Each January, eligible Plan 2 members of PERS, TRS and SERS 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 in January 2007, 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 hiring.
Those interested in switching have resources to help with the decision. There are member handbooks and other state Department of Retirement Systems (DRS) publications available on the DRS member information website ONLINE @ www.drs.wa.gov. There is information on the Plan 3 investment education website ONLINE @ www2.icmarc.org/xp/plan3/pers/.
There is financial modeling software to help you compare your projected benefits for Plan 2 versus 3 based on your personal situation. You will need the current account balance from your annual statement mailed to your department last month. If you have lost your copy please contact DRS by phone at 800-547-6657 or by e-mail at recep@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. The change only may be made during January.
To make the transfer, complete a member information form and submit it to Benefit Services during the month of January. The form is available at the Benefit Services Office in French Administration 139 or ONLINE @ www.drs.wa.gov/Forms/member/memberInformationForm.pdf.
If you have questions or need additional information regarding the annual PERS transfer, call Benefit Services at 335-4521.
