Fillable Quick Enrollment Deferred Compensation Program (DCP) your contributions (Washington)

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Quick Enrollment Deferred Compensation Program (DCP) your contributions (Washington)

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DRS D 445 5/17
Deferred Compensation Program (DCP)
Quick Enrollment
This is a participation agreement to enroll in
the Washington State Deferred Compensation
Program (DCP).
Send completed form to:
Department of Retirement Systems
Deferred Compensation Program
PO Box 48380 ꔷ Olympia, WA 98504-8380
drs.wa.gov/dcp
ꔷ Fax: 360.586.5474
888.327.5596 ꔷ T T Y: 711
*DRSD445*
DRS use only: Agency No. ____________________
Ready to start saving with DCP? This Quick Enrollment form automatically places
your contributions in the target date fund for your age. If you want to select your own
investments now, you can complete the longer
DCP Enrollment Form
. With DCP,
you can change your investments and contribution amounts at any time.
Monthly contributions:
Your pretax contributions can be a percentage or dollar amount. The minimum is $30.
The maximum is $1,500 with some exceptions; age 50 and older can defer up
to $2,000. Contact us if you want to contribute more than $2,000.
Using whole numbers, choose a percent or dollar amount:
I want to enroll in DCP and contribute _________% or $ _________ per month (choose one).
I agree to the following:
I am enrolling in the Washington State Deferred Compensation Program (DCP).
I authorize my employer to defer the amount indicated each month to DCP.
My monthly contribution will be invested in the target date fund that assumes I retire at age 65.
I have read and understand all sections of this form, including the “Memo of Understanding.”
This agreement will continue until further notication by me.
Name (last, rst, middle)
Social Security Number Date of Birth
Mailing Address
City State ZIP
Phone Number Employer
Email Address ____________________________________________________________________ Gender: Male Female
Participant Signature _____________________________________________________ Date ________________________________
Clear Form
DRS D 445 12/21
Deferred Compensation Program (DCP)
Quick Enrollment
This is a participation agreement to enroll in
the Washington State Deferred Compensation
Program (DCP).
Send completed form to:
Department of Retirement Systems
Deferred Compensation Program
PO Box 48380 ꔷ Olympia, WA 98504-8380
drs.wa.gov/dcp
ꔷ Fax: 360.664.7975
800.547.6657 ꔷ T T Y: 711
DRS use only: Agency No. ____________________
Ready to start saving with DCP? This Quick Enrollment form automatically places
your contributions in the target date fund for your age. If you want to select your own
investments now, you can complete the longer DCP enrollment form. With DCP,
you can change your investments and contribution amounts at any time.
Monthly contributions:
Your pretax contributions can be a percentage or dollar amount. The minimum is $30
or 1%. The maximum is $1,708 with some exceptions; age 50 and older can defer up
to $2,250. Contact us if you want to contribute more than $2,250.
Using whole numbers, choose a percent or dollar amount:
I want to enroll in DCP and contribute _________% or $ _________ per month (choose one).
I agree to the following:
I am enrolling in the Washington State Deferred Compensation Program (DCP).
I authorize my employer to defer the amount indicated each month to DCP.
My monthly contribution will be invested in the target date fund that assumes I retire at age 65.
I have read and understand all sections of this form, including the “Memo of Understanding.”
This agreement will continue until further notication by me.
Name (last, rst, middle)
Social Security Number Date of Birth
Mailing Address
City State ZIP
Phone Number Employer
Email Address ________________________________________________________ Gender (optional): M F X
Participant Signature _____________________________________________________ Date ________________________________
Clear Form
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DRS D 445 12/21
This memo highlights certain provisions of the Deferred Compensation Program (DCP). For
specic details, refer to the
DCP Enrollment Guide
, DCP website at
drs.wa.gov/dcp
and the WAC
regulations mentioned below.
Contributions
The amount I choose to contribute will be
withheld from my monthly salary.
It is my responsibility to ensure my contributions
don’t exceed the allowable amount specied in
IRC 457. If they do, my employer will refund the
overage to me as taxable earnings. However, I
might qualify for catch-up options mentioned in
the
DCP Enrollment Guide
.
My contributions cannot begin sooner than
the month following this form’s approval
(WAC 415-501-410).
Investments
My contributions will be held in trust by the
Washington State Investment Board for the
exclusive benet of participants and their
beneciaries until paid to me under the rules of
the program (WAC 415-501-580).
I have elected to have my contributions invested
as indicated on this form. Earnings, if any, will be
applied to the target date fund based on my age
(WAC 415-501-475).
I may change or stop the amount I contribute
and may change my investment(s) by using the
DCP website or calling 888-327-5596.
Withdrawals
I can access my funds upon separation from
employment. Refer to WAC 415-501-485 for
distribution details and for exceptions that allow
access to funds before separation.
I may choose the date and method of
distribution of my accumulated contributions
according to those methods approved by
the Department of Retirement Systems (DRS)
(WAC 415-501-485).
In the event of my death, any unpaid benets
will be paid to my designated beneciaries
(WAC 415-501-486).
Administration
DCP is congured as an IRS 457(b) plan.
DRS retains administrative control over the
program, and the Legislature retains the right to
terminate the program (WAC 415-501-530 and
WAC 415-501-540).
My employer, DRS, the record keeper and the
Washington State Investment Board are not
liable for the performance of investments.
I may not assign or transfer my rights in the
program (WAC 415-501-570).
I will receive an enrollment conrmation notice,
indicating acceptance into the program.
Your Social Security number is needed so DRS can report to the IRS any funds paid to you. DRS will not disclose your
Social Security number unless required to do so by law. See IRC sections 6041(a) and 6109.
DCP Beneciary Designation To add or edit your beneciaries once you are enrolled in DCP, log in to
DRS at
drs.wa.gov/oaa
and select “My Account.” The beneciary designation for DCP is different from your
pension beneciary designation. You can also download a paper form from the DRS website if you are
unable to access an online account.
DCP Quick Enrollment
Memo of Understanding
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Completed 13 May 2022

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