Washington Code 41.26.420 – Computation of the retirement allowance
Current as of: 2023 | Check for updates
|
Other versions
(1) Except as provided in RCW 41.26.530, a member of the retirement system shall receive a retirement allowance equal to two percent of such member’s final average salary for each year of service.
Terms Used In Washington Code 41.26.420
- Employee: means any law enforcement officer or firefighter as defined in subsections (17) and (19) of this section. See Washington Code 41.26.030
- Member: means any firefighter, law enforcement officer, or other person as would apply under subsection (17) or (19) of this section whose membership is transferred to the Washington law enforcement officers' and firefighters' retirement system on or after March 1, 1970, and every law enforcement officer and firefighter who is employed in that capacity on or after such date. See Washington Code 41.26.030
- Retirement system: means the "Washington law enforcement officers' and firefighters' retirement system" provided herein. See Washington Code 41.26.030
(2) Beginning January 16, 2023, members new to the retirement system after February 1, 2021, who earn more than 15 years of service credit shall receive a tiered multiplier retirement allowance as follows:
(a) Two percent of such member’s final average salary for the first 15 years of service;
(b) Two and one-half percent of such member’s final average salary for the 10 years of service after 15 years and up to 25 years; and
(c) Two percent of such member’s final average salary for years of service above 25 years.
(3) Members active in the retirement system on or before February 1, 2021, at retirement must make an irrevocable choice between the lump sum defined benefit in RCW 41.26.555 or a tiered multiplier retirement allowance as follows:
(a) Two percent of such member’s final average salary for the first 15 years of service;
(b) Two and one-half percent of such member’s final average salary for the 10 years of service after 15 years and up to 25 years; and
(c) Two percent of such member’s final average salary for years of service above 25 years.
(4) Any member who receives the tiered multiplier benefit in this section is not eligible for the lump sum defined benefit in RCW 41.26.555.
NOTES:
Purpose—1993 c 517: “The legislature recognizes the demanding, physical nature of law enforcement and firefighting, and the resulting need to allow law enforcement officers and firefighters to make transitions into other careers when these employees feel they can no longer pursue law enforcement or firefighting. The legislature also recognizes the challenge and cost of maintaining the viability of a retired employee‘s benefit over longer periods of retirement as longevity increases, and that this problem is compounded for employees who leave a career before they retire from the workforce.
Therefore, the purpose of this act is to: (1) Provide full retirement benefits to law enforcement officers and firefighters at an appropriate age that reflects the unique and physically demanding nature of their work; (2) provide a fair and reasonable value from the retirement system for those who leave the law enforcement or firefighting profession before retirement; (3) increase flexibility for law enforcement officers and firefighters to make transitions into other public or private sector employment; (4) increase employee options for addressing retirement needs, personal financial planning, and career transitions; and (5) continue the legislature’s established policy of having employees pay a fifty percent share of the contributions toward their retirement benefits and any enhancements.” [ 1993 c 517 § 1.]
Legislative direction and placement—Section headings—1977 ex.s. c 294: See notes following RCW 41.26.410.