457(b) Deferred Compensation Plans
The Deferred Compensation Program (DCP) is a special type of savings program that helps you invest for the retirement lifestyle you want to achieve—a lifestyle that might be hard to reach with just your pension and Social Security.
Unlike traditional savings accounts, DCP is tax-deferred — it lowers your taxable income while you are working and it delays payments of income taxes on your investments until you withdraw your funds. DCP is a great way to save.
DCP is an IRC Section 457 plan administered by the Washington State Department of Retirement Systems (DRS).
Contributions are automatically deducted from your paycheck, so saving is easy. Start with as little as $30 per month. You can also let your contributions grow with percentage deductions.
Online or by phone, you can change your contribution amount and investment selections at any time. Your changes can take up to 30 days to go into effect (depending on your employer’s payroll cycle).
DCP offers a variety of professionally managed investment options, including “one-step” funds that automatically rebalance the asset mix as you move toward your target date for retirement. Funds are selected by the Washington State Investment Board, with fees among the lowest in the marketplace.
Regulations: DCP adheres to administrative codes or rules adopted by Washington agencies. See the DCP section of the WAC (Washington Administrative Code).
DRS recordkeeping partner: Voya Financial
Voya Financial is the record keeper for DCP, Plan 3 and JRA customer investment accounts. They can assist you with transactional needs and account information.
Attn: Washington State DRS
PO Box 389
Hartford, CT 06141