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

From the Department of Retirement Systems – 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 (SSB 6340), eligible PERS 1 and …

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Washington State DRS – **Alert: Fraudulent Email**

From the Department of Retirement Systems – The Department of Retirement Systems has learned that some public employees are receiving a fraudulent email that purports to be from DRS. The subject of the email is “Effective Immediately: Changes to Pay Schedule and DCP/PERS/SERS/TRS Contribution Limits for 2018.” This email did not originate from the Department of Retirement Systems and the …

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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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