April 13, 2020

If you are part of a Washington state retirement system for public employees, you can check the value of your retirement fund through the state Department of Retirement Services website. 

If you are not yet retired, your personal DRS account can show you the value of your contributions, plus any earnings, to the system. You should report the number as an asset under investment account details, if the value exceeded $2,400 during the reporting period.

If you are already retired and receiving a lifetime benefit under Plan 2, your account may no longer show a cash value. In this case, you should report the value as “less than $30,000” and report the monthly benefit as pension income.

If you are a member of a Plan 3 state pension plan, you may have both a lifetime benefit, which you will receive as pension income, as well as a cash value that you could take as a lump sum or use to purchase an annuity. These should be reported as assets, if the value exceeded $2,400 during the reporting period.

These are just  examples. Be sure to check with the state Department of Retirement Services for details about your situation.