Wash. Admin. Code § 415-10-100 - Can a Plan 3 member purchase service credit?

(1) Transferring purchased Plan 2 credit under RCW 41.50.165(2) into Plan 3. If you purchase Plan 2 service credit under this chapter and later enter Plan 3, that credit will also transfer to Plan 3.

(a) Fifty percent of the money you paid to purchase the service credit will be credited to the Plan 3 defined contribution account.

(b) The other fifty percent will be credited to the Plan 3 defined benefit plan established under RCW 41.32.831 for TRS Plan 3, RCW 41.35.600 for SERS Plan 3, and RCW 41.40.780 for PERS Plan 3.

(2) Purchasing Plan 2 service credit after transferring to Plan 3. You may purchase service credit initially available under Plan 2 after you transfer to Plan 3. The service will be credited in Plan 3. If you purchase Plan 2 service credit under this chapter, fifty percent of the money you pay to purchase the service credit will be credited to your Plan 3 defined contribution account. The other fifty percent will be credited to the Plan 3 defined benefit portion established under RCW 41.32.831 for TRS Plan 3, RCW 42.35.600 for SERS Plan 3 and RCW 41.40.780 for PERS Plan 3.

(3) Not applicable for service earned after transferring to Plan 3. Plan 3 does not have any deadlines on establishing optional service.

Notes

Wash. Admin. Code § 415-10-100

Amended by WSR 14-06-053 filed 2/27/14, effective 3/27/2014

Statutory Authority: RCW 41.50.050(5), 41.50.165, 41.50.175. 02-03-120, § 415-10-100, filed 1/23/02, effective 3/1/02. Statutory Authority: Chapter 41.50 RCW. 00-22-049, § 415-10-100, filed 10/27/00, effective 11/27/00. Statutory Authority: RCW 41.50.050 and 41.50.165. 97-01-014, § 415-10-100, filed 12/6/96, effective 1/6/97.