WSR 13-23-091
[Filed November 20, 2013, 8:49 a.m.]
Subject of Possible Rule Making: Administrative factors used for purchasing service credit past the deadline date and for members in the teachers retirement system Plans 2 and 3 to purchase service credit for out-of-state teaching.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Factors are being updated and the formula for calculating the cost for the purchased service credit will change. The changes incorporate recommendations by the office of the state actuary and reflect current demographic and economic assumptions.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The law enforcement officers' and fire fighters' (LEOFF) retirement system Plan 2 board adopts the factors for LEOFF Plan 2 members. The LEOFF [Plan] 2 board will adopt the factors at a future board meeting, but will consider public comment received through this rule-making activity.
Process for Developing New Rule: Agency study.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jilene Siegel, Rules Coordinator, Department of Retirement Systems, P.O. Box 48380, Olympia, WA 98504-8380, e-mail, phone (360) 664-7291.
November 14, 2013
Jilene Siegel
Rules and Contracts Manager