Washington State Department of Retirement Systems

What Washington State Department of Retirement Systems does

Washington State Department of Retirement Systems (DRS) is a state government agency established in 1976 and headquartered in Olympia, Washington, that administers 15 defined benefit and defined contribution retirement plans for Washington's public employees. Its membership spans teachers (TRS), public employees (PERS), school employees (SERS), law enforcement and firefighters (LEOFF), Washington State Patrol officers (WSPRS), public safety employees (PSERS), state judges, and elected officials, serving approximately 952,000 members and annuitants with $218 billion in trust fund assets under management and $8.9 billion in annual benefit payments.

DRS's core technology platform is a secure online portal (DRS Online Account Access) with mandatory multi-factor authentication and LexisNexis-powered identity verification, enabling members to view account information, update beneficiaries, calculate benefit estimates, upload documents, and retire online. Investment account recordkeeping for DCP, Plan 3, and JRA is delegated to Voya Financial through a separate secure integration. Adjacent services include benefit estimators, DCP contribution calculators, Roth vs. pretax comparison tools, virtual retirement appointments for members 40+, and an educational podcast series.

As a state agency, DRS does not operate on a commercial revenue model; services are provided at no charge to members and retirees, with operating costs funded through state appropriations and trust fund investment returns. Its GTM motion is direct-to-member digital service delivery supplemented by employer-facing tools (Employer Reporting Application), webinars, retirement seminars, and partnerships with health care administrators (HCA, Health Equity, Navia Benefits) to coordinate retiree health and pension benefits across the public sector.

Name

Washington State Department of Retirement Systems

Legal name

Washington State Department of Retirement Systems

Website

https://drs.wa.gov

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

51–100 employees

Short description

Washington State Department of Retirement Systems (DRS) is a state government agency administering 15 retirement plans for 952,000 Washington public employees and retirees, managing $218 billion in trust fund assets and distributing $8.9 billion in annual benefits through PERS, TRS, SERS, LEOFF, WSPRS, PSERS, and DCP programs.

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110), Pension Funds (52511), Health and Welfare Funds (525120), Health and Welfare Funds (52512), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Employee Benefit & Retirement Plan Trust Services (FSAAANAC)

akta.pro secondary industries

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA), Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK), Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Public pension administration
• Defined benefit plans
• Deferred compensation program
• Retirement benefits management
• Government retirement services

Headquarters

HQ city

Tumwater

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Pension Contributions: DRS administers pension contributions made by public employees and their employers across 15 retirement plans. Employee and employer contributions fund the trust assets used to pay retirement benefits.
2. Deferred Compensation Program (DCP): Voluntary retirement savings program (457(b)) allowing state employees to contribute pre-tax dollars. DCP contributions are managed through the record keeper Voya Financial.

Distribution channels4 records

Marketing channels6 records

Core offering

DRS administers 15 defined benefit retirement plans and a 457(b) Deferred Compensation Program (DCP) for Washington State public employees, including teachers, school employees, law enforcement officers, firefighters, state patrol officers, public safety employees, state workers, and judges. Members access their pension accounts, run benefit estimates, update beneficiaries, and retire through the DRS Online Account Access portal, while investment accounts for DCP, Plan 3, and JRA are managed through Voya Financial as record keeper. The agency collects employee and employer contributions, manages $218 billion in trust fund assets, and distributes $8.9 billion in annual pension payments to approximately 952,000 members and annuitants.

Product overview

Washington State Department of Retirement Systems (DRS) is a state government agency administering 15 retirement plans for approximately 952,000 members and annuitants. The core offering is a unified online platform (DRS Online Account Access) that provides members access to multiple pension plans including PERS, TRS, SERS, LEOFF, WSPRS, PSERS, and the Deferred Compensation Program (DCP). The platform offers integrated financial tools including benefit estimation calculators, DCP contribution calculators, and Roth vs. pretax comparison tools. Investment account access is provided through integration with Voya Financial as the record keeper. DRS also provides educational resources including a podcast series, webinars, and retirement seminars to support members throughout their retirement planning journey. The system processes approximately $8.9 billion in annual payments from a $218 billion trust fund.

Differentiator

Problem solved

Functional benefit

Products and services

• PERS (Public Employees Retirement System) Plans 1, 2, and 3 Defined benefit pension plans for Washington State public employees (state, county, municipal workers) offered in Plan 1, Plan 2, and Plan 3 tiers with varying benefit structures and contribution requirements.
• TRS (Teachers Retirement System) Plans 1, 2, and 3 Defined benefit pension plans for Washington State certificated teachers offered in Plan 1, Plan 2, and Plan 3 tiers with provisions for out-of-state service credit portability.
• SERS (School Employees Retirement System) Plans 2 and 3 Defined benefit pension plans for Washington State school district employees offered in Plan 2 and Plan 3 tiers.
• LEOFF (Law Enforcement Officers and Firefighters Retirement System) Plans 1 and 2 Specialized defined benefit pension plans for Washington State law enforcement officers and firefighters offered in Plan 1 and Plan 2 tiers with enhanced disability and death benefits.
• WSPRS (Washington State Patrol Retirement System) Plans 1 and 2 Defined benefit pension plans for Washington State Patrol officers offered in Plan 1 and Plan 2 tiers.
• PSERS (Public Safety Employees Retirement System) Plan 2 Defined benefit pension plan for Washington State public safety employees offered in Plan 2.
• Judges Retirement Plan Specialized defined benefit pension plan for Washington State judges.
• Deferred Compensation Program (DCP) Washington State's 457(b) deferred compensation program allowing public employees to contribute pre-tax or Roth contributions toward retirement savings, with a 2026 maximum contribution limit of $24,500. DCP contributions are managed through the record keeper Voya Financial.
• DRS Online Account Access Secure online portal allowing members and retirees to view retirement account information, update beneficiaries, send secure messages, review service credit, calculate benefit estimates, upload documents, and retire online. Retired members can update addresses, obtain 1099-R copies, track return-to-work hours, and sign up for direct deposit.
• Employer Reporting Application (ERA) Employer portal at eportal.drs.wa.gov used by Washington public employers to report employee enrollment data, service credit, and pension contributions to DRS-administered plans.
• Fund Your Future with DRS Podcast Educational podcast series covering retirement planning topics including service credit, Medicare, health care costs, and plan-specific guidance for Washington State public employees.

