DCP Archives

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…

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…

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…

Did you choose the right plan?

Most of us don’t know exactly what we’ll be doing 30, 20 or even 10 years from now. And yet, when you chose a retirement plan, you were faced with deciding just that. Which plan will serve me better for my lifetime? It’s a big decision. And in the case of your DRS retirement plan,…

7 podcast episodes to get you ready to retire

One of the biggest challenges of prepping for retirement is understanding all the different pieces — like choosing the right health care, understanding the jargon and getting a clear picture of your finances. Since retirement looks different for everyone, it’s important to take the time to figure out what’ll work best for you. Luckily, our…

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…