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WASHINGTON PUBLIC SERVICE RETIREMENT
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FAQ
HOW DO I LOG INTO MY ACCOUNT?
Need to reset your password? Or having trouble logging into your account? See
this help page for assistance.
HOW DO I RETIRE WITH DRS?
Start by requesting an official benefit estimate from DRS 3 to 12 months prior
to your retirement date. See more steps to retire.
WHAT ARE THE DCP ROTH AND PRETAX LIMITS?
2024 maximum: $23,000
These annual limits apply to DCP Roth and pretax contributions. This means
whether you contribute to Roth, pretax or both, the combined totals must fall
within these IRS annual limits for the DCP 457(b) program.
WHAT IF I HAVE HEALTH CARE QUESTIONS?
DRS does not provide retiree health care. These health care resources might help
you find what you need.
More FAQ
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ESTIMATE YOUR PENSION
Select the “Benefit Estimator” in your online account to calculate your pension.
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Use this calculator to compare tax savings benefits for Roth and pretax
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News November 21, 2024
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 oldest target date fund in the RSF lineup will be “retired” at the end of
this year. The 2010 Retirement Strategy Fund will close and investor accounts in
that fund will transfer to the Retirement Maturity Strategy Fund Jan. 3. No
action is required from participants as the RSF lineup is updated. As these
changes occur, however, it’s a good opportunity to evaluate your circumstances
and make sure you’re investing in the fund that will best align with your
personal financial goals. Retirement Strategy Fund Overview 2070 Fund fact sheet
Retirement Maturity Strategy Fund fact sheet DCP or Plan 3 What is a Retirement
Strategy Fund?Also called a target date fund, this is a diversified mutual fund
that automatically shifts toward a more conservative mix of investments as it
approaches a particular year in the future, known as its target date. The
investor picks the fund with the date closest to the date they want to begin
withdrawing their contributions. The managers of the fund then make all
decisions about asset allocation, diversification and rebalancing. How do I
choose a one-step Retirement Strategy 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 dateExample: 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. How do I view or change
my investments? Make investment changes through your online investment account.
Change your fund selections anytime during or after your employment. You can
also contact the DRS record keeper, Voya Financial for assistance
(888-327-5596). More resources Investment information: DCP PERS SERS TRS
Investment cost comparison calculator Investment account login How to save for
retirement with DCP (DRS podcast)
Read more
News November 19, 2024
THE INS AND OUTS OF RETIREMENT SERVICE CREDITS
We’re often asked to explain what service credit is and how it works. Customers
want to know about topics related to service credit, such as portability (also
known as reciprocity), dual membership and out-of-state credit. Here’s a rundown
along with some links to helpful resources. Retirement service credit basics
Service credits are the units used to calculate your pension benefit. The
different retirement systems and plans have their own rules about how many you
need to qualify for retirement; what we refer to as vesting. Most require five
years, equal to 60 service credit months. Think of it like a car payment – you
need to make 60 payments before you own the car. For retirement, you need to
earn 60 service credit months of employment before you qualify for retirement
and, you can only earn one service credit per month maximum. For your vesting
requirements, see your plan guide. You can view your complete service credit
history through your online account. It is a good practice to check your service
credit every few years to be sure it matches your expectations. Membership in
multiple plans – also known as dual membership or multiple plans Some customers
have asked about dual membership and wonder if there’s reciprocity or
portability (an interchange of service credit) between DRS plans and other plans
from different Washington state cities and other states. At DRS, there is
portability with the First Class City Retirement Systems for Seattle, Spokane
and Tacoma. You’re a dual member if you have membership in more than one
Washington state retirement system, including First Class City Retirement
Systems for Seattle, Spokane and Tacoma. We also refer to dual membership as
multiple plans. To see if you’re eligible to retire, add up the service credit
you earned in each of your member systems. If that combined service makes you
eligible to retire from one of your plans, you can choose to retire from all of
them. It’s important to know that retiring before full retirement age can result
in a permanent reduction of your benefit. Early retirement rules still apply. If
you are in multiple plans, you will receive a separate monthly benefit from each
of your systems. Each system calculates the payment amount in its own way, but
they all include three factors: Service credit years (SCY) Multiplier (usually
1% or 2%) Highest average monthly earnings (Average Final Compensation [AFC] or
Final Average Salary [FAS]) Check out these resources for more information:
Webinar/Multiple plans Podcast – Dual members and reciprocity Plan guides
Service credit opportunities for Plan 2 and Plan 3 teachers Teachers have
portability opportunities with other states where they have earned teaching
service credit. TRS Plan 2 and Plan 3 customers can use service credit earned as
an out-of-state teacher to qualify for early retirement or increase their
monthly benefit. Two programs are available: the Out-of-State Service Credit
Program and the Public Education Experience Program. You can participate in
either or both. To be eligible, your out-of-state service must be earned from a
public retirement system that covers teachers. You must also be a vested member
of TRS Plan 2 or Plan 3 through DRS. If you’re interested, we encourage you to
find out if using your out-of-state service credit could benefit you. These
resources can help: Try the out-of-state service credit calculator View a short
video (2 mins.): Using Service Credit Earned While Teaching Outside of
Washington State Listen to this Fund Your Future with DRS podcast -- Teachers:
Out-of-State Service Credit Review your plan guide -- TRS Plan 2 or TRS Plan 3
Purchased service credit Purchasing additional service credit increases your
monthly retirement benefit for the rest of your life. You can purchase between
one and 60 months of service credit in whole months. Purchasing service credit
will increase your monthly benefit, but it will not increase the years of
service posted on your account. The increase to your benefit is calculated using
the same formula as your retirement benefit. This additional service credit is
available at the time of your retirement only. Also, you cannot use the
additional credit to qualify for vesting or early retirement (it won’t increase
your years of service). Log in to your account and choose “Purchasing Service.”
