Washington State DRS Policy

The following pension-related bills were added to the DRS website:

HB 1542/SB 5473 - Alternate Retirement Provisions for PERS, TRS and SERS (Rule of 85) 
This bill provides unreduced retirement benefits to any vested Plan 2 and Plan 3 member of PERS, TRS, and SERS, who is at least age 55 and for whom the sum of the member's age and the number of years of the member's service credit equals 85 or more.

SB 5435 - Expand Deferred Compensation Participation
This bill would auto-enroll all new state employees into the Deferred Compensation Program (DCP) with a default contribution rate of 3%, unless the employee opted out or chose a different contribution rate. 

 

 

HB 1322 – Amending estoppel criteria to only apply to those eligible for “normal” retirement
Currently, members eligible for retirement in certain plans are prevented (estopped) from joining a different retirement system. This bill would amend the estoppel criteria to state that a member would be estopped from membership in a retirement system if the retirement eligibility for another system is a “normal” retirement. 

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http://www.drs.wa.gov/legislative/default.htm