Plan 3 transfer window open in Jan.
Each January, active members who joined Plan 2 before a certain date have the option to transfer to Plan 3. Plan 3 has two parts: a pension account and an investment account. Your employer pays into your pension fund, while your contributions go into an investment account that you control. Plan 3 rules allow you to withdraw the investment portion of your funds at any time after separating from employment. This is a permanent transfer, with no future opportunity for another plan change.
Members with these plans and hire dates may be eligible to transfer to Plan 3:
- TRS Plan 2 members who began service before July 1, 2007
- PERS Plan 2 state and higher education employees who began state service before March 1, 2002
- PERS Plan 2 local government employees who began service before Sept. 1, 2002
- SERS Plan 2 members (without past PERS Plan 2 service) who first established membership before July 1, 2007
- SERS Plan 2 members (with past PERS Plan 2 service) who first established membership before August 1, 2009
If this applies to you, and you would like to transfer from Plan 2 to Plan 3, complete a Member Transfer form and submit it to your employer by Jan. 31. DRS will transfer your Plan 2 contributions, and any interest earned, to a Plan 3 investment account.
For more information about the differences between Plan 2 and Plan 3, see Plan Choice.
