A retirement savings representative with the state Deferred Compensation Program will offer two 60-minute group information sessions at 9 a.m. and 2 p.m. Friday, April 20, in French Ad 139.
DCP is a tax-deferred supplemental retirement savings program administered by the state Department of Retirement Systems (DRS) that is available to educational public employees in Washington.
Individual appointments with the DCP rep are available between 10:30 a.m. and 1:30 p.m. by contacting Human Resource Services at 335-4521. Walk-ins are welcome. Current participants should bring their last quarterly statement and last earnings statement to their appointment.
The 2007 annual deferral limits are $15,500 for the year or $1,291 per month. The minimum deferral amount is $30 per month.
DCP provides you many investment options with low fees. You can enroll; increase, decrease or change investment options; or suspend your deferrals at any time with no extra fees.
Once enrolled, you may roll over certain distributions from a prior employer-sponsored plan.
Assets are not subject to the 10 percent early withdrawal tax penalty. Once an employee separates from service, funds can be withdrawn at any age.
Distribution arrangements can be changed as many times as you want to meet your retirement needs as long as the payments begin during the year that you turn age 70½.
All DCP funds are selected by the Washington State Investment Board after a rigorous examination emphasizing value, security and diversification. Trustees have fiduciary responsibility to act only for the benefit of participants.
For more information please visit, www.drs.wa.gov/dcp or call customer service representatives at 888-327-5596.
