TRS Plan 3 Contribution Rate Change Window

Posted 26-Dec-2013

If you’re a TRS Plan 3 member, you have the opportunity in January to change your contribution rate. If you decide to do so, please complete the TRS Plan 3 Contribution Rate Change. Once you have filled out the form, submit it to your employer between January 1 and January 31.

Also, please note that the Internal Revenue Service has provisionally qualified the state of Washington’s TRS Plan 3 with an important condition – that the annual rate change option be removed.

In response, the Select Committee on Pension Policy will recommend a bill to the 2014 Legislature to ensure TRS Plan 3 will remain qualified with the IRS. Under the proposed legislation, TRS Plan 3 members will have the option to change their contribution rates in January of 2014 and once more in January 2015. After that, TRS Plan 3 members would only be able to change their rate when they change employers, as is the case currently with PERS and SERS Plan 3 members.