Transfer Payments
If you qualified and your employer correctly reported your transfer request on schedule, your 40 percent transfer payment was reflected in your TRS Plan 3 account on March 4, 1998. It is displayed on your first quarter statement with the transaction title of "Transfer Payment". Your transfer payment was made to the investment program last receiving a contribution at the time the payment was posted. Transfer payments received for Self-Directed member accounts not having complete investment instructions were invested in the TRS Plan 3 Money Market Fund.
Increased Transfer Payment and Gain Sharing
Governor Locke signed Substitute Senate Bill (SSB) 6306 into law. This new law will benefit TRS Plan 3 members in two ways. First, the transfer payment, originally 40 percent of your January 1, 1996, account balance, was increased to 65 percent. If you were eligible for the 40 percent transfer payment, the additional 25 percent transfer payment will be credited to your account July 2, 1998. You can confirm that this transaction is complete by verifying your account balance with ICMA Retirement Corporation (RC) on or after July 6, 1998.
Secondly, the law creates "gain sharing." If the State Investment Board's earnings on assets to fund the TRS Plan 3 defined benefit plan average more than 10 percent over a four-year period, that will be considered extraordinary gains. Half of the amount over 10 percent will be passed on to TRS Plan 3 members' defined contribution accounts based on each member's number of years of service credit. The first gain sharing will also be credited to members' defined contribution accounts on July 2, 1998, and can be verified on or after July 6, 1998. Future gain sharing payments, if any, are payable in January of even-numbered years.
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TRS PLAN 3 WSIB
Total Allocation Portfolio (TAP)1
as of 3/31/1998
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| Average Annual Returns
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| Fund Name |
1st Q |
1-YR |
3-YR |
5-YR |
| Total Allocation Portfolio |
8.30% |
26.13% |
19.82% |
14.08% |
1The Washington State Investment Board (WSIB) periodically reviews and adjusts the TAP Fund's asset allocation. Over the last five years, the TAP Fund has shifted to a more aggressive asset mix. These returns reflect the actual asset mixes during the time periods shown. |
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TRS PLAN 3 Self-Directed Funds
as of 3/31/1998 |
| Average Annual Returns |
| Fund Name |
1stQ |
Incep. |
1-YR |
3-YR |
5-YR |
TRS Plan 3 Small Stock
Index (Incp. 5/9/1997) |
10.0% |
35.4% |
n/a |
n/a |
n/a |
TRS Plan 3 U.S. Stock
Market Index (Incp. 5/7/1997) |
13.1% |
33.7% |
n/a |
n/a |
n/a |
TRS Plan 3 Large Stock
Index (Incp. 5/9/1997) |
13.8% |
35.1% |
n/a |
n/a |
n/a |
TRS Plan 3 Intl Stock
Index (Incp. 5/7/1997) |
14.6% |
12.8% |
n/a |
n/a |
n/a |
TRS Plan 3 Money Market (Incp. 5/6/1997) |
1.3% |
4.9% |
n/a |
n/a |
n/a |
TRS Plan 3 Bond Market
(Incp. 5/9/1997) |
1.6% |
9.5% |
n/a |
n/a |
n/a |
Returns on the TAP Fund cover the period ending 12/31/1997. Returns for the Self-Directed Funds cover the period ending 3/31/1998. |
All returns are net of fees. Self-directed funds are valued daily; your account balance and rate of return will vary accordingly. Past performance is no guarantee of future results. For more information about the funds please see TRS Plan 3 Investment Guide. |
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To be eligible for gain sharing, you must meet the following criteria:
1. You must have at least $1,000 in your defined contribution account as of August 31 the year preceding the distribution; AND either,
2. Have earned service credit during the 12-month period from September to August immediately preceding the distribution (e.g., September 1996 - August 1997 for the July 1, 1998, distribution) or
3. Meet TRS Plan 3 retirement eligibility requirements. (See your TRS Plan 3 Member Handbook for retirement eligibility criteria.)
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If you have questions about the eligibility criteria for the transfer payment or gain sharing, contact the Department of Retirement Systems' TRS unit at 1-800-547-6657 or (360) 709-4700. To verify your account balance, contact ICMA RC's 24-hour automated telephone information service, VantageLine, or talk to a customer service representative by calling 1-888-711-TRS3 (8773). Account information is also available on VantageLink on the Internet (http://www.icmarc.org/trs3). If you are accessing your account on the Internet for the first time, you must ask a customer service representative to mail you a password.
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