Mark your calendar – the new schedule is here! DRS issues pension payments on the last business day of each month. Please note: the date you receive your payment will depend on your financial institution. 2025 pension payment schedule Jan 31 Feb 28 Mar 31 Apr 30 May 30 Jun 30 Jul…
Tag Archives: Retired
Release date for 2025 COLA amounts
The 2025 COLA percentages effective July 1 for most plans have not been released. DRS will update the COLA information page when the information becomes available in 2025 (usually sometime in March). Review the current 2024 COLA adjustments on the COLA information page.
Episode 52 – A guide to Washington state parks and passes
Episode transcript: [music intro] Seth Welcome back to Fund Your Future with DRS. Washington has more than 140 state parks, which provide budget-friendly ways to recreate and socialize across our state. Today, we’re happy to have Ariel here with us from the Washington State Parks who can share with us the many ways you can…
Required minimum distributions begin at 73
Do you have DCP or Plan 3? If so, keep in mind that if you are separated from employment, federal law requires you to withdraw a minimum amount from your investment account when you reach age 73. The DRS record keeper, Voya, calculates this Required Minimum Distribution (RMD) and pays this amount to you automatically…
Retirees may continue CFD donations
If you’re retired or are planning to retire soon, you can continue donating to the state’s Combined Fund Drive (CFD) after you retire. CFD is an “opt out” program. In other words, if you are currently donating, then retire, your donations continue into retirement until you elect to make changes. You can also begin making…
Episode 51 – Credit scores and freezing your credit
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today, we have Lyn and Nathan with us from the Washington State Department of Financial Institutions. Also known as DFI. And today we wanted to talk with them about some of the great resources that DFI offers, as well as talking about…
Managing health care in retirement
As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real. Care can require considerable resources – physical, mental and financial. Now is the best time to create a plan that considers how you and your family will handle the potential…
Episode 47 – Tips for choosing the best auto and home insurance
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today we’re covering a topic that can have small and big impacts on your budget: insurance. We’ve had several episodes regarding medical insurance, but today we’re going to focus on the other two big ones auto insurance and home and renter’s insurance.…
PERS 1, TRS 1 one-time benefit increase in July
Certain retirees in Plan 1 of the Public Employees’ Retirement System and Plan 1 of the Teachers’ Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July of this year. This is the result of legislation approved in 2023. Under the law, eligible PERS 1 and TRS 1 retirees will…
Notice to Retirees – Public Records Request
The Department of Retirement Systems has received a public records request from Erin Raasch of American Transparency for the following information about members who received monthly payments in 2023: • Full Name• Retirement Date• Employer Name• Monthly Pension Amount Per Washington’s Public Records Act, these records are not exempt from disclosure, so DRS must share this information with the…
