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Investments: DCP, Plan 3 and JRA

Investments

DCP, Plan 3 and JRA customers have investment accounts.
We offer two types of funds: One-step or build and monitor.
One-step: These investments are automatically adjusted for you based on your age. The One-Step Investing approach includes Retirement Strategy Funds, also called age-based or target date funds. Because most customers choose one-step investing, this is also the default investment type for customers who do not select investments. View age-based funds video
Build and monitor: This is the DIY approach to investing where you choose from a selection of investments and create your own mix from a list of funds.
All funds are managed by the Washington State Investment Board.

DCP and JRA investments

DCP and JRA performance information

Select the funds below to view their fact sheets. 
Performance as of Dec. 31, 2020. View the latest performance for all funds through your online account.

Retirement Strategy Funds (from lowest to highest risk)

Investment option3 month1 year3 year5 year10 year/ since inception
Retirement Maturity Strategy Fund5.84%9.96%6.83%6.91%5.54%
2010 Retirement Strategy Fund7.43%11.15%7.46%8.36%6.81%
2015 Retirement Strategy Fund9.26%12.53%8.15%9.45%7.52%
2020 Retirement Strategy Fund11.07%13.76%8.81%10.30%8.04%
2025 Retirement Strategy Fund12.28%14.29%9.05%10.82%8.39%
2030 Retirement Strategy Fund13.35%14.43%9.19%11.24%8.66%
2035 Retirement Strategy Fund14.29%14.22%9.18%11.51%8.76%
2040 Retirement Strategy Fund14.94%14.84%9.33%11.79%8.91%
2045 Retirement Strategy Fund15.44%15.31%9.44%11.96%9.00%
2050 Retirement Strategy Fund15.45%15.27%9.45%11.97%9.02%
2055 Retirement Strategy Fund15.43%15.39%9.49%11.99%9.02%
2060 Retirement Strategy Fund15.46%15.45%9.50%12.01%9.61%
2065 Retirement Strategy Fund15.41%N/AN/AN/A14.60%

Build and Monitor Funds (from lowest to highest risk)

Investment option3 month1 year3 year5 year10 year/ since inception
Savings Pool0.57%2.35%2.40%2.06%1.74%
Washington State Bond Fund1.61%8.36%5.92%5.48%4.46%
Socially Responsible Balanced Fund7.23%9.22%9.47%10.52%8.99%
US Large Cap Equity Index Fund12.16%18.49%14.25%15.28%13.95%
Global Equity Index Fund15.79%16.66%10.18%12.71%12.17%
US Small Cap Value Equity Index Fund33.37%4.90%3.95%9.90%8.78%
Emerging Market Equity Index Fund19.86%18.33%5.71%12.25%6.88%

DCP and JRA fee information

Fees as of Sept. 14, 2020

Retirement Strategy Funds (from lowest to highest risk)

DCP FundsManager feeManager administrative feeWSIB feeRecordkeeping feeDRS feeTotal
Retirement Maturity Strategy Fund0.1417%0.0000%0.0226%0.0560%0.0473%0.2676%
2010 Retirement Strategy Fund0.1372%0.0000%0.0226%0.0560%0.0473%0.2631%
2015 Retirement Strategy Fund0.1347%0.0000%0.0226%0.0560%0.0473%0.2606%
2020 Retirement Strategy Fund0.1348%0.0000%0.0226%0.0560%0.0473%0.2607%
2025 Retirement Strategy Fund0.1450%0.0000%0.0226%0.0560%0.0473%0.2709%
2030 Retirement Strategy Fund0.1527%0.0000%0.0226%0.0560%0.0473%0.2786%
2035 Retirement Strategy Fund0.1572%0.0000%0.0226%0.0560%0.0473%0.2831%
2040 Retirement Strategy Fund0.1512%0.0000%0.0226%0.0560%0.0473%0.2771%
2045 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0560%0.0473%0.2672%
2050 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0560%0.0473%0.2672%
2055 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0560%0.0473%0.2672%
2060 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0560%0.0473%0.2672%
2065 Retirement Strategy Fund0.1383%0.0000%0.0226%0.0560%0.0473%0.2642%

Build and Monitor Funds (from lowest to highest risk)

DCP FundsManager feeManager administrative feeWSIB feeRecordkeeping feeDRS feeTotal
Savings Pool Fund0.0000%0.0018%0.0226%0.0560%0.0473%0.1277%
Washington State Bond Fund0.0000%0.0087%0.0226%0.0560%0.0473%0.1346%
Socially Responsible Balanced Fund0.3200%0.0200%0.0226%0.0560%0.0473%0.4659%
U.S. Large Cap Equity Index Fund0.0000%0.0030%0.0226%0.0560%0.0473%0.1289%
Global Equity Index Fund0.0400%0.0156%0.0226%0.0560%0.0473%0.1815%
U.S. Small Cap Value Equity Index Fund0.0100%0.0125%0.0226%0.0560%0.0473%0.1484%
Emerging Market Equity Index Fund0.1000%0.0200%0.0226%0.0560%0.0473%0.2459%

