PREPROPOSAL STATEMENT OF INQUIRY
RETIREMENT SYSTEMS
Subject of Possible Rule Making: Deferred compensation program (DCP), WAC 415-501-430, 415-501-510, and possibly others.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050(5), 41.50.030(2), 41.50.088(2), 41.50.770, and 41.50.780; 26 U.S.C. (Internal Revenue Code) and related tax regulations.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: On July 10, the Internal Revenue Service (IRS) released final "457" regulations (section 457 of the IRS code applies to governmental deferred compensation plans). The Department of Retirement Systems (DRS) is reviewing these final regulations and determining whether any changes to DCP WACs will be needed.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The IRS Code in 26 U.S.C. and a variety of regulations and procedures also regulate this subject. If necessary, DRS will work with the IRS, as well as with many national professional associations, in ensuring that any rule changes are accurate and timely.
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.
July 11, 2003
Merry A. Kogut
Rules Coordinator