TRS Plan 3 January rate change window ends this year

Posted 08-Jan-2015

January 2015 is the last time TRS Plan 3 members have the opportunity to change contribution rates without changing employers. Since 2004, TRS Plan 3 members could change their contribution rate each January. However, when the IRS re-qualified TRS Plan 3 in 2013, it was on the condition that the annual rate flexibility end in 2015.

Now is a good time to consider how much you’re saving and whether you’re on track to meet your retirement savings goals. If you are a TRS Plan 3 member and would like to take advantage of the final rate change flexibility period, you will need to complete a TRS Plan 3 Contribution Rate Change Form and turn it in to your employer before Jan. 31, 2015.

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.