Each January, eligible Plan 2 members of PERS have the opportunity to transfer to Plan 3 under certain conditions. WSU employees who have earned service credit in January can opt to transfer to PERS 3 this month if they first established membership prior to March 1, 2002.
Those higher education classified staff members hired on or after March 1, 2002 are considered to be “new PERS members” and they had to make an irrevocable decision for their plan choice within 90 days of being hired.
Those interested in making the change to PERS 3 have resources to help with this decision. First, there is information online via the state Department of Retirement Systems member information website at http://www.drs.wa.gov. Second, WSU Benefit Services has copies of the Plan 3 investment education video, which is available for checkout from French Ad 232 or by calling 335-4589 or sending an e-mail to benefits@wsu.edu.
Third, there is financial modeling software available to help employees compare projected benefits for Plans 2 and 3 based on their annual statements mailed to departments last month. If you have lost your copy, please contact the DRS by phone at 360-664-7000 or 800-547-6657 or by e-mail at recap@drs.wa.gov.
It is important to remember that the decision to transfer to Plan 3 is irrevocable — once you make that decision, you cannot return to Plan 2. To complete a transfer, complete a Member Information Form and submit it to Benefit Services before Jan. 31. If you miss this opportunity, you will have to wait until next January.
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