Bill > HB1642

This bill provides additional retirement plan choice options for members of the Teachers' Retirement System (TRS), School Employees' Retirement System (SERS), and Public Employees' Retirement System (PERS) who joined their respective plan 3 between specific dates and were not originally offered a choice between plan 2 and plan 3. Specifically, plan 3 members who joined between July 1, 1996, and June 30, 2007 (for teachers), between September 1, 2000, and June 30, 2007 (for school employees), and who were not initially given the opportunity to choose their retirement plan, may now make an irrevocable choice to transfer to plan 2 during any January after the bill's effective date. The bill clarifies that employees concurrently working for multiple employers who have chosen a plan will remain an active member of that plan, and it ensures that those who have already retired from plan 3 are prohibited from transferring to plan 2. Additionally, the bill includes a provision that if the Internal Revenue Service determines the bill's provisions conflict with federal law, those specific provisions will be suspended until the conflict is resolved. The changes aim to provide more flexibility and choice for public employees in their retirement planning.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1642&Year=2025&Initiative=false