or provide a guaranteed benefit, after 5-10 years of public service. So why are we talking about 20 years? Well, your service time is an important part of pension formulas.It takes time to build up the years of service needed to have a substantial pension…
How to make your plan choice
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, but don’t worry; we have the resources you need to help you select which plan is right for you. Choose a plan – See…
DCP and Plan 3 investment costs reduced in 2025
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. DRS investment options are provided by WSIB (Washington State Investment Board). To view the updated fee tables or find out more about fees, visit the investment section…
Are you considering working after retirement?
Thinking about returning to work after retirement? Keep in mind there are rules that apply to DRS retirees if you wish to return to work and continue receiving your retirement benefit. If you return to work for a non-DRS employer: Your benefit is not affected.Examples of non-DRS employers include local businesses like a coffee shop or grocery store. …
