From DRS...
When TRS Plan 3 was initially qualified by the IRS, TRS Plan 3 members could change their contribution rate each January beginning in 2004. However, the IRS changed its position by 2005, when SERS and PERS Plan 3 were qualified. Members of those plans were not allowed rate flexibility, and when the IRS re-qualified TRS Plan 3 in 2013, it was on the condition that January rate flexibility end in 2015.
The Washington State Legislature passed Senate Bill 6321, ending the option of an annual TRS Plan 3 rate flexibility window, to comply with the re-qualification. After January 2015, TRS Plan 3 members may only change contribution rates when they change employers. If you are a TRS Plan 3 member and would like to take advantage of the final rate change flexibility period in January 2015, you will need to complete a TRS Plan 3 Contribution Rate Change Form and turn it in to your employer between January 1 and 31.
If you contribute to the Deferred Compensation Program, keep in mind that you can change DCP contributions at any time – changes take approximately 30 days to go into effect. DCP is a voluntary retirement savings account that allows for contribution flexibility. Check with your employer to see if they offer DCP.
The Washington State Legislature passed Senate Bill 6321, ending the option of an annual TRS Plan 3 rate flexibility window, to comply with the re-qualification. After January 2015, TRS Plan 3 members may only change contribution rates when they change employers. If you are a TRS Plan 3 member and would like to take advantage of the final rate change flexibility period in January 2015, you will need to complete a TRS Plan 3 Contribution Rate Change Form and turn it in to your employer between January 1 and 31.
If you contribute to the Deferred Compensation Program, keep in mind that you can change DCP contributions at any time – changes take approximately 30 days to go into effect. DCP is a voluntary retirement savings account that allows for contribution flexibility. Check with your employer to see if they offer DCP.
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