DRS General Info Flashcards
What does DRS stand for?
Department of Retirement Systems
Who and how many are served?
Serves nearly 750,000 current and former WA public employees
DRS provides what 3 things that help retirees prepare for and experience a successful retirement?
1) expertise
2) tools
3) services
DRS is the administrator for how many public retirement systems? How many retirement plans?
8 public retirement systems
15 retirement plans
What is the name of the savings program?
Deferred compensation savings program.
How much is the annual benefits paid out?
$3.9 Billion
WA state was the first to use what kind of benefit plan?
Hybrid defined contribution / defined benefit plans.
When were the retirement systems created? When did the legislature create the DRS?
The 1930’s and 1940’s.
The DRS was created in 1976.
What is the DCP and when did the DRS take over?
Deferred compensation program
1996
What is the OSA and what does it provide?
Office of the State Actuary
Provide pension cost estimates
When is a plan fully funded?
When assets and liabilities are equal
When does an unfunded liability occur?
When there is a gap in earned benefits and assets.
Current state funding policy requires what from underfunded plans?
Additional contributions to return underfunded plans to a fully funded status.
DRS is organized in five primary areas:
1) Executive
2) Retirement Services
3) Project Management Division
4) Information Services
5) Administrative Services
How many people are employed by DRS?
Approximately 250
DRS is committed to
High levels of customer service and customer satisfaction
The core of DRS centers around
Ensuring all work is ultimately connected to customer and exceeding customer expectations.
What 5 initiatives encompass the DRS transformation
1) customer satisfaction
2) team member engagement
3) application of LEAN principals
4) process mapping
5) workflow improvements
What is the DRS mission statement?
Provide tools, expertise and services that ensure our members receive the retirement benefits they earn while in public service
What is DRS’ vision?
1) satisfied customers
2) valued team members
5 values at DRS
1) Customer focus
2) Team member engagement
3) Valued relationships
4) Performance excellence
5) Resource stewardship
What are the 5 Key Goals at DRS?
1) Elated customers
2) Vigilant resource steward
3) Best practice leader
4) Reliable partner
5) Engaged team members
Who is the current director of DRS - when was this person appointed?
Tracy Guerin - appointed by Governor Jay Inslee in Sept 2016
What are the 8 retirement systems?
Public Employees (PERS) Teachers (TRS) School Employees (SERS) Law Enforcement Officers and Fire Fighters (LEOFF) WA State Patrol (WSPRS) Public Safety Employees (PSERS) Judicial (JRS) Judges Retirement Fund (JRF)