Plan 3 investments

Plan 3 performance information

Select the funds below to view their fact sheets. 
Performance as of Dec. 31, 2020. View the latest performance for all funds through your online account

Retirement Strategy Funds (from lowest to highest risk)

Investment option3 month1 year3 year5 year10 year/ since inception
Retirement Maturity Strategy Fund1.95%9.84%6.70%6.79%5.42%
2010 Retirement Strategy Fund7.40%11.03%7.34%8.23%6.69%
2015 Retirement Strategy Fund9.23%12.40%8.03%9.32%7.40%
2020 Retirement Strategy Fund11.04%13.64%8.69%10.18%7.92%
2025 Retirement Strategy Fund12.25%14.17%8.93%10.70%8.27%
2030 Retirement Strategy Fund13.32%14.31%9.07%11.12%8.54%
2035 Retirement Strategy Fund14.26%14.11%9.06%11.39%8.64%
2040 Retirement Strategy Fund14.91%14.71%9.20%11.66%8.79%
2045 Retirement Strategy Fund15.41%15.18%9.32%11.84%8.88%
2050 Retirement Strategy Fund15.42%15.14%9.33%11.85%8.89%
2055 Retirement Strategy Fund15.39%15.26%9.36%11.87%8.90%
2060 Retirement Strategy Fund15.43%15.32%9.38%11.88%9.48%
2065 Retirement Strategy Fund4.74%N/AN/AN/A14.47%

Build and Monitor Funds (from lowest to highest risk)

Investment option3 month1 year3 year5 year10 year/ since inception
Short-Term Investment Fund0.02%0.55%1.62%1.28%0.68%
Washington State Bond Fund1.59%8.23%5.80%5.36%4.34%
Socially Responsible Balanced Fund7.20%9.10%9.35%10.40%8.87%
US Large Cap Equity Index Fund12.13%18.36%14.12%15.15%13.82%
Global Equity Index Fund15.76%16.53%10.06%12.59%12.05%
US Small Cap Value Equity Index Fund33.33%4.78%3.83%9.77%8.66%
Emerging Market Equity Index Fund19.83%18.19%5.59%12.12%6.76%

WSIB Investment Program performance

Investment option3 month1 year3 year5 year10 year/ since inception
Total Allocation Portfolio (TAP)8.90%12.43%9.70%10.86%9.54%

Plan 3 fee information

Fees as of Sept. 14, 2020

Retirement Strategy Funds (from lowest to highest risk)

Plan 3 FundsManager feeManager administrative feeWSIB feeRecordkeeping feeTotal
Retirement Maturity Strategy Fund0.1417%0.0000%0.0226%0.0840%0.2483%
2010 Retirement Strategy Fund0.1372%0.0000%0.0226%0.0840%0.2438%
2015 Retirement Strategy Fund0.1347%0.0000%0.0226%0.0840%0.2413%
2020 Retirement Strategy Fund0.1348%0.0000%0.0226%0.0840%0.2414%
2025 Retirement Strategy Fund0.1450%0.0000%0.0226%0.0840%0.2516%
2030 Retirement Strategy Fund0.1527%0.0000%0.0226%0.0840%0.2593%
2035 Retirement Strategy Fund0.1572%0.0000%0.0226%0.0840%0.2638%
2040 Retirement Strategy Fund0.1512%0.0000%0.0226%0.0840%0.2578%
2045 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0840%0.2479%
2050 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0840%0.2479%
2055 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0840%0.2479%
2060 Retirement Strategy Fund0.1413%0.0000%0.0226%0.0840%0.2479%
2065 Retirement Strategy Fund0.1383%0.0000%0.0226%0.0840%0.2449%

Build and Monitor Funds (from lowest to highest risk)

Plan 3 FundsManager feeManager administrative feeWSIB feeRecordkeeping feeTotal
Short-Term Investment Fund0.0800%0.0007%0.0226%0.0840%0.1873%
Washington State Bond Fund0.0000%0.0087%0.0226%0.0840%0.1153%
Socially Responsible Balanced Fund0.3200%0.0200%0.0226%0.0840%0.4466%
U.S. Large Cap Equity Index Fund0.0000%0.0030%0.0226%0.0840%0.1096%
Global Equity Index Fund0.0400%0.0156%0.0226%0.0840%0.1622%
U.S. Small Cap Value Equity Index Fund0.0100%0.0125%0.0226%0.0840%0.1291%
Emerging Market Equity Index Fund0.1000%0.0200%0.0226%0.0840%0.2266%

WSIB Investment Program fees as of July 2020

Plan 3 FundsManager feeManager administrative feeWSIB feeRecord keeping feeTotal
Total Allocation Portfolio (TAP)0.4668%0.0124%0.0000%0.0000%0.4792%

Managing your investments

Make investment changes through your online account. Change your fund selections anytime during or after your employment. You can also contact the record keeper for assistance. 

