drs.wa.govState of Washington: Department of Retirement Systems

English French German Hindi Korean Russian Spanish Tagalog Ukrainian Vietnamese Subscribe Site Index Contact Member Login English French German Hindi Korean Russian Spanish Tagalog Ukrainian Vietnamese Subscribe Site Index Contact Login Member login Access or create account Investment login DCP or Plan 3 direct login Employer login (ERA) Employer Reporting Application Plans Our Plans Not sure what plan you’re in? Log into your account. DCP Guide Find My Plan PERS Plan 1 PERS Plan 2 PERS Plan 3 Judges TRS Plan 1 TRS Plan 2 TRS Plan 3 SERS Plan 2 SERS Plan 3 Elected Official LEOFF Plan 1 LEOFF Plan 2 WSPRS Plan 1 WSPRS Plan 2 PSERS Plan 2 Multiple Plans Life Events New Hire Mid-Career Retiring Early Retirement Retired Leaving Employment Disability Death Other Life Events Forms News Articles Webinars Podcast Financial Reports About Careers Advisory Committee Leadership Employers Washington public service retirement Sign up or login COLA rates View COLA rates Explore DCP Start here Podcast Listen now Live webinars See the schedule Get to know your plan Select your guide DCP Guide PERS Plan 1 PERS Plan 2 PERS Plan 3 TRS Plan 1 TRS Plan 2 TRS Plan 3 SERS Plan 2 SERS Plan 3 LEOFF Plan 1 LEOFF Plan 2 WSPRS Plan 1 WSPRS Plan 2 PSERS Plan 2 Elected Official Judges Find my plan Not sure what plan you’re in? Log into your account 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? 2023 maximum: $22,500 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 Top searches DCP 1099 Statements COLA Voya Required Minimum Distribution (RMD) More top searches Calculators Estimate your pension Select the Benefit Estimator” in your online account to calculate your pension. Increase your savings Estimate your savings over time with the DCP calculator. DCP Roth vs pretax Use this calculator to compare tax savings benefits for Roth and pretax contribution options. More calculatorsWhat is DCP? Find out. Grow your wealth Explore DCP Close C25995E3-5EF0-4BC6-A5B1-9BFFE87AD605 News March 5, 2024 COLA rates established for 2024 A cost-of-living adjustment (COLA) is an annual adjustment applied to your retirement income to reflect changes in the economy (inflation). Most DRS retirement plans offer a COLA, but Plan 1 members in PERS and TRS only have a COLA if they selected it during retirement. View the 2024 COLA percentages by retirement date and plan. When will I receive the 2024 COLA? LEOFF Plan 1 COLAs take effect April 1 and start with April 30 benefit payments. All other DRS Plan COLAs take effect July 1 and start with July 31 benefit payments. You need to be retired by July 1 for at least one year to be eligible for a COLA. Once you’re eligible, you’ll receive any COLA starting with the pension payment issued at the end of July, and every year after. You don’t need to apply to receive the COLA – it’s automatic. How much will the COLA be? The maximum annual COLA you can receive for most DRS plans is 3%. If inflation that year is above 3%, the additional amount is applied to future adjustments (called COLA banking). Any year inflation is lower than 3%, the COLA can pull from banked percentages in prior years. This happens automatically and the adjustment is made for you. You could receive a different adjustment each year, depending on the amount available in your COLA bank. Will PERS 1 and TRS 1 receive a benefit increase? 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 2024 as a result of House Bill 1985 (pending the governor’s signature). More about COLAs [reblex id=’14232’] Read more News April 30, 2024 2024 Pension-Related Legislation During the 2024 session, DRS tracked bills that affected retirement, including pensions and benefits. Here are bills tracked, including summary descriptions from legislative reports: [table id=195 /] Subscribe to our policy list below for rule and legislative updates. Read more News May 7, 2024 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 2024. Under the law, eligible PERS 1 and TRS 1 retirees will receive a one-time, permanent 3% increase in their monthly benefit, to a maximum of $110 per month. The increase applies to PERS 1 and TRS 1 retirees receiving a monthly benefit on or before July 1, 2023. The adjustment does not apply to retirees who already qualify for an annual increase in 2024 through one of the existing minimum benefit provisions provided by the plans. The one-time increase will be reflected in retirement benefits paid at the end of July. Plan 1 Benefit increase Frequently Asked Questions What is HB 1985? HB 1985 was passed by the Legislature and signed into law by the governor during the 2024 legislative session. It provides a one-time, permanent increase of 3% (not to exceed $110) to the monthly pension benefit of Public Employees Retirement System (PERS) Plan 1 and Teachers’ Retirement System (TRS) Plan 1 retirees. Who will receive the increase? PERS Plan 1 and TRS Plan 1 retirees who were receiving a monthly benefit on July 1, 2023 will receive this one-time increase. However, there are certain exceptions. Who will NOT be eligible for this increase? TRS Plan 1 retirees who are currently receiving a Temporary Disability retirement benefit PERS Plan 1 retirees currently receiving a Duty Disability Retirement Plan 1 retirees who will receive a Benefit Minimum Increase or an Adjusted Minimum Benefit COLA as these benefits receive a separate increase annually. For more on each of these benefits, check out the COLA page. Plan 1 Legal Order Payees who were not granted COLA eligibility in their Legal Order documents Note: This is not a complete list. Please see HB 1985 for specifics of eligibility. If I’m eligible to receive this increase, how much will it be? The increase will be 3% (not to exceed $110). When will I see the increase in my benefit? The increase to your benefit will be reflected in your pension payment at the end of July. If I have purchased service credit or an annuity, will those increases be applied to this benefit increase calculation? Yes. The increase is applied to your total benefit amount. If I chose the Auto COLA or the Age 65 COLA, how will these be impacted by this increase? If you selected the Auto COLA or Age 65 COLA, you will receive those increases first, and then the one-time permanent 3% increase will be calculated including those adjustments. Example: [table id=353 /] Read more News April 25, 2024 Help us serve you better Do you have ideas for making our communications clearer? We are looking to build a bank of members and retirees to participate in upcoming focus groups designed to improve our systems and how we communicate with you. What will we ask you to do? We may ask you to review benefit information – such as letters or other materials – navigate the DRS website or chime in on the best ways to reach you. We may also ask what information you’d like to see when it comes to growing your retirement. Who are we looking for? We’re looking for active and retired state employees, teachers, first responders and...