Learn about Washington State Deferred Compensation Program

pink piggy bank surrounded by coins on a tableDid you know you can save even more for retirement with Deferred Compensation program (DCP)?

The Washington State Deferred Compensation Program (DCP) is a supplemental retirement savings program administered by the Department of Retirement Systems (DRS).

 Why save with DCP?

  • You can save with as little as $30 per month;
  • Your contributions are tax-deferred so if you save $100 per month, your paycheck is only reduced by $85;
  • You don’t need to know anything about investing – if you complete the Quick Enrollment form, a professional team will invest for you;
  • Getting started late?  That’s okay!  You can save as much as $18,500 per year, or even more if you are age 50 or older.

You can learn more about DCP by visiting the DCP website at www.drs.wa.gov/DCP.

Ready to get started?

Complete the DCP Quick Enrollment Form, provide a copy to your payroll office and mail the form to DCP.

If you have funds in another tax-deferred account that you would like to roll into your DCP account, complete and mail in the Rollover-in Request Form.

Questions?

For more information, email the school district Payroll department at help-payroll@osd.wednet.edu.

Department of Retirement Systems offers webinars May 8-10

The Department of Retirement Systems Education & Outreach team will provide the following webinars May 8–10:

May 8

  • 11:30 am – Purchasing an additional benefit (PSC/annuities for all plans)
  • 2 pm – Plan 3 (PERS, SERS, TRS)
  • 4 pm – Returning to work after retirement (PERS, SERS, TRS)

May 9

  • 8:30am – Applying for retirement (online tutorial for all plans)
  • 10 am – Deferred Compensation Program (WA State DCP)
  • 4 pm – Plan 3 distribution (PERS, SERS, TRS)

May 10

  • 8:30 am – DCP distribution (WA State DCP)
  • 1:30 pm – Plan 2 (PERS, SERS, TRS)
  • 3:00 pm – Getting ready for retirement (all plans)

Please see the webinar schedule for the link to join the webinar, and to review the full webinar schedule for additional webinars, dates and times.  It is recommended that you log into the webinar 10-15 minutes in advance to test connection and sound. Please review how to join a DRS Webinar for tips on accessing the webinar, audio, and sending questions.  Also, be aware the audio comes through your computer so you’ll need speakers or a headset. The webinars are not recorded.

If you are unable to attend a webinar due to your work schedule, please be advised that we have video recordings of live presentations available on our website.  We also provide videos covering PERS plan 1 and TRS plan 1. The video recordings can be viewed at a time that is convenient for you.

Mark your calendar for 2017-18 payroll time sheet deadlines

wall calendar page showing numbers and squares on a typically monthly calendarTime slips for the 2017-18 school year must be submitted/received in the Payroll department by Friday, August 10, 2018.  This allows payroll staff enough time to process these time slips for the August 31 payroll.

For time worked in August of 2018, those time slips must be submitted/received in the Payroll department by Wednesday, September 5, 2018.  This will allow the Payroll department enough processing time to charge these work hours to the 2017-18 school year before the year is closed.

If you have any questions, please contact the Payroll department at help-payroll@osd.wednet.edu or (360) 596-6190.

 

DRS upgrades Plan 3/Deferred Compensation Program online tools and resources

"Empower Retirement" logo with red stripes and red, white and blue colorsOn April 26, The Department of Retirement Systems (DRS) is upgrading online accounts for Plan 3 and/or Deferred Compensation Program participants to a new mobile-friendly platform with more tools to track and manage your retirement. Please click on this link for more information about the upgrade.  You can also watch a short 5-minute video.
If you have any questions about the website refresh, please call the DRS Plan 3 & DCP record keeper, Empower Retirement, at 888-327-5596.
 

Department of Retirement Systems offers webinars March 6-8

Person typing on laptop computer on desk with calendar open next to computer

The Department of Retirement Systems Education & Outreach team will provide the following webinars March 6–8:

March 6

  • 8:30 a.m. – Plan 2 (PERS, SERS, TRS)
  • 1 p.m. – Getting ready for retirement (within two years)
  • 4 p.m. – Plan 3 (PERS, SERS, TRS)

March 7

  • 8:30 a.m. – Plan 2 (LEOFF, PSERS, WSPRS)
  • 12:30 p.m. – Plan 3 distributions (PERS, SERS, TRS)
  • 4 p.m. – Plan Choice (PERS, SERS, TRS) 

March 8

  • 8:30 a.m. – Applying for retirement online (tutorial)
  • 11:30 a.m. – Washington State Deferred Compensation Program
  • 3 p.m. – Purchasing an additional benefit (PSC, annuities)

Please see the webinar schedule for the link to join the webinar, and to review the full webinar schedule for additional webinars, dates and times.  It is recommended that you log into the webinar 10-15 minutes in advance to test connection and sound. Please review how to join a DRS Webinar for tips on accessing the webinar, audio and sending questions. Please be aware the audio comes through your computer so you’ll need speakers or a headset. The webinars are not recorded.

This is also a reminder that some members of PERS, SERS and TRS Plan 2 have an option to transfer to Plan 3 each January.  If you have the option to transfer next January, we encourage you to attend the Plan Choice webinar on Wednesday, March 7 at 4 p.m.

Nearing retirement? Register for March 3 DRS retirement seminar

Open notebook with words "My Plan" at the top and person preparing to write with a pen
The Department of Retirement Systems will be hosting a retirement seminar on Saturday, March 3 in Centralia for plan members who are nearing retirement. Please select the Retirement Planning Seminars link for more information about upcoming seminars and how to register.
 
It’s important that you have a basic understanding of your retirement plan before you attend a seminar. If you would like to learn more about your plan and how it works, please review your plan handbook which can be found on the DRS website – Members page. Employees are also invited to view the DRS webinar schedule and selection of videos available online.

New IRS Withholding Table for 2018

The Internal Revenue Service (IRS) has updated the income-tax withholding tables for 2018 to reflect changes made by the new tax law. OSD payroll systems have been updated to reflect the new rates for employers to use during the 2018 tax year.  You will see this change on your February paycheck, and you can view the new tax table here https://www.irs.gov/pub/irs-pdf/p15.pdf.

Employees do not need to do anything at this time.  If you are wanting to complete a new W4 form, the IRS has not released a new 2018 W4 form.  You can still complete a 2017 W4 form if you would like to make any changes to your withholdings.

Questions about this new IRS withholding table may be emailed to the Payroll Office at Help-payroll@osd.wednet.edu.