Trading restrictions:

To safeguard customers against the effects of excessive trading, DRS has established trading restrictions that regulate how frequently you can change investments.

If you are transferring more than $1,000 out of a fund, you are required to wait 30 calendar days before transferring money back into that same fund. The 30-day window is based on the last time you made a transfer out of the fund. The restriction will not affect your regular contribution or the ability to leave state service and withdraw your money. Transfers of $1,000 or less are not impacted by the trading restrictions.
DRS periodically reviews trade data to identify excessive trading. If existing restrictions are not sufficiently addressing excessive trade practices, DRS might take additional action. DRS reserves the right to establish or revise restrictions to comply with federal or state regulations, or as circumstances indicate.

In addition to the trading restrictions described above, DRS will also comply with restrictions put in place by our fund managers.

Note: Excessive trading (also referred to as “market timing”) involves transferring significant amounts of money and/or making frequent trades between investment options. This practice requires more cash on hand to honor the frequent trades and transfers. Because the excess cash is used to cover potential transfers instead of being invested, long-term returns can be lowered for other participants. Excessive trading can also increase fund management costs.

Investment FAQ

No. While DRS and the Plan 3 record keeper can provide you with information about investments, we cannot offer investment advice. If you are still not sure which investment approach might be right for you, talk with your financial advisor. To find out more about each fund, see each investment’s Fund Fact Sheet (linked within each plan's section). These fact sheets are prepared by the fund managers and contain information about performance, asset mixes and the goals of the fund.

These funds are listed by date in increments of 5 years. Just choose the date closest to the one you plan to begin withdrawing funds. In other words, take the year you were born and add it to the age you expect to retire or withdraw your funds. The sum is your target date.

 

birth year + retirement age = target date
Example: 1993 + 65 = 2058

 

Pick the fund with the date closest to your target date. In the example here, the closest fund would be 2060. If you have been retired for 15 years or more, you would choose the Retirement Maturity Strategy Fund. See your plan section above for performance and fee information related to these funds.

All investments include costs which take the form of fees. At just a fraction of a percent, most investment fees seem pretty insignificant and many of us ignore them. But knowing the true cost of your investments is a critical part of retirement savings. Let’s take a closer look at investment costs. Plan 3 has two different types of costs: Administrative and management.

 

Administrative costs: These cover investment services provided by the Washington State Investment Board (WSIB), recordkeeping, communications and customer service. Plan 3 administrative costs are included in the price of shares and won’t be visible on your statement. Administrative costs apply to all customers, are based on the administrative costs of the program and are determined annually. Changes, if any, usually go into effect in July.

 

Because Plan 3 only recovers costs to administer the program, we are able to keep the fees low. The Plan 3 administrative cost includes WSIB and recordkeeping fees. These total 0.1066%.

 

Management costs: These make up the bulk of fund expenses. Why? The funds are managed by teams of investment professionals. The costs vary with each investment option. The costs are included in the price of shares and won’t be visible on your statement. See the Plan 3 fund fees table to view actual management fees for each fund. WSIB works with fund managers under contract to keep costs low. You always have the option to change your investment selection for Plan 3. When selecting any investment, it is beneficial to review the management costs.

 

Example of fees applied to a $10,000 balance
This example is simplified because normally your investments would vary each quarter depending on your contributions and the performance of the market. Plan 3 fees are calculated based on your exact account balance and performance at the time.

 

The fee total varies by fund. For this example, let’s use the 2035 Retirement Strategy Fund for Plan 3. The total cost for this fund is included in the last column of the fee tables above. This fund has a total fee of 0.2638% per year.

 

The formula to estimate your fund cost is: Account balance x Total fee = Annual cost in dollars

 

2035 Fund annual fee: $10,000 x 0.002638 = $26.38

 

The total annual fees for the $10,000 balance would be $26.38

All investments include costs which take the form of fees. At just a fraction of a percent, most investment fees seem pretty insignificant and many of us ignore them. But knowing the true cost of your investments is a critical part of retirement savings. Let’s take a closer look at investment costs. DCP has two different types of costs: Administrative and management.

 

Administrative costs: These cover investment services provided by the Washington State Investment Board (WSIB), recordkeeping, communications and customer service. For DCP these fees are listed on your quarterly statement under “Expenses.” Administrative costs apply to all customers, are based on the administrative costs of the program and are determined annually. Changes, if any, usually go into effect in July.

