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…
Category Archives: News
PERS 1, TRS 1 one-time benefit increase takes effect in July
As a result of legislation approved in 2026, certain retirees in Plan 1 of the Public Employees’ Retirement System and Plan 1 of the Teachers’ Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July 2026. Under the law, eligible PERS 1 and TRS 1 retirees will receive a one-time,…
2026 pension-related legislation
During the 2026 session, DRS tracked bills that affected retirement, including pensions and benefits. Here are bills tracked, including summary descriptions from legislative reports: Bills marked with an asterisk (*) have passed, and bills with two asterisks (**) have been passed into law.
Spring ahead for retirement success
Spring break and Financial Literacy month are here! This is the perfect time to clean your closets and set some fresh retirement goals. If you haven’t set goals for retirement yet, start now by making some simple changes. Get that satisfying feeling a well-organized closet can give you. Here are eight things you can do…
COLA rates established for 2026
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 2026 COLA percentages by retirement date and plan.…
Retirement checkups offer peace of mind
It’s not uncommon for people to worry about retirement. It might seem intimidating to think about no longer working, let alone how to make ends meet. Can you live comfortably in retirement? If you don’t know the answer, there’s an easy way to check. You can log in to your online account and use the…
Update to DCP catch-up options for high income earners
There’s a new IRS rule that may affect how high income earners can contribute to their Washington Deferred Compensation Program (DCP) account. Who is affected? The way you contribute to DCP may be affected if you meet all of the following requirements: *You can find your total FICA wages in Box 3 on your 2025 Form W-2.…
School employees and teachers: when is the best time to retire?
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…
DCP emergency withdrawals: what to know
If you have a Washington state Deferred Compensation Program (DCP) account and experience an unforeseeable emergency, you may be able to withdraw funds while still working. These withdrawals are allowed only in specific hardship situations and are processed by the DRS record keeper, Voya Financial. You may use DCP funds for an emergency only if…
Accessing your 2025 1099-R form
Looking for your 1099-R form for tax purposes? You can access it by signing in to your retirement account and then selecting the 1099-R link from the main menu. From there you can view or print a copy. Hard copies of the form will be mailed by the end of January. For Plan 3 and DCP customers,…
