PREPROPOSAL STATEMENT OF INQUIRY
RETIREMENT SYSTEMS
Subject of Possible Rule Making: Chapter 415-10 WAC, Purchase of service credit after statutory deadline; actuarial WACs in chapter 415-02 WAC.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050(5), 41.50.165.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Office of the State Actuary (OSA) has provided the Department of Retirement Systems (DRS) updated factors for the calculation of the lump sum costs of purchasing service credit under RCW 41.50.165(2), based on a study that OSA undertakes every six years. As a result, DRS will review its WACs in chapters 415-02 and 415-10 WAC, as well as any other WACs that may be identified as part of its review, and will amend, adopt, or repeal rules as needed in regards to the updated factors.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Office of the State Actuary will be involved in reviewing changes to the WACs described above.
Process for Developing New Rule: Department staff will work on the project, with the assistance of the Office of the Attorney General. The public is invited and encouraged to participate, as described below.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. The Department of Retirement Systems encourages your active participation in the rule-making process. Anyone interested in participating should contact the rules coordinator, below. After the rule(s) is drafted, DRS will file a copy with the Office of the Code Reviser with a notice of proposed rule making, and send a copy to everyone currently on the mailing list and anyone else who requests a copy. For more information on how to participate, please contact Merry A. Kogut, Rules Coordinator, Department of Retirement Systems, Mailstop 48380, P.O. Box 48380, Olympia, WA 98504-8380, voice (360) 664-7291, TTY (360) 586-5450, e-mail merryk@drs.wa.gov, fax (360) 753-3166.
January 24, 2003
Merry A. Kogut
Rules Coordinator