[Filed June 29, 2018, 1:21 p.m., effective July 30, 2018]
Effective Date of Rule: Thirty-one days after filing.
Purpose: Annual notification of accumulated service credits, to update the process of providing annual notification to members in accordance with RCW 41.50.065
Citation of Rules Affected by this Order: Amending WAC 415-02-130.
Adopted under notice filed as WSR 18-11-110 on May 22, 2018.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at the Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's own Initiative: New 0, Amended 1, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.
Number of Sections Adopted using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
Date Adopted: June 29, 2018.
AMENDATORY SECTION(Amending WSR 12-12-047, filed 6/1/12, effective 7/2/12)
WAC 415-02-130Will 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.