DRS Notice 24-009, DCP Deferral System Changes Are Complete

DRS Notice 24-009
Date: May 16, 2024
Applies to: All DCP Employers
Subject: DRS Notice 24-009, DCP Deferral System Changes Are Complete

DRS has updated the system that handles the timing of Deferred Compensation Program deferrals.

Deferrals for new voluntary enrollments and deferral changes for established participants will take place as soon as administratively possible instead of the first of the month following the request. Additionally, you may see new deferral amounts on your change reports earlier in the month. Please do not start, stop or change an employee’s deferral until it shows up on your report.

We’ve made this change as part of the Secure Act 2.0 law to improve retirement savings options. The timing for DCP deferrals is one such option. Please review Employer Notice 24-008 for more information.

If you have questions about this notice, please contact Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2.

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