If you’ve ever seen the name Voya Financial with your DCP or Plan 3 account and wondered what they do, this episode is for you. We look at the role of a record keeper: helping process transactions, maintain accounts, and support over 400,000 customers! We also look at what record keepers don’t do and how…
Tag Archives: DCP
DCP and Plan 3 investment costs reduced in 2025
Every summer, we post annual fee changes for DCP and Plan 3 investments. Fees are based on the cost to manage the investments and vary by fund type. DRS investment options are provided by WSIB (Washington State Investment Board). To view the updated fee tables or find out more about fees, visit the investment section…
How to make the most of your unused leave
If you’re getting ready to retire, or considering leaving public service, there’s a good chance you have a balance of unused leave. You may have the option to cash-out this leave, but you’ll still have to pay the taxes on the extra income. Luckily, some employers allow you to roll over leave into your DCP…
Episode 67 – Why the rule of 72 feels like magic (but isn’t)
If you ever wanted a quick way to estimate how many years it’ll take for your investments to double, take 72 and divide it by the interest rate. In this episode, we explore how this a great way to think about the power of compound interest. If you’re early in your career, it may encourage…
Paycheck increase allows for more savings
At the end of July, state employees under PERS may notice a 3% increase to their paycheck. This increase is thanks to legislation that passed in April 2025 and is intended to help you with the cost of inflation. One of the best things about getting a paycheck increase is that it gives you more…
Episode 66 – DCP withdrawals, rollovers, and RMDs
You have options when it comes to accessing your DCP funds. In this episode, we cover smart ways to manage your funds, including monthly payouts, rollovers, lump sums and annuities. Plus, find out about required minimum distributions, emergency access and managing beneficiaries. Resources: Withdrawals in retirement calculatorDCP Roth vs pretax calculatorDCP savings calculator Episode transcript:…
Think pennies, save more: A simple shift that can enhance your retirement savings
There are two ways to contribute to Washington’s Deferred Compensation Program (DCP). You can choose to invest a set dollar amount every month, or you can opt to invest a percentage of your gross pay. DCP is a savings program, that helps you invest for the retirement lifestyle you want to achieve. One way to…
DCP tax savings benefits and beyond
Taxes are known causes of headache, nausea and anxiety. But when you save with the Deferred Compensation Program (DCP) there are actual tax benefits that can cure your taxation woes. Well, at least a few of them! Here’s how taxes affect your DCP savings: The DCP – Deferred Compensation Program webpage has more tips and…
More DCP savings in 2025
The IRS limits have increased for retirement savings programs like Washington’s Deferred Compensation Program (DCP). Beginning Jan. 1, 2025, you can contribute up to $23,500 per year. If you’re 50 or older, you can contribute up to $31,000 per year. These limits apply to DCP Roth and pretax contributions. That means whether you contribute to…
Updates to DCP and Plan 3 Retirement Strategy Funds
A new Retirement Strategy Fund (RSF) is coming to the lineup of investment options in Plan 3 and the Deferred Compensation Program (DCP). The most recent addition – the 2070 Retirement Strategy Fund – will be available beginning Jan. 6, 2025. The newest fund is designed for those born in 2003 or later. Meanwhile, the…
