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…
Category Archives: News
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…
2025 Pension-Related Legislation
During the 2025 session, DRS tracked bills that affected retirement, including pensions and benefits. Legislation marked with an asterisk (*) has been signed by the governor. Legislation marked with two asterisks is awaiting the governor’s decision. Visit “How a bill becomes a law” to learn more about Washington’s legislative process. Subscribe below for updates about…
Did you choose the right plan?
Most of us don’t know exactly what we’ll be doing 30, 20 or even 10 years from now. And yet, when you chose a retirement plan, you were faced with deciding just that. Which plan will serve me better for my lifetime? It’s a big decision. And in the case of your DRS retirement plan,…
7 podcast episodes to get you ready to retire
One of the biggest challenges of prepping for retirement is understanding all the different pieces — like choosing the right health care, understanding the jargon and getting a clear picture of your finances. Since retirement looks different for everyone, it’s important to take the time to figure out what’ll work best for you. Luckily, our…
DCP tax savings benefits and beyond
Taxes are known causes of headache, nausea and anxiety. But when you save with the Deferred Compensation Program (DCP) there are actual tax benefits that can cure your taxation woes. Well, at least a few of them! Here’s how taxes affect your DCP savings: The DCP – Deferred Compensation Program webpage has more tips and…
Public Records Request for Retiree Information
The Department of Retirement Systems has received a public records request from Erin Raasch of American Transparency for the following information about members who received monthly payments in 2024: Per Washington’s Public Records Act, these records are not exempt from disclosure, so DRS must share this information with the requester. DRS will provide the information on April 25, 2025.…
Is your pension enough?
Your retirement needs are unique. Not unlike your family tree that can show you where you got your brown eyes and curly hair, you also have a pension DNA. Unfortunately, there isn’t a money tree you can reference for personal financial matters but there are ways to estimate what you’ll need in retirement. There’s no…
COLA rates established for 2025
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 2025 COLA percentages by retirement date and plan.…
Stay on track with an online retirement check up
Can you live comfortably in retirement? If you don’t know the answer, there’s an easy way to check. From this website you can log in to your online account and use the retirement benefit estimator tool. While you’re employed, you can use your online account to take the following actions: Don’t forget to check your…
