EP 42 - Can I change my Plan 3 contribution?

Free Washington Retirement Planning Community and CoursesOne of the most common questions from Washington State employees in Plan 3 retirement systems is simple:Can I change my Plan 3 contribution?Unfortunately, the answer for most people is no.In this episode we break down the rules around Plan 3 contributions and why many employees are locked into the contribution rate they originally selected. We also explain the one situation where you may be able to change it and why the rule changed in the first place.We also discuss:- Why contribution changes were removed in 2015- The one exception that allows you to change your contribution- Why many employees choose the 5 percent contribution option- Other retirement savings options like 403b plans and DCPThen we answer a community question from someone who is receiving income from PERS 1 after a divorce and wants to know if they can add that income to their PERS 2 pension to increase future retirement income.We explain why that is not possible and review two alternative strategies that could increase retirement income instead.If you are in PERS 3, TRS 3, or SERS 3, understanding how contribution elections work is critical because once you select a rate, it may be locked in for the rest of your career.00:00 Intro00:59 Can you change your Plan 3 contribution01:13 Why contribution changes were removed in 201502:16 When you can change your Plan 3 contribution02:57 Community question about adding PERS 1 income to PERS 203:26 Why you cannot add money to a Plan 2 pension04:18 Options to increase Plan 2 retirement income05:20 Join our Free Retirement Community▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🕸 Visit Us Online: Scenicfinancial.comWATRSPERS.com▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬DISCLAIMER**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️