Every January, eligible Plan 2 members of the Public Employees’ Retirement System (PERS) have the opportunity to transfer to Plan 3, if they were hired before March 1, 2002. Those hired later are not eligible because they were asked to make an irrevocable decision for their plan choice within 90 days of hiring.
Resources are available to help employees who may wish to make the transfer. Handbooks and other state Department of Retirement Systems (DRS) publications can be found ONLINE @ www.drs.wa.gov. Investment education information can be found ONLINE @ www2.icmarc.org/xp/plan3/pers.
Financial modeling software to help compare projected benefits for Plans 2 and 3 can be found ONLINE @ www2.icmarc.org/xp/plan3/pers/planchoice/modeling.html. Employees will need the account balance from the annual statement mailed to their home address last month. Contact DRS at 800-547-6657 or recep@drs.wa.gov to retrieve that information.
Once employees transfer to Plan 3, they cannot return to Plan 2. To make the transfer, employees must complete a member information form and submit it to Human Resource Services during January. The form is available from HRS in French Ad 139 or ONLINE @ www.drs.wa.gov/forms/member/memberInformationForm.pdf.
Employees who miss this opportunity to transfer to Plan 3 must wait until next January.
For more information, contact HRS at 335-4521.
For more information, contact HRS at 335-4521.
