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
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…
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…
Retirees returning to work must wait 30 days
For a lot of people, retirement is a time to sit back and relax, or time to do some traveling. But some retirees like to stay busy by volunteering. They may even decide they want to go back to work after they retire. As a retiree, you can go back to work for a Department…
Accessing your 2024 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 members,…
Use your mobile number for account verification
Did you know? Using your mobile number is a more secure option for multifactor authentication (MFA). Close to 60% of DRS customers have not yet added a mobile number for login verification. Access your online account to see whether you’ve added your MFA phone number. Note: Even if the primary phone number on your account…
She’s 14 and already saving for retirement
Violet Ferrier is 14 years old and she’s a Deferred Compensation Program (DCP) customer. You might want to read that again; it’s not a typo. This teenager is serious about her retirement savings. When Violet sent her paperwork to DRS, the office assistant was stymied. She thought there must be a mistake. Surely, there are…
