After January 2015, TRS Plan 3 members will only be able to change their contribution rate when they change employers. When TRS Plan 3 was initially qualified, the IRS allowed for an annual contribution rate change in the plan. Since 2004, TRS Plan 3 members have been able to change their contribution rate each January.
Under SB 6321 (passed by the Washington State Legislature to ensure TRS Plan 3 remains compliant with IRS requirements), TRS Plan 3 members have one last opportunity in January 2015 to select a new contribution rate option without changing employers.
If you would like to remind your current employees that January 2015 is their last opportunity to change their contribution rate option without changing employers, you may wish to refer them to this web news article for more information.
If an employee wants to take advantage of this opportunity, they will need to complete the TRS 3 January Rate Change Form and return it to you by January 31.
Should you have questions, please reply to this message or call Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2.