Fund Your Future with DRS

Ep 60 - Strategies and benefits of VEBA, a health reimbursement arrangement (HRA)

As you plan for health care in retirement, a VEBA or HRA can be a helpful tool. Many public employers participate to help you save for your out-of-pocket healthcare expenses and premiums.
Our guest Brian, from Gallagher (consultant for VEBA trusts), shares insights on how these tax-advantaged accounts work including how to enroll, investment options and the flexibility the account offers.
Official website: HRAVEBA.org, VEBA.org

Ep 59 - Cash-out strategies for your leave balance

When you decide to separate from service - either to retire, or work elsewhere - there's a good chance you'll have a balance of sick leave and annual leave. You may have the option to cash-out this leave, but you'll still have to pay the taxes on the extra income. Luckily, some employers allow you to roll over leave into your DCP account.
Our guest Malia shares insights on transferring leave balances into the Deferred Compensation Program (DCP), offering potential tax savings and investment opportunities.

Ep 58 - Returning to work after retirement

As a retiree, you can go back to work for a Department of Retirement Systems (DRS) employer and still receive your pension benefit as long as you follow a few rules. In this episode, our guest Kumano, sheds light on considerations for retirees who wish to work for a DRS employer post-retirement. From separating employment to navigating hours, Kumano guides us through the must-know details for retirees contemplating a return to public employment. Listen and explore how to effectively plan this stage of your retirement journey.

Ep 57 - Understanding separation vs. retirement dates

In this episode, we delve into the crucial distinctions between separation date and retirement date, specifically for those retiring with DRS. Understanding these dates will help you determine when you can start collecting your pension benefits.
Learn why timing matters, especially if you're planning around health insurance coverage or have accumulated leave. Whether you're months or years away from retirement, this episode provides guidance on making informed decisions about your retirement journey.
Retirement checklist: https://www.drs.wa.gov/life/retire/check/

Ep 56 - Affordable staycations in Washington state

During the chilly winter months, you might be thinking about planning that spring or summer vacation. But you don't have to spend money on an expensive flight to get away. Sometimes it's nice to do a staycation and explore Washington state! From arid deserts to moss-covered rainforests, there's plenty to explore in your own backyard. Tune in to get some ideas for your next adventure.
 
Links related to this episode:
VisitSpokane.comStehekin, WaVisitRainier.comOlympicPeninsula.orgWashington State ParksLos Hernandez Tamales in Yakima

Ep 55 - ABLE savings plans for people with disabilities

Millions of people with disabilities rely on federal programs. However, if they're receiving benefits like Supplemental Security Income (SSI) or Medicaid, they're restricted to having only $2,000 in assets.
As a result, the Achieving a Better Life Experience (ABLE) act was passed in 2014. A Washington State ABLE Savings Plan allows people with disabilities to save, invest and prepare for the future without losing their state or federal benefits. We sit down with Katie who works for the Department of Commerce to learn about this wonderful program.
https://www.washingtonstateable.com/

Ep 54 - Pension plan funding with the WA state actuary

Washington state pensions are calculated to be 94% funded. That rate is one of the highest rates in the country. We welcome Matt Smith, the Washington State Actuary, to talk about the latest Actuarial Valuation Report recently released by his office. He explains the significance of funded status, often misunderstood by many. Discover how ongoing evaluations and adjustments ensure long-term pension security for Washington's retirement plans.
View the full Actuarial Valuation Report

Ep 53 - New Retirement Strategy Fund for DCP and Plan 3

A new Retirement Strategy Fund (RSF) is coming to the lineup of investment options in Plan 3 and the Deferred Compensation Program (DCP). The most recent addition – the 2070 Retirement Strategy Fund – will be available beginning Jan. 6, 2025. We sit down with Chris from AllianceBernstein to talk about how these funds work and support you through retirement.

Ep 52 - A guide to Washington state parks and passes

Planning a get-a-way doesn't have to be expensive. In this episode, we're joined by Ariel from Washington State Parks to explore the budget-friendly recreational opportunities available across 140 state parks. From the popular Discover Pass to several discounted options for those over age 62 and multiple free days in the year, you can access these natural treasures without breaking the bank.
We chat about diverse accommodations offered, including cabins, yurts, and even historic vacation homes. Ariel shares unique experiences like staying at a lighthouse keeper's residence or a fire lookout. Everything you need to get started on your next outdoor adventure.
 
Parks highlighted in the episode (alphabetically): Brooks Memorial State Park, Cape Disappointment, Conconully State Park, Curlew State Park, Deception Pass, Fort Ebey, Fort Flagler, Fort Worden, Ginkgo Petrified Forest, Goldendale Observatory, Ike Kinswa State Park, Lewis & Clark Interpretive Center,  Millersylvania State Park, Mount Spokane State Park, Palouse to Cascades State Park Trail.

Ep 51 - Credit scores and freezing your credit

Your credit score plays a crucial role in your financial health. So, it’s important to know how to manage and improve your credit. Our guests, Lyn and Nathan from the Department of Financial Institutions, break down the differences between credit scores and credit reports. They also share insights into the importance of checking your credit report regularly and the benefits of freezing your credit to safeguard against identity theft.