 

Because DRS only recovers the cost of administering DCP, we keep the fees low. The DCP administrative costs include WSIB, recordkeeping and the DRS administrative cost. The administrative fee for DCP is 0.1324%, which is very low for voluntary retirement savings. For this reason, many DCP participants choose to have savings plans from other employers rolled into their DCP savings-to consolidate and simplify retirement funds and to save costs. To see if this option is right for you, be sure to consider any potential costs and investment limitations.

 

Management costs: These make up the bulk of fund expenses. Why? The funds are managed by teams of investment professionals. The costs vary with each investment option. Management costs are included in the price of shares and won’t be visible on your statement. See the DCP fees table to view actual management fees for each fund.

 

Example of fees applied to a $10,000 balance
This example is simplified because normally your investments would vary each quarter depending on your contributions and the performance of the market. So every quarter would be calculated based on the exact account balance and performance at the time.

 

The fee total varies by fund. For this example, let’s use the 2035 Retirement Strategy Fund for DCP. The total cost for this fund is included in the last column of the fee tables above. This fund has a total fee of 0.2831% per year.

 

The formula to estimate your fund cost is: Account balance x Total fee = Annual cost in dollars

 

2035 Fund annual fee: $10,000 x 0.002831 = $28.31

 

The total annual fees for the $10,000 balance would be $28.31

To move funds to or from the WSIB TAP Fund, contact the DRS record keeper. The TAP Fund is valued only once a month and the transfer of funds can take up to 60 days to complete.

 

Your payroll department makes a deposit into Plan 3 based on instructions you have given them. If you want your contributions directed to the same funds as your current balance allocation, fill out a Change of Investment Program form and return it to your payroll/benefits department.

Diversification
Diversification is a strategy that can be neatly summed up as “Don’t put all your eggs in one basket.” The strategy involves spreading your money among various investments in the hope that if one loses money, the others will make up for those losses. Dividing investments among different kinds of assets, such as stocks and bonds, with different risks and returns, can minimize the potential harm from any one asset. You can invest in any combination of the investment funds available through Plan 3.

 

With the One-Step Investing approach, your Retirement Strategy portfolio is already well diversified and will automatically adjust as you move closer to your target date. With the Build and Monitor approach to investing, you can allocate your contributions among the seven available funds to achieve diversification.

 

Your portfolio should include investments in several different objective categories. Spreading your assets among different types of investments might help you achieve a favorable rate of return while minimizing your overall risk of losing money. Market or other economic conditions that can cause one category of assets, or one particular security, to perform very well can often cause another asset category, or another particular security, to perform poorly. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

 

Performance
Past investment performance is no guarantee of future results. So why do we share past performance if it can’t predict future returns? Viewing past performance can provide you with insight into how a particular investment works and can help you determine what is “normal” behavior for an investment.

 

Risk
Let’s talk about risk. The growth of investments is always tied to some form of risk. Earnings do not always increase. Higher risk investments are designed to have the potential for higher earnings (faster growth), but they also have a greater potential for a loss of principal. Lower risk investments minimize risk, but this also comes at the cost of potential for faster growth. This is generally why younger investors will have higher risk investments where investors closer to retirement age select lower risk investments. The level of risk you choose is a personal decision.

Financial Literacy and Education Commission
888-MyMoney - mymoney.gov
MyMoney.gov is an online point of access to financial information from the 21 federal agencies, departments and bureaus that make up the Financial Literacy & Education Commission. Find information about how to plan for a host of life events that have financial implications, such as birth or adoption of a child, home ownership or retirement.

 

U.S. Securities and Exchange Commission (SEC)
888-SEC-6585 - sec.gov
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation.

 

Washington State Department of Financial Institutions (DFI)
877-746-4334 - TTY: 360-664-8126 - dfi.wa.gov
DFI provides regulatory oversight for our state's financial service providers.

 

Washington State Investment Board (WSIB)
360-956-4600 - sib.wa.gov
WSIB closely monitors the performance of all DCP investment options. Safeguarding and maximizing your retirement dollars is one of the investment board's highest priorities. Trustees of the WSIB have fiduciary responsibility to act only for the benefit of the participants.

Updating Your Address and/or Name

Retirees, inactive members, beneficiaries and legal-order payees: You can update your address from your online retirement account. Just select “Address” from the welcome screen. If you need to update your name, fill out and send in a printed form as well as a copy of documentation showing the change.

Active members: Update your name and/or address through your employer. That new information will soon appear in your online retirement account.

Direct Deposit

Set up and manage direct deposit of your benefit payments from your online retirement account. Just follow the “Direct Deposit” directions under “My Account” in the navigation menu.

(If you prefer to fill out and mail in a printed form, select this link.)

Beneficiary Designation

Members, you can update your beneficiary information from your online retirement account. Select “My Account” in the navigation menu and then “View/Edit” beside “Beneficiary.”

(If you prefer to fill out and mail in a printed form, select this link.)