Monday, November 28, 2022
Breaking News

DRS News

PERS 3 – Required minimum distributions begin at 72

From DRS Required minimum distributions begin at 72 Posted on November 8, 2022 Do you have DCP or Plan 3? If so, keep in mind that federal law requires you to withdraw a minimum amount from your investment account when you reach age 72 if you are separated from employment. The DRS record keeper, Voya, calculates this required minimum distribution …

Read More »

Returning to work hours

From the Department of Retirement Systems: Some retirees can now work up to 1,040 hours and continue receiving benefits In 2022 the Washington State Legislature approved ESHB 1699 which created an exemption to retiree return to work rules. The exemption allows some retirees from the Teachers’ Retirement System (TRS), Public Employee’ Retirement System (PERS), and the School Employees’ Retirement System …

Read More »

COLA rates established for 2022

From the Department of Retirement Systems: Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. For all other plans that are eligible for a COLA, the COLA will take effect July 1 and will …

Read More »

Looking for your 1099-R form for tax purposes?

From the Department of Retirement Systems: Washington State DRS – 1099-R tax form available online Jan. 22 Looking for your 1099-R form for tax purposes? The forms will be available beginning Jan. 22. You can access it by signing in to your retirement account and then selecting the 1099-R link from the main menu. From there, you can view it or print …

Read More »