WSR 18-11-110
[Filed May 22, 2018, 9:30 a.m.]
Original Notice.
Preproposal statement of inquiry was filed as WSR 17-21-017.
Title of Rule and Other Identifying Information: WAC 415-02-130 Will I receive retirement account information?
Hearing Location(s): On June 26, 2018, at 10:00 a.m., at the Department of Retirement Systems (DRS), Conference Room 115, 6835 Capitol Boulevard S.E., Tumwater, WA 98502.
Date of Intended Adoption: June 27, 2018.
Submit Written Comments to: Jilene Siegel, DRS, P.O. Box 48380, Olympia, WA 98504-8380, email, by June 25, 2018.
Assistance for Persons with Disabilities: Contact Jilene Siegel, phone 360-664-7291, TTY 711, email, by June 21, 2018.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: To update the process of providing annual notification to members in accordance with RCW 41.50.065.
Reasons Supporting Proposal: This amendment reflects the department's current practice of making service credit information available to members on demand through online account access, rather than once each year in the form of an annual statement.
Statutory Authority for Adoption: RCW 41.50.050, 41.50.065.
Statute Being Implemented: RCW 41.50.065.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: DRS, governmental.
Name of Agency Personnel Responsible for Implementation: Seth Miller, DRS, P.O. Box 48380, Olympia, WA 98504, 360-664-7304.
A school district fiscal impact statement is not required under RCW 28A.305.135.
A cost-benefit analysis is not required under RCW 34.05.328. RCW 34.05.328 (5)(a)(i) does not apply to this proposed rule and is not voluntarily made applicable by the agency.
This rule proposal, or portions of the proposal, is exempt from requirements of the Regulatory Fairness Act because the proposal:
Is exempt under RCW 19.85.025(4).
May 22, 2018
Jilene Siegel
Rules and Contracts Manager
AMENDATORY SECTION (Amending WSR 12-12-047, filed 6/1/12, effective 7/2/12)
WAC 415-02-130 Will I receive retirement account information?
(1) ((DRS will make annual statements available to all members who have a balance of service credit or dollars in accordance with RCW 41.50.065.
(2) If you are a member of Plan 1 or 2, the information will include, but is not limited to, the following:
(a) Service credit;
(b) Contributions; and
(c) Regular interest.
(3) If you are a member of Plan 3, the information will be provided through two sources.
(a) Service credit information, used in the calculation of the defined benefit component, will be made available annually by DRS.
(b) Information regarding the defined contribution component of your plan will be provided on quarterly statements from the recordkeeper. The statements include, but are not limited to, contributions and account activity.
(4) Information on annual and quarterly statements are)) Your total service credit, earned by calendar month, is available in accordance with RCW 41.50.065 via a personal account on the DRS web site. DRS will remind you of the availability of service credit information in your online account with an annual notification on the DRS web site.
The department will provide you with a paper copy of your service credit upon request.
(2) Service credit is based on information provided to ((the department)) DRS by your employer, and ((are)) is subject to correction.