As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real. Care can require considerable resources – physical, mental and financial. Now is the best time to create a plan that considers how you and your family will handle the potential…
Category Archives: Member
DRS annuity options
What’s an annuity? An annuity is a guaranteed income plan you purchase with pre-tax money such as DCP. The money you receive from your annuity is in addition to the money that you receive from your pension. With annuities, you take money out of market risk and use it to give yourself a monthly lifetime…
Hey millennials, plan for your future with 3 easy steps
Millennials are defined by Pew Research as being born between 1981 and 1996 and are now ages 28 to 43. That means most are somewhere in the middle of their career. If that sounds like you, here are some things you can do now to ensure a successful retirement. 1. Understand your retirement plan benefits…
Employers make pension contributions too
As a Plan 2 member of a Washington state retirement plan, you contribute a certain percentage amount from your paycheck toward your pension. That percentage amount is called a member contribution rate and is set each biennium. If you’re a Plan 3 member, you contribute a certain percentage amount to your investment account. But did…
Choosing a plan
90 days to choose Plan 2 or 3
Most DCP and Plan 3 investment costs reduced in 2024
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. The revised fee tables are available now on the DCP and Plan 3 pages. DRS investment options are provided by WSIB (Washington State Investment Board). At just a fraction of a…
Retiring outside the state or country
Moving to another state The one thing to keep in mind if you plan to live outside Washington, is state income tax. Your plan contributions were pretax, so you will have income tax when you receive your retirement payments. Washington doesn’t have state income tax, and we don’t withhold state income tax for any payments…
Retirement guide for new hires
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…
Paycheck increase allows for more savings
At the end of July, state employees may notice a 3% increase to their paycheck. This increase is thanks to legislation that passed in March 2023 and is intended to help you with the cost of inflation. One of the best things about getting a paycheck increase is that it gives you more flexibility with…
COLA vs benefit indexing
As a retiree, it’s important to know how your pension works. There are certain rules in place that allow your pension to grow over time with the cost of inflation. All Plan 2 and 3 retirees are eligible to receive a COLA every July. But not all plans or members are eligible for the inflation…
