What is DCP?
The Deferred Compensation Program is a supplemental savings program you control. The Washington State Department of Retirement Systems (DRS) administers this 457 plan, which is similar to a 401k or 403b that many employers offer. Over 100,000 Washington public employees have saved with DCP.
With DCP, you can:
- Save more for retirement
- Choose your contribution amount
- Start or stop saving anytime
- Change investment options
- Manage your account online
Do I need to know about investing?
Not at all. DCP gives you options. Have a fund managed for you by a professional team–with automatic rebalancing based on your retirement age. Or choose from a variety of additional investment options. You can also change your investment fund at any time.
DCP is different from a regular savings plan because your contributions come from your pre-tax income. So if you increase your savings by $100, your paycheck is only reduced about $85.
DCP savings starts as low as 1% per month (or $30). Contributions are automatically deducted from your paycheck making saving easier.
It’s never too early (or too late) to save with DCP!
Get started today.