Washington Deferred Compensation Program
The Deferred Compensation Program (DCP) allows you to defer and invest part of your income and save on your taxes at the same time. It is a supplemental retirement savings program (an IRC Section 457 plan) that offers a wide range of investment opportunities, and is directly administered by Washington State Deferred Compensation, part of the Washington State Public Employees Retirement System (PERS).
You can sign up for deferred compensation at any time. Please note that access to this money, once it is deferred, is governed by very strict IRS regulations and is not readily available to you. To sign up for the Deferred Compensation Program, complete the Participation Agreement and return it directly to DPC at PO Box 40931, Olympia, WA 98504.
The minimum amount you can contribute is $30.00 a month. For participants under 50, the maximum deferral amount for 2013 is up to $17,500. If you have an IRA or retirement plan from a previous employer, you can rollover those funds into DCP.
You can change your beneficiary form anytime. Return your completed beneficiary form directly to DRS. Please be sure to keep a copy for your records. Seattle Housing Authority does not keep a copy in your beneficiary records.
For more information:
- Log on to the DCP website.
- Call the DCP Information Line at 888.327.5596 (TTY 800.766.4592).
- Enrollment form - Participation agreement for DCP – For New Enrollments
- Beneficiary designation - Designate beneficiary(ies)
- Change your contribution - Increase or decrease your deferral amount, stop your deferral. Please note that Participants can go online at www.drs.wa.gov/dcp and log into their accounts to make deferral changes
- Name/address change request - Change your name or your address