Washington State Announces Recordkeepers for Retirement Programs

April 21, 2010 (PLANSPONSOR.com) - The Washington State Department of Retirement Systems (DRS) has announced the selection of recordkeepers for two of its retirement programs.

ICMA Retirement Corporation (ICMA-RC) will be recordkeeper for the state’s Plan 3 and Great-West Retirement Services will be recordkeeper for the state’s Deferred Compensation Program (DCP), effective July 1, 2010.  

Nearly 166,000 active, inactive and retired public employees are enrolled in Plan 3, a hybrid defined benefit plan that includes a benefit dependent on the member’s contributions and investment earnings. More than 53,000 people are enrolled in DCP, the state’s 457 supplemental savings plan for public employees.  

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The Washington State Department of Retirement Systems administers eight different retirement systems, covering nearly 500,000 working and retired public employees and paying out more than $2.6 billion annually in retirement benefits.

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