Washington HB1642 provides additional retirement plan choices for teachers, school employees, and public employees.

Washington HB1642 introduces new options for retirement plan choices for teachers, school employees, and public employees. Members of plan 2 or plan 3 can make an irrevocable choice to transfer to the other plan. Employees first employed after certain dates can choose between plan 2 and plan 3. If no choice is made within ninety days, the default plan is determined based on the employment date. The bill also allows certain plan 3 members who were not given a choice previously to transfer to plan 2.

Washington HB1642 provides additional retirement plan choices for teachers, school employees, and public employees.

Washington HB1642 introduces new options for retirement plan choices for teachers, school employees, and public employees. Members of plan 2 or plan 3 can make an irrevocable choice to transfer to the other plan. Employees first employed after certain dates can choose between plan 2 and plan 3. If no choice is made within ninety days, the default plan is determined based on the employment date. The bill also allows certain plan 3 members who were not given a choice previously to transfer to plan 2.