PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: WAC 415-111-220 How do I choose a defined contribution rate?, and possibly other related rules.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050(5).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: To clarify that once a PERS Plan 3 and SERS Plan 3 member chooses a contribution rate or is assigned the base rate of 5%, the member may not change that contribution rate unless he/she changes employers. This rule is required by an Internal Revenue Service decision on the tax qualified status of PERS 2 and 3 and SERS 2 and 3.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: United States Internal Revenue Service.
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 firstname.lastname@example.org.
September 29, 2005
Sandra J. Matheson