DRS General Info

Question 1

What does DRS stand for?

Answer 1

Department of Retirement Systems

Question 2

Who and how many are served?

Answer 2

Serves nearly 750,000 current and former WA public employees

Question 3

DRS provides what 3 things that help retirees prepare for and experience a successful retirement?

Answer 3

1) expertise
2) tools
3) services

Question 4

DRS is the administrator for how many public retirement systems? How many retirement plans?

Answer 4

8 public retirement systems

15 retirement plans

Question 5

What is the name of the savings program?

Answer 5

Deferred compensation savings program.

Question 6

How much is the annual benefits paid out?

Answer 6

$3.9 Billion

Question 7

WA state was the first to use what kind of benefit plan?

Answer 7

Hybrid defined contribution / defined benefit plans.

Question 8

When were the retirement systems created? When did the legislature create the DRS?

Answer 8

The 1930’s and 1940’s.

The DRS was created in 1976.

Question 9

What is the DCP and when did the DRS take over?

Answer 9

Deferred compensation program

1996

Question 10

What is the OSA and what does it provide?

Answer 10

Office of the State Actuary

Provide pension cost estimates

Question 11

When is a plan fully funded?

Answer 11

When assets and liabilities are equal

Question 12

When does an unfunded liability occur?

Answer 12

When there is a gap in earned benefits and assets.

Question 13

Current state funding policy requires what from underfunded plans?

Answer 13

Additional contributions to return underfunded plans to a fully funded status.

Question 14

DRS is organized in five primary areas:

Answer 14

1) Executive
2) Retirement Services
3) Project Management Division
4) Information Services
5) Administrative Services

Question 15

How many people are employed by DRS?

Answer 15

Approximately 250

Question 16

DRS is committed to

Answer 16

High levels of customer service and customer satisfaction

Question 17

The core of DRS centers around

Answer 17

Ensuring all work is ultimately connected to customer and exceeding customer expectations.

Question 18

What 5 initiatives encompass the DRS transformation

Answer 18

1) customer satisfaction
2) team member engagement
3) application of LEAN principals
4) process mapping
5) workflow improvements

Question 19

What is the DRS mission statement?

Answer 19

Provide tools, expertise and services that ensure our members receive the retirement benefits they earn while in public service

Question 20

What is DRS’ vision?

Answer 20

1) satisfied customers

2) valued team members

Question 21

5 values at DRS

Answer 21

1) Customer focus
2) Team member engagement
3) Valued relationships
4) Performance excellence
5) Resource stewardship

Question 22

What are the 5 Key Goals at DRS?

Answer 22

1) Elated customers
2) Vigilant resource steward
3) Best practice leader
4) Reliable partner
5) Engaged team members

Question 23

Who is the current director of DRS - when was this person appointed?

Answer 23

Tracy Guerin - appointed by Governor Jay Inslee in Sept 2016

Question 24

What are the 8 retirement systems?

Answer 24

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)