DRS Email 15-010, June Update - Record Keeper Changes

  • Notice No.: 15-010
  • Date: June 15, 2015
  • Applies to: All Employers
  • Subject: DRS Email 15-010, June Update - Record Keeper Changes

Effective Oct. 1, 2015, Empower Retirement will be the record keeper for both Plan 3 and the Deferred Compensation Program (DCP). Empower Retirement is currently the record keeper for DCP.

Over the next several months, DRS will provide regular updates as we prepare for the October transfer of PERS, SERS and TRS Plan 3 record keeping services from ICMA-RC to Empower Retirement. Some important items to note:

  • There will not be any employer reporting changes as part of the October transfer.
  • The investment fund line-up for Plan 3 and DCP customers will not be changing.
  • For customers, the change is automatic; they are not required to take any action.

Upgrading to Serve DRS Customers

DRS is moving to a single record keeper for Plan 3 and DCP because this approach offers new opportunities to enhance and upgrade services to our customers, especially in promoting retirement readiness. With that in mind, we are communicating the change under the theme of “Upgrading to Serve You.”

Online Upgrade Resource Center

Most communications will direct customers to a new “Upgrade Resource Center” to provide timely information related to the changes. This web page is now available at www.drs.wa.gov/upgrade.

Dedicated Phone Line

Customers may use a dedicated phone line to talk with a retirement specialist about transition-related questions. This dedicated line is now available at 800-547-6657, option 5 (or 360-664-7062 in the Olympia area).

Mailing to Plan 3 Customers

To ensure we reach all Plan 3 customers, DRS will mail an “Upgrading to Serve You” brochure in late July. This mailing will share information about the upcoming transfer of record keeping services, including the availability of the Upgrade Resource Center and the dedicated phone line.

Employer Questions

If you have any questions regarding this notice, please contact Employer Support Services at 800-547-6657, option 6 and then option 2.