If you’re getting ready to retire, or considering leaving public service, there’s a good chance you have a balance of unused leave. You may have the option to cash-out this leave, but you’ll still have to pay the taxes on the extra income. Luckily, some employers allow you to roll over leave into your DCP…
Category Archives: Member
Member contribution rates approved
Member contribution rates have been approved by the legislature and signed by the governor for the 2025-2027 biennium. Rates for most plans are effective on July 1, 2025. Rates for TRS and SERS will go into effect on Sept. 1, 2025. 2025-2027 member contribution rates Member and employer contribution rates for Washington’s retirement systems are…
Paycheck increase allows for more savings
At the end of July, state employees under PERS may notice a 3% increase to their paycheck. This increase is thanks to legislation that passed in April 2025 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…
COLA vs benefit indexing
Your pension is designed to grow over time to help keep up with inflation. All Plan 2 and Plan 3 retirees are eligible for a cost-of-living adjustment (COLA) every July. However, only Plan 3 and LEOFF 2 members can qualify for benefit indexing, which helps your pension grow with inflation before you retire. Here are…
Do you have pension funds you don’t know about?
That might sound like an unnecessary question but read on to see why we’re asking. Our Retirement Specialists take calls from DRS customers who are often unaware they have retirement funds waiting for them in their accounts. There are several reasons this happens: Imagine her surprise Melissa is a Retirement Specialist at DRS who loves…
Career transitions and your retirement
In today’s climate of economic uncertainty and budgetary challenges, many public employees in Washington State are facing difficult decisions regarding their careers and financial futures. Whether due to organizational restructuring, budget cuts, or personal considerations, transitioning out of public service can be a daunting prospect. Understanding the implications of such transitions on your retirement benefits…
The basics of retiring with DRS
Once you’ve reached the required age and years of service for your plan, you can apply for your pension retirement through DRS. We have a complete retirement checklist as well as live and recorded seminars to guide you through the retirement process, but basically it goes like this: 1. Make sure you qualify for retirement. Do you meet the age requirements?…
Don’t wait to teach kids about retirement
Retirement is a topic and a mindset our culture tends to reserve for those who are perceived as old enough for it. You know, people with grandchildren, no mortgage payments and a subscription to AARP. The thinking goes, once you meet those standards, then you can start planning for retirement. Why waste today on a…
Think pennies, save more: A simple shift that can enhance your retirement savings
There are two ways to contribute to Washington’s Deferred Compensation Program (DCP). You can choose to invest a set dollar amount every month, or you can opt to invest a percentage of your gross pay. DCP is a savings program, that helps you invest for the retirement lifestyle you want to achieve. One way to…
Strengthening the security of your retirement account
We’re committed to protecting your financial future To provide additional security, we’ve enhanced the way you access your retirement account. Multi-Factor Authentication (MFA) is required each time you log in. Why the change? MFA is an extra layer of protection confirming it’s really you accessing your account. This simple step helps safeguard your retirement savings…
