Bill > SB5718

This bill provides teachers and school employees who were enrolled in Retirement System Plan 3 between specific time periods (July 1, 1996 to June 30, 2007 for teachers, and September 1, 2000 to June 30, 2007 for school employees) with an opportunity to make a one-time, irrevocable transfer to Retirement System Plan 2 for future service. The transfer can only be made in January following the bill's effective date, and only if the member earns service credit for that month. Importantly, anyone who has already retired from Plan 3 is not eligible for this transfer. The bill includes a provision that if the Internal Revenue Service determines the transfer conflicts with federal law, the option will be suspended until such conflicts can be resolved. The legislature also reserves the right to modify or discontinue this transfer option in the future. The purpose appears to be providing retirement system members who were not originally given a choice between Plan 2 and Plan 3 with an opportunity to switch plans for their future service.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5718&Year=2025&Initiative=false