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 of this year. This is the result of legislation approved in 2023. Under the law, eligible PERS 1 and TRS 1 retirees will…
Category Archives: News
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 this information with the…
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…
Socially responsible investments changing
Changes are coming to the Socially Responsible Investment (SRI) Balanced Fund for those with an investment account in DCP, Plan 3 or JRA. In April 2024, the SRI changes from a balanced fund – invested in both stocks and bonds – to a new SRI that solely invests in stocks. This represents higher potential long-term…
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…
Retirement preppers sleep better
April is Financial Literacy month and spring break, and that means it’s a great time to look at your budget and set some financial goals now so you’re prepared for the future. If you’ve been thinking it’s too soon or too difficult – or too late – here’s a best kept secret: those who start planning now,…
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…
The value of a pension
The Office of the State Actuary prepared this example to assist DRS with developing a general educational resource. We caution against using this hypothetical illustration for other purposes, including personal financial planning, because (among other limitations) it’s based upon 2023 market conditions and relies on a simplified model. The high-level takeaways also change with different…
One teacher’s fulfilling solution
If you retired today, would you volunteer to work for free at the same place? Meet Cornelius Lopez. Cornelius is retired from Teachers’ Retirement System Plan 1. He taught math for 60 years; Forty-eight of those years were at McMurray Middle School on Vashon Island. After his retirement in June 2023, he began volunteering at…
