WSR 14-14-107
[Filed July 1, 2014, 1:48 p.m.]
Subject of Possible Rule Making: Removing the provision that allows members of the Teachers' Retirement System Plan 3 to select a new contribution rate option each year, and revising the rule to align with employers' current practices related to payroll processing.
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: Elimination of the annual rate flexibility is necessary to meet plan qualification requirements in the Internal Revenue Code. This rule action will also incorporate additional changes necessary for employer payroll processing.
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.
July 1, 2014
Jilene A. Siegel
Rules Coordinator