PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: One-time purchase of additional service credit.
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: These rules will implement 2004 and 2005 legislation allowing Plan 2 and 3 members of PERS, SERS and TRS, and Plan 2 members of LEOFF an opportunity to purchase up to five years of additional service credit at the time of retirement. Purchase price is actuarial value.
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.
May 18, 2005