WSR 97-01-013

PERMANENT RULES

DEPARTMENT OF

RETIREMENT SYSTEMS

[Filed December 6, 1996, 4:41 p.m., effective December 27, 1996]

Date of Adoption: December 7, 1996.

Purpose: To permanently adopt additional contribution rate options created by the Employee Retirement Benefits Board (ERBB), in accordance with RCW 41.34.040, for members of Teachers' Retirement System (TRS) Plan 3.

Statutory Authority for Adoption: RCW 41.34.040, 41.50.050.

Adopted under notice filed as WSR 96-21-083 on October 16, 1996.

Changes Other than Editing from Proposed to Adopted Version: The additional contribution rate options in the proposed rule were: Option D at 10.0%; Option E at 12.5%; and Option F at 15.0%. The contribution rate options that were adopted by the ERBB, as a result of the public hearing on November 26, 1996, were as follows: Option D at 7.0%; Option E at 10.0%; and Option F at 15.0%.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 1, amended 0, repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.

Number of Sections Adopted on the Agency's own Initiative: New 0, amended 0, repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.

Number of Sections Adopted using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 0, repealed 0.

Other Findings Required by Other Provisions of Law as Precondition to Adoption or Effectiveness of Rule: In order to assist transferring TRS 2 members with the opportunity to select the newly adopted contribution rates prior to the expiration of the ninety day deadline for selection under RCW 41.34.040, the rule is adopted effective December 27, 1996.

Effective Date of Rule: December 27, 1996.

December 6, 1996

Sheryl Wilson, Chair

Employee Retirement Benefits Board

TEACHERS' RETIREMENT SYSTEM PLAN III--DEFINED CONTRIBUTION PLAN

NEW SECTION

WAC 415-210-020 Contribution rate options for TRS Plan III members. In administering RCW 41.34.040, a TRS Plan III member shall contribute from his or her compensation according to one of the following rate structures:

Option A Contribution Rate

All ages. 5.0% fixed

Option B

Up to age 35 5.0%

Age 35 to 44 6.0%

Age 45 and above 7.5%

Option C

Up to age 35 6.0%

Age 35 to 44 7.5%

Age 45 and above 8.5%

Option D

All ages. 7.0%

Option E

All ages. 10.0%

Option F

All ages. 15.0%