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New Limited Time Options for GET Account Owners

During the 2018 Legislative Session, the Legislature enacted Senate Bill 6087, which provides new account options and additional benefits for GET customers who purchased units before July 1, 2015. This legislation went into effect on April 15 and the GET Committee is in the process of setting policies based on the directions in the bill. The amount of additional benefits that you may receive will depend on choices you make about your GET account, when you purchased your GET units, and the funded status of the GET program. The information on this page will help you learn more about the new options that this bill offers.

Please note that there are several decisions that the GET Committee still needs to make in order to fully implement this legislation. Please check this page regularly and verify that the contact information on your GET account is up to date to ensure you receive the latest updates on the options available to you through Senate Bill 6087.

GET Customer Options at a Glance

Due to the passage of SB 6087, GET customers who still have unredeemed units bought before July 1, 2015 will have the following options available in the coming weeks and months: 

  1. Roll your GET account over to the new DreamAhead College Investment Plan at a special Unit Cash Value Price (see Phase 1 below).
  2. Keep your savings in your GET account and potentially be eligible for up to two adjustments that may add units to your GET account.
    • The first adjustment applies to accounts with an average unit price that is higher than $117.82. Qualifying accounts will receive additional units based on the difference between their average unit price and $117.82 (see Phase 2 below).
    • The second adjustment is contingent on the funded status of the GET program. If the funded status allows us to make this adjustment, it will apply to all GET accounts with unredeemed units bought before July 1, 2015 (see Phase 3 below).
  3. Request a refund of your GET account with no program penalties (see Non-Penalty Refunds below).

Thoroughly review the rest of this page and check back regularly for updates to learn more about when these various options will be available and for more details on how they will work.

Overview of SB 6087

Phase 1 - GET to DreamAhead Rollover Incentive

The first option that Senate Bill 6087 provides is an opportunity for GET customers to roll their GET accounts over to Washington's new DreamAhead College Investment Plan at a special Unit Cash Value that is different than the standard GET unit payout value.* This option will be available to GET customers beginning June 15, 2018, or soon thereafter, and will be available for at least 90 days.** In the coming weeks, the GET Committee will announce the new Unit Cash Value and we will provide additional details on how and when customers with GET units purchased before July 1, 2015 can claim this offer. The Unit Cash Value will be calculated as total assets in the GET fund attributable to unredeemed units purchased prior to July 1, 2015, divided by total unredeemed units in the fund purchased prior to July 1, 2015 and any units added to customer accounts through the program's August 1, 2017 unit rebase. We will adjust this calculation to exclude units purchased after July 1, 2015, and any market value associated with those units. The Unit Cash Value is different from and is likely to be higher than the current GET unit payout value of $103.86.

Stay tuned for more information about what the Unit Cash Value Price will be, and when you can claim this offer.

*Note that if you roll your GET account(s) over to DreamAhead, you will be closing your GET account(s) and moving all of your funds to a 529 plan that works much differently than GET. DreamAhead is an investment-based 529 plan. The State of Washington does not insure or guarantee DreamAhead accounts or any investment returns. Account owners assume all investment risks. DreamAhead offers a variety of options that can be customized based on the age of your student and your risk tolerance. The plan offers portfolios that range from conservative options that invest heavily in bonds to aggressive options that invest heavily in stocks. Please take the time to understand how DreamAhead works before starting the rollover by visiting www.dreamahead.wa.gov to download the DreamAhead Program Details Booklet. The Program Details Booklet discusses investment objectives, risks, charges, expenses, and other important information about DreamAhead. Read and consider it carefully before investing. You should also consult your tax, legal and investment advisor before making an investment decision.

**All rollovers made before or after this limited 90-day period will be at the standard GET payout value in effect when the rollover is processed.

Phase 2 - Unit Adjustment

Once the 90-day incentivized rollover window closes, the GET Committee will make two account adjustments for customers who choose to stay in GET and own units purchased before July 1, 2015.

The first adjustment will add units to all GET accounts with an average Unit Purchase Price higher than $117.82. This amount was the payout value for GET units in the 2016-17 academic year, before we reset the payout value to match tuition and rebased all customer accounts. Please note that this process will only consider the average Unit Purchase Price for units purchased before July 1, 2015 that have not yet been redeemed (Qualifying Units). Non-paid in full Custom Monthly Plans will receive additional units based on payments made prior to July 1, 2015. The way that this adjustment will work is as follows:

  1. We will determine the difference between your average Unit Purchase Price for all Qualifying Units in your account and $117.82.
  2. If your average Unit Purchase Price is higher than $117.82, we will then multiply this difference by the total number of Qualifying Units in your account.
  3. Finally, we will divide the result of #2 above by the current GET Unit Purchase Price of $113. The result will be the number of new units that we will add to your account.

Note that the bill does not allow us to begin making this adjustment until Phase 1 is complete; the bill also requires us to finish making this adjustment to all qualifying accounts before March 1, 2019.

Keep checking this page for more information about the timing of this adjustment.

Phase 3 - GET Funded Status Adjustment

The final adjustment must occur after phases 1 and 2 are complete, and will depend on the GET program's funded status, after the first two phases are complete. The State Actuary will provide the updated funded status, which is the measure of how well positioned the GET program is to meet all future obligations to customers without the need for state assistance. If the funded status is higher than 125%, all customers with unredeemed units purchased prior to July 1, 2015 will receive more units. Customers may not receive greater than 15% more units from this adjustment. Note that this adjustment must also be finished before March 1, 2019.

We will have more information about the timing and amount of this adjustment later this year.

Additional Account Options

Non-Penalty Refunds

Due to the passage of Senate Bill 6087, the GET Committee voted to extend the non-penalty refund policy to last until the 90-day incentivized GET to DreamAhead rollover window (Phase 1) closes. The Committee chose to extend this deadline to ensure maximum flexibility for customers who are still determining the GET account option that works best for them. During this extension, account owners will continue to have the option to withdraw their GET funds with no program penalties and receive either the $117.82 unit payout value, or their initial contributions (whichever is greater). Be aware that federal taxes and penalties may still apply to any account gains if refunds are not deposited into another qualified 529 plan within 60 days. Learn more about the non-penalty refund option on our GET and the College Affordability Program page.