This section applies to the Public Employees' Retirement System (PERS), The School Employees' Retirement System (SERS) and the Teachers' Retirement System (TRS). Plan choice reporting falls into three groups:
Due to the nature of how investment returns affect the size of Plan 3 members’ defined contribution accounts, employers have increased responsibility for reporting Plan 3 member contributions accurately and in a timely manner. Refer to WAC 415-111-110 for employer responsibilities and to review potential employer liability for lost earnings due to employer error.
Plan 3 is a defined benefit plan like Plan 1 and Plan 2. However, there are two distinct components to Plan 3; the defined benefit and the defined contribution. Member contributions finance a defined contribution component, and employer contributions finance the defined benefit.
Review Employer Responsibilities for additional information.