This is a follow up to DRS Email 11-012 sent on May 25, 2011 regarding the change of the Plan 3 default from WSIB to the Self-Directed Investment Program (Self). A new employee who fails to choose a retirement plan within the allotted 90 days will still default to Plan 3. However, effective July 22, 2011, employers will now default the member’s investment program into Self instead of WSIB. This also applies to any Plan 3 member who changes employers and fails to select an investment program within the allotted 90 days.
All retirement transmittals submitted to DRS on or after July 22 must reflect the new default change:
If anything other than rate option A and Self are reported with the 3D, the transaction will reject consistent with today’s practice.
Important: If the member’s default date is before July 22, but the transmittal is submitted to DRS on or after July 22, the new SELF default must be used.
Here is a copy of the updated Member Information Form that reflects the change in default.
If you have any questions please reply to this notice or call Employer Support Services at 360-664-7200 (option 2) or 1-800-547-6657 (option 6 then option 2).