Washington State Department of Retirement Systems (DRS) administers one of the most complex public retirement systems in the country, comprising of fifteen plans across eight individual retirement systems. DRS' deferred compensation plan (DCP) is a voluntary 457(b) program with approximately $6.6B in assets. In March 2022, Washington State legislation required that DCP add Roth as a contribution option no later than December 1, 2023. On October 1, 2023, DCP customers were given the option to begin using Roth, including Roth conversions. Implementation included communicating clearly with employers and customers about the differences between pretax and Roth. Communications were focused on key messages with consistent language and themes with a thoughtfully crafted timeline. The theme was nature-oriented and designed to integrate components of the natural world specific to the State of Washington, including bears, eagles and salmon. A Roth video, multifaceted email campaign, virtual Q&A sessions geared towards various age groups, podcast and social media posts all resulted in the success of reaching the Roth adoption goal for the first year within 6 months.
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- July 25, 2024 Create Date
- September 25, 2024 Last Updated
