Plans 2 & 3 COLA Amounts Announced The Washington State Department of Retirement Systems (DRS) has released the annual cost of living adjustment (COLA) amounts for retirees in Plans 2 & 3 of PERS, SERS, TRS, and PSERS. As costs of groceries and housing skyrocket, these COLAs will provide retirees with some much-needed relief from inflation, but not as much …
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From the Department of Retirement Systems: COLA rates established for 2023 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 …
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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 …
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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 …
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Retired Public Employees Council of WA Working to protect and enhance the pension and health care benefits of Washington retired state, county and local government employees