Here you can find the estimated cost and income increase per month you purchase.
Also see your plan guide for details. Missing or withdrawn service credit
Sometimes customers notice their service credit doesn’t match their seniority
date. Often, the difference is because of missing or withdrawn service credit or
a break in service. You may be eligible to purchase some or all of the missing
credit. Here is what you need to know about the process. View your complete
service credit history through your online account. It is a good practice to
check your service credit every few years to be sure it matches your
expectations. Contact DRS for a cost estimate. You will need to contact DRS to
request a cost for restoring your credit. We are not able to provide an estimate
when you call. Similar to a retirement benefit estimate, this cost must be
calculated by DRS and may require information from your employer. Prepare in
advance. See the list of information you’ll need on hand before you call, in
your Plan guide under “Missing and withdrawn service credit.” There are lots of
ways you can use your retirement service credit. Some of the rules are complex.
If you have questions, please send us a secure message through your online
account.
Read more
News November 14, 2024
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 each year. You can also take out your own withdrawals to meet the
minimum. Completing the annual minimum withdrawal, either on your own or
automatically through the record keeper, helps you avoid the tax penalty (up to
25%) the IRS can impose if the minimum amount is not withdrawn. How do you
calculate your RMD? To calculate your RMD amount, start with your previous
year’s Dec. 31 investment account balance. Next locate your age in the RMD
tables. Take your total investment account balance and divide it by the period
that corresponds with your age. The resulting number is your required minimum
amount. If you are a member of Plan 3 and DCP, you have two investment accounts
that are subject to minimum distribution requirements, and you calculate these
separately. How do you make changes to your RMD? While the required minimum
distribution is issued to you automatically, you do have options to make changes
to the withdrawal. To find out more, contact the DRS record keeper at
888-327-5596 or visit the RMD Section of the IRS website. Who is not required to
withdraw an amount? Contributing employees: If you are still contributing to
your plan, the RMD withdrawal is optional. Plan 1 and Plan 2 customers: If you
are a Plan 1 or 2 member who is receiving a monthly pension benefit, you don’t
need to take an RMD from those plans. If you are not receiving a monthly pension
benefit, you are required to start your benefit or take an RMD when you reach
age 73. DCP Roth account balances: As of 2024, the DCP RMD applies only to DCP
pretax balances, not DCP Roth balances, which are already taxed.
Read more
News October 24, 2024
THE 2024 ANNUAL REPORT IS HERE
The 2024 Annual Comprehensive Financial Report (ACFR) reflects our ongoing
commitment to accurate and transparent financial reporting of the retirement
systems. It contains the following detailed information: Financial statements
and highlights DRS membership Employer participation Investment performance and
policy Financial trends Demographics Operations Funding policy and progress
Actuarial assumptions and methods Financial information for employers The 2024
Participating Employer Financial Information (PEFI) is now available. It
includes allocation schedules and information to assist employers participating
in the state of Washington’s multiple-employer, cost-sharing retirement plans
with their pension financial reporting. Where to find previous reports Chapter
15: Financial Reporting in the DRS Employer Handbook includes links to reports
published in the last few years. You can view and download historical ACFRs and
PEFIs on the Washington State Library’s website.
Read more
Podcast
EPISODE 52 – A GUIDE TO WASHINGTON STATE PARKS AND PASSES
18:39 Listen now
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