Washington Code 41.40.811 – Purchased service credit — Allocation
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(1) Contributions on behalf of the employer paid by the employee to purchase plan 3 service credit shall be allocated to the defined benefit portion of plan 3 and shall not be refundable when paid to the fund described in RCW 41.50.075(3). Contributions on behalf of the employee shall be allocated to the member account. If the member fails to meet the statutory time limitations to purchase plan 3 service credit, it may be purchased under the provisions of RCW 41.50.165(2). One-half of the purchase payments under RCW 41.50.165(2), plus interest, shall be allocated to the member’s account.
Terms Used In Washington Code 41.40.811
- Department: means the department of retirement systems created in chapter 41. See Washington Code 41.40.010
- Member: means any employee included in the membership of the retirement system, as provided for in RCW 41. See Washington Code 41.40.010
- Membership service: means :
Washington Code 41.40.010
(2) No purchased plan 3 membership service may be credited until all payments required of the member are made, with interest. Upon receipt of all payments owed by the member, the department shall bill the employer for any contributions, plus interest, required to purchase membership service.
[ 2000 c 247 § 307.]