Saturday, July 4, 2020

DRS News

DRS to reduce customer service availability to manage furloughs, workload

DRS to reduce customer service availability to manage furloughs, workload The Department of Retirement Systems will reduce customer service availability and implement closure days beginning next week due to mandatory furloughs of team members and high seasonal volumes of retirement processing. Learn more about these upcoming service impacts.  

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PERS 1, TRS 1 one-time benefit increase takes effect in July

From DRS: As a result of legislation approved earlier this year, 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. Under the law, eligible PERS 1 and TRS 1 retirees will receive a one-time, permanent 3% …

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CARES Act information from DRS

From DRS: The Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020 was signed into law in late March. The CARES Act provides federal support in the wake of the coronavirus pandemic and associated economic fallout. The Department of Retirement Systems has posted information on two CARES Act-related items that might impact certain DRS customers: Requesting a coronavirus-related distribution Waiver of …

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COLA Percentages – 2020

From DRS: Cost-of-Living Adjustments (COLAs) have been set for 2020. COLAs for all plans will take effect July 1 and will be reflected in end-of-July benefit payments. PERS and TRS Plan 1 will receive a 3% COLA (with a $62.50/mo cap) for 2020, effective July 1 and will be reflected in end-of-July benefit payments as a result of HB 1390 being …

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