Washington Code 41.32.042 – Validity of deductions — Interest
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The deductions from salaries of members of the retirement system for their contributions to the system are not considered diminution of pay and every member is conclusively presumed to consent thereto as a condition of employment. All contributions to the member reserve shall be credited to the individual for whose account the deductions from salary were made. Regular interest shall be credited to each member’s account at least annually.
[ 1992 c 212 § 9; 1982 1st ex.s. c 52 § 13; 1947 c 80 § 46; Rem. Supp. 1947 § 4995-65. Prior: 1941 c 97 § 5, part; 1939 c 86 § 5, part; 1937 c 221 § 6, part; Rem. Supp. 1941 § 4995-6, part. Formerly RCW 41.32.460.]
NOTES:
Effective dates—1982 1st ex.s. c 52: See note following RCW 2.10.180.
Terms Used In Washington Code 41.32.042
- Member: means any teacher included in the membership of the retirement system who has not been removed from membership under RCW 41. See Washington Code 41.32.010
- Member reserve: means the fund in which all of the accumulated contributions of members are held. See Washington Code 41.32.010
- Regular interest: means such rate as the director may determine. See Washington Code 41.32.010
- Retirement system: means the Washington state teachers' retirement system. See Washington Code 41.32.010