Quantifiable outcome

• $218 billion in trust fund assets managed for public employees
• +2 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• Voya FinancialcoreTechnology or IntegrationVoya Financial serves as the record keeper for DCP (Deferred Compensation Program), Plan 3, and JRA investment accounts. Customers access investment account information through Voya's secure site, which is separate from DRS' Online Account Access. Voya maintains investment account security and compliance programs.
• LexisNexis Risk SolutionscoreTechnology or IntegrationLexisNexis Risk Solutions (LNRS) provides identity verification services used as part of DRS Online Services registration and authentication. DRS shares member data with LNRS for identity verification purposes.
• Health EquitysupportingOthersHealth Equity administers Health Savings Accounts (HSAs) for Washington state employees enrolled in high deductible health plans. Provides debit cards and online account management for HSA funds.
• Navia Benefits SolutionssupportingOthersNavia Benefits Solutions administers Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs) for PEBB and SEBB employees. Provides debit cards and claims submission processing.
• Washington State Health Care Authority (HCA)coreStrategic or Co-development PartnerHCA administers health care benefits for Washington public employees. DRS refers members to HCA for retiree health care coverage under PEBB (Public Employees Benefits Board) program. Coordinates pension and health care retirement benefits.
• SHIBA (Statewide Health Insurance Benefits Advisors)supportingStrategic or Co-development PartnerSHIBA is a free, unbiased Medicare counseling program operated by the Washington State Office of the Insurance Commissioner. DRS refers retiring members to SHIBA for Medicare guidance and assistance.
• Washington Technology Solutions (WaTech)coreTechnology or IntegrationWaTech is a state agency providing IT security for Washington state public agencies. All internet traffic to state agencies passes through WaTech, which temporarily maintains digital information for cybersecurity purposes.
• First Class City Retirement Systems (Seattle, Spokane, Tacoma)supportingStrategic or Co-development PartnerDRS has portability agreements with First Class City retirement systems in Seattle, Spokane, and Tacoma, allowing dual members to combine service credit across systems.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CalPERS: California Public Employees' Retirement System is the largest U.S. public pension fund, administering defined benefit plans for California state and local public employees. Directly comparable to DRS in mission, plan structure (PERS-style), and regulatory model as a state-administered pension system.
• Florida Retirement System: Florida Retirement System administers pension and investment plans for Florida public employees, including a defined benefit Pension Plan and defined contribution Investment Plan. Comparable to DRS in offering both DB (Pension Plan) and DC (Investment Plan) options mirroring WA's Plan 2/3 and DCP.
• CalSTRS: California State Teachers' Retirement System administers defined benefit pensions for California public educators. Directly comparable to DRS's TRS plans in both mission (educator retirement) and plan design, with multiple plan tiers similar to DRS Plan 1/2/3 structure.
• Virginia Retirement System: Virginia Retirement System administers pension and other benefits for Virginia public employees, including teachers, state employees, law enforcement, and judges. Directly comparable to DRS in serving a similar mix of public employee categories with multiple plan tiers.
• Ohio Public Employees Retirement System: Ohio PERS administers pension, healthcare, and disability benefits for Ohio public employees across multiple plan tiers. Directly comparable to DRS in plan portfolio breadth and as a state-administered public employee retirement system with defined benefit and combined plan options.
• Pennsylvania Public School Employees' Retirement System: Pennsylvania PSERS administers defined benefit pensions for Pennsylvania public school employees. Directly comparable to DRS SERS plans in serving school district employees with a tiered defined benefit structure.
• New York State Common Retirement Fund: New York State and Local Retirement System administers pension benefits for New York public employees outside NYC. Closely mirrors DRS's role as a state-level administrator of multiple public employee retirement plans, with similar multi-tier plan structure.
• Illinois Teachers' Retirement System: Illinois TRS administers defined benefit pensions for Illinois public school teachers outside Chicago. Directly comparable to DRS TRS plans in mission and structure, with similar statutory framework as a state-administered teacher retirement system.
• Teacher Retirement System of Texas: Texas TRS administers retirement benefits for Texas public educators. Direct comparable to DRS TRS plans in mission, plan design, and statutory framework as a state government-administered teacher pension system.

Regional players

• Oregon Public Employees Retirement System: Oregon PERS administers retirement benefits for Oregon public employees and is a neighboring state system. Highly comparable plan structure (Tier 1, 2, 3/OPSRP) to DRS's Plan 1/2/3 architecture, though operates in a separate jurisdiction.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubevimeo.com/user32359536
• Facebookfacebook.com/WADRS
• LinkedInlinkedin.com/company/washington-state-department-of-retirement-systems

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Washington State Department of Retirement Systems