We’re often asked to explain what service credit is and how it works. Customers want to know about topics related to service credit, such as portability (also known as reciprocity), dual membership and out-of-state credit. Here’s a rundown along with some links to helpful resources. Retirement service credit basics Service credits are the units used…
Category Archives: News
Required minimum distributions begin at 73
Do you have DCP or Plan 3? If so, keep in mind that if you are separated from employment, federal law requires you to withdraw a minimum amount from your investment account when you reach age 73. The DRS record keeper, Voya, calculates this Required Minimum Distribution (RMD) and pays this amount to you automatically…
Retirees may continue CFD donations
If you’re retired or are planning to retire soon, you can continue donating to the state’s Combined Fund Drive (CFD) after you retire. CFD is an “opt out” program. In other words, if you are currently donating, then retire, your donations continue into retirement until you elect to make changes. You can also begin making…
Is it a bear or a bull?
Understanding the market’s animal-like behavior You’ve most likely heard the words “bear” and “bull” when the topic of the stock market comes up. But what do they mean when applied to investing and saving for retirement? These symbolic animals, known for their strength and stubbornness, are used to represent market volatility; bear markets fall, and…
Customers report receiving unrequested verification codes
A few DRS customers have reported receiving unrequested text, voice or email messages with a verification code from Voya Financial, our record keeper for DCP and plan 3 investment accounts. Voya is researching the issue. We don’t have any indication that any accounts were accessed or compromised. If you get a text or email from…
The 2024 Annual Report is here
The 2024 Annual Comprehensive Financial Report (ACFR) reflects our ongoing commitment to accurate and transparent financial reporting of the retirement systems. It contains the following detailed information: Financial information for employers The 2024 Participating Employer Financial Information (PEFI) is now available. It includes allocation schedules and information to assist employers participating in the state of Washington’s multiple-employer, cost-sharing…
Keep your retirement accounts secure
Each October National Cybersecurity Awareness Month focuses on raising awareness of the importance of cybersecurity. This month is a great time to do a security check on your retirement accounts. Here are three tips that will help ensure that your accounts are safe: And here’s another great tip that’s easy to do right now while…
This October, create your retirement blueprint
When it comes to budgeting, you may have heard the term “Save more and spend less.” But that’s easier said than done. We know that retirement planning can be a lot. However, if you set up a plan now, it’ll feel easy-peasy. When you think about it, planning for retirement is a lot like using…
Is that email or call really from DRS?
We often hear about email and phone schemes targeting public employees. Scammers disguise themselves as the Department of Retirement Systems representatives and request personally identifiable information from unsuspecting recipients. These days, we’re all on high alert for this type of fraudulent behavior. But the scams change because more and more people are savvy to them.…
Banking on financial advisors and fiduciaries
Navigating the world of investments and finances can be daunting. Especially when it comes to preparing for retirement. You want the assurance and confidence that comes from knowing you are making the right decisions before you retire. It might seem like a crystal ball is the only thing that will help you see into your…
