Washington State

Department of
Retirement Systems

PERS Plan 3 Transfer Payment

Your transfer information letter includes estimates of both your transfer payment and your retroactive gain sharing payment. If you do not have a copy of your transfer information letter, you can contact DRS to obtain these estimates.

Any transfers made after the initial transfer period will not have the benefit of the transfer payment or the possibility of the retroactive gain sharing.

If you are a state agency or higher education employee who transferred to Plan 3 during the initial transfer period from March 1, 2002 through August 31, 2002, and earned service credit in June 2002, you will receive a transfer payment equivalent to 110 percent of your account balance.

If you are a local government employee who transfers to Plan 3 during the initial transfer period from September 1, 2002 through May 31, 2003, and have earned service credit in June 2002 or February 2003, you will receive a transfer payment equivalent to 111 percent of your account balance.

If you decide to transfer to Plan 3 after the initial transfer period, your Defined Contribution Account will be funded by transferring all of your Plan 2 account balance (contributions and earnings) into PERS Plan 3, but will not include a transfer payment

Example: You are a local government employee who has accumulated $10,000 in member contributions and interest in your account on March 1, 2002, and you transfer to PERS Plan 3 in September 2002. The $10,000 would go into your Defined Contribution account at the time you transfer. If you earn service credit in either June 2002 or February 2003, an additional $11,100 (111 percent of $10,000) will be added to your Defined Contribution account, for a total of $21,100.

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Washington State

Department ofRetirement Systems

PERS Plan 3 Transfer Payment

Department of
Retirement Systems