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2018 Cost-of-Living Adjustments (COLAs)

From DRS  COLA Percentages – 2018 Posted 3-9-2018 Note: On March 8, the state Legislature approved a measure (SSB 6340) to provide certain retirees of PERS and TRS Plan 1 a one-time increase to their monthly benefit of 1.5%, not to exceed $62.50, effective July 2018. Bills approved by the Legislature must be signed by the governor to become law. DRS will provide …

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Washington State DRS – IRS Form W-4P

From DRS – The IRS has published its Form W-4P (Withholding Certificate for Pension or Annuity Payments) for 2018. The form is available directly from the IRS website or via the DRS website.

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Annual Retirement Statements Now Available

Annual retirement statements for 2017 are now available for active members of the retirement systems listed below or inactive Public Employees’ Retirement System members who work for an education employer. (Annual statements for education employees were issued last November.) Public Employees’ Law Enforcement Officers’ and Fire Fighters’ Washington State Patrol Judicial Public Safety Employees’ To view your statement, simply log …

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Retirees, new IRS tax withholding tables may affect your pension amount

Each year the Internal Revenue Service provides DRS with tables used to calculate the tax withheld from your pension benefit. If your net pension amount changes in 2018, it is likely due to the updated tax tables. Your online retirement account includes tools to calculate and update your IRS withholding. You’ll find a link to the IRS Withholding Calculator under “Other” in the …

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