Your DCP contribution changes can happen sooner

In May, you might notice that the timing for your Deferred Compensation Program (DCP) contribution changes are happening sooner. SECURE Act 2.0 of 2022, part of the Consolidated Appropriations Act (CAA) of 2023, builds on and expands the SECURE Act of 2019 to improve retirement savings opportunities. Before this option was added, contribution updates took…

Notice to Retirees – Public Records Request

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 2023: • Full Name• Retirement Date• Employer Name• Monthly Pension Amount Per Washington’s Public Records Act, these records are not exempt from disclosure, so DRS must share…

Help us serve you better

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…

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…

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…

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