PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Plan 3 member investment defaults.
Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapters 41.32, 41.34, 41.35, 41.50 RCW.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Washington state legislature has enacted legislation which changes the default investment option for new members of the defined contribution portion of the plan 3 retirement systems.
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 Ken Goolsby, Rules Coordinator, DRS, P.O. Box 48380, Olympia, WA 98504-8380, voice (360) 664-7291, TTY (360) 586-5450, fax (360) 753-5397, e-mail Rules@drs.wa.gov.
May 11, 2011