Do you have ideas for making our communications clearer? We are looking to build a bank of members and retirees to participate in upcoming focus groups designed to improve our systems and how we communicate with you. What will we ask you to do? We may ask you to review benefit information – such as…
Category Archives: Member
Socially responsible investments changing
Changes are coming to the Socially Responsible Investment (SRI) Balanced Fund for those with an investment account in DCP, Plan 3 or JRA. In April 2024, the SRI changes from a balanced fund – invested in both stocks and bonds – to a new SRI that solely invests in stocks. This represents higher potential long-term…
Retirement taxes FAQ
These are the tax questions we’re asked most often. Keep in mind you’ll need to work with a tax advisor if you have questions beyond the information we can provide. DRS and the investment record keeper Voya are not able to offer tax advice. Will my monthly DRS pension payments be taxed? Yes. Whether you…
Retirement preppers sleep better
April is Financial Literacy month and spring break, and that means it’s a great time to look at your budget and set some financial goals now so you’re prepared for the future. If you’ve been thinking it’s too soon or too difficult – or too late – here’s a best kept secret: those who start planning now,…
Increasing your tax withholdings
Many retirees, especially early in their retirement, find that they need to increase the amount of tax (tax withholdings) that are deducted from their monthly pension. DRS is often asked: Is my pension taxed? If your contributions were made before they were taxed, for example non-Roth contributions to the Deferred Compensation Program, then yes, federal…
What is DB, DC and DCP?
When it comes to your retirement plan, have you seen these acronyms? If you have an investment account or visited the DRS website, there’s a good chance you have. While there are many acronyms you might see when it comes to retirement, these are a few of the most common. We thought this might be…
COLA rates established for 2024
A cost-of-living adjustment (COLA) is an annual adjustment applied to your retirement income to reflect changes in the economy (inflation). Most DRS retirement plans offer a COLA, but Plan 1 members in PERS and TRS only have a COLA if they selected it during retirement. View the 2024 COLA percentages by retirement date and plan.…
The value of a pension
The Office of the State Actuary prepared this example to assist DRS with developing a general educational resource. We caution against using this hypothetical illustration for other purposes, including personal financial planning, because (among other limitations) it’s based upon 2023 market conditions and relies on a simplified model. The high-level takeaways also change with different…
School employees: how to time your retirement
Is it better to retire at the beginning of summer or at the end? When it comes to retirement for teachers and school employees, a few months can have a big impact. Before deciding on the month you want to retire, you need to understand how Cost-of-Living Adjustments (COLA) and the Public Employees Benefits Board…
Make time for a retirement checkup
Is your savings on track to help you live the retirement of your dreams? If you’re not sure, there’s no time like the present to check in on your progress. You can do that by logging in to your online account. Once you’re there, select “Plan Summary” to view your contributions. You can access this…
