Subject of Possible Rule Making: WAC 415-111-310 Defined contribution account distribution (withdrawal), and possibly other related WACs and/or new sections. The subject of possible rule making is the purchase of annuities by Plan 3 members.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050(5) and 41.50.088.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The department plans to adopt rules to clarify the types of annuities that Plan 3 members may purchase at the time of retirement and the requirements and process for purchasing such annuities.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The department will work with the Washington State Investment Board and the Office of the State Actuary to develop these rules.

     Process for Developing New Rule: The Department of Retirement Systems (DRS) will develop the draft rule(s) with the assistance of the Attorney General's Office. 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. DRS encourages your active participation in the rule-making process. 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. The notice will include the time and date of a public rules hearing. DRS will send a copy of the notice and the proposed rule(s) to everyone currently on the mailing list and anyone else who requests a copy. To request a copy or for more information on how to participate, please contact Leslie Saeger, Rules and Contracts Coordinator, Department of Retirement Systems, P.O. Box 48380, Olympia, WA 98504-8380, voice (360) 664-7291, TTY (360) 586-5450, fax (360) 753-3166, e-mail leslies@drs.wa.gov.

January 21, 2005

Leslie Saeger

Rules Coordinator

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