PREPROPOSAL STATEMENT OF INQUIRY
RETIREMENT SYSTEMS
Subject of Possible Rule Making: Revise some WAC sections of chapter 415-501 WAC, Deferred compensation plan, to comply with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.030(2), 41.50.050(5), 41.50.088(2), 41.50.770, and 41.50.780.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: EGTRRA permits, and in cases, requires, changes in state deferred compensation plans under Internal Revenue Code Section 457 beginning in the 2002 fiscal year. The department's proposed rules will provide changes in deferral limits, distributions, rollovers, and similar provisions in accordance with EGTRRA provisions.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Internal Revenue Service's (IRS) Code in 26 U.S.C., and a variety of regulations and procedures also regulate this subject. The department will work with the IRS, as well as with many national professional associations, in ensuring that its rule changes are accurate and timely.
Process for Developing New Rule: Department staff will work on the project, with the assistance of the Office of the Attorney General. The public is invited and encouraged to participate, as described below.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. The Department of Retirement Systems (DRS) encourages your active participation in the rule-making process. Anyone interested in participating should contact the rules coordinator below. After the rule(s) is drafted, DRS will file a copy with the Office of the Code Reviser with a notice of proposed rule making, and send a copy to everyone currently on the mailing list and anyone else who requests a copy. For more information on how to participate, please contact Merry A. Kogut, Rules Coordinator, Department of Retirement Systems, Mailstop 48380, P.O. Box 48380, Olympia, WA 98504-8380, voice (360) 664-7291, TTY (360) 586-5450, e-mail merryk@drs.wa.gov, fax (360) 753-3166.
Merry A. Kogut
Rules Coordinator