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']

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.

Changes are coming to the Socially Responsible Investment (SRI) Balanced Fund  for those with an investment account in DCP, Plan 3 or JRA. In April 2024, the SRI changes from a balanced fund – invested in both stocks and bonds – to a new SRI that solely invests in stocks. This represents higher potential long-term return but also more risk, more volatility and less protection in down markets. Aren’t sure whether an all-stock approach is right for you? Contact a financial advisor, or learn more about how stocks and bonds differ at forbes.com/advisor/investing/stocks-vs-bonds. Those who are invested may move any or all their funds to other investment options prior to the change. They also have the option to move funds from the new SRI fund to other investment options after the change. Managed by AllianceBernstein, the new Socially Responsible Equity Fund’s strategy uses the UN Sustainable Development Goals to identify and invest in key sustainability themes. The 17 goals address a range of social needs while also tackling climate change and environmental protection. Learn more at sdgs.un.org/goals. If you’re a DCP, Plan 3 or JRA customer who plans on investing or remaining invested in the SRI, it's important to know there are fees associated with the plan’s services and investments. Investment details and associated fees are included within each fund’s fact sheet. Just select your plan at drs.wa.gov/plan and choose “Available Investments” in the table of contents on the left side of the page for a full list of fund fact sheets. Want to make a change? You can change your investment selections at any time through your online account (drs.wa.gov/login) or by contacting Voya at 888 -327 -5596. For questions about these changes, please contact Voya directly. [reblex id='14232']

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 employees of local municipalities – anyone who has a retirement account managed by the Washington State Department of Retirement Systems. What’s the time commitment? We estimate that each session will last about an hour. They may be in-person or via a Zoom webinar. If you join our focus group pool, you can choose the topics that are most relevant or most important to you. You will not be required to join them all. We’re anticipating holding focus groups periodically over the next 3 years. How do I join? Please send an email with your name and the best way to reach you. Let us know you want to participate, and which retirement system you belong to (PERS, SERS, TRS, PSERS, LEOFF, WSPRS and Judges). You can also share any retirement topics you’re most interested in. Join the focus group pool by emailing drs.communications@drs.wa.gov. For security reasons, please do not include personal information (such as your Social Security number). We are unable to answer questions you submit here. For account help, contact DRS directly. Thank you for your interest in helping us improve; we look forward to learning from you. [reblex id='14232']