Washington Code 28B.10.410 – Annuities and retirement income plans — Limitation on institution’s contribution
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The boards of regents of the state universities, the boards of trustees of the regional universities and of The Evergreen State College, the student achievement council, or the state board for community and technical colleges shall pay not more than one-half of the annual premium of any annuity or retirement income plan established under the provisions of RCW 28B.10.400. Such contribution shall not exceed ten percent of the salary of the faculty member or other employee on whose behalf the contribution is made. This contribution may be in addition to federal social security tax contributions made by the boards, if any.
[ 2012 c 229 § 514; 2011 1st sp.s. c 47 § 4; 1977 ex.s. c 169 § 17; 1973 1st ex.s. c 149 § 3; 1971 ex.s. c 261 § 3; 1969 ex.s. c 223 § 28B.10.410. Prior: 1955 c 123 § 3; 1947 c 223 § 3; Rem. Supp. 1947 § 4543-13. Formerly RCW 28.76.260.]
NOTES:
Effective date—2012 c 229 §§ 101, 117, 401, 402, 501 through 594, 601 through 609, 701 through 708, 801 through 821, 902, and 904: See note following RCW 28B.77.005.
Intent—Effective dates—2011 1st sp.s. c 47: See notes following RCW 28B.10.400.
Severability—Nomenclature—Savings—1977 ex.s. c 169: See notes following RCW 28B.10.016.
Severability—Appropriation—Effective date—1973 1st ex.s. c 149: See notes following RCW 28B.10.400.
Severability—1971 ex.s. c 261: See note following RCW 28B.10.400.
Terms Used In Washington Code 28B.10.410
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.