Washington Code 41.32.380 – Source of pension reserve — Contributions
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There shall be placed in the pension reserve all appropriations made by the legislature for the purpose of paying pensions and survivors’ benefits and of establishing and maintaining an actuarial reserve and all gifts and bequests to the pension reserve, and contributions of persons entering the retirement system who have established prior service credit. Members establishing prior service credit shall contribute to the pension reserve as follows:
Terms Used In Washington Code 41.32.380
- Pension: means the moneys payable per year during life from the pension reserve. See Washington Code 41.32.010
- Pension reserve: is a fund in which shall be accumulated an actuarial reserve adequate to meet present and future pension liabilities of the system and from which all pension obligations are to be paid. See Washington Code 41.32.010
- Prior service: means service rendered prior to the first date of eligibility to membership in the retirement system for which credit is allowable. See Washington Code 41.32.010
- Retirement system: means the Washington state teachers' retirement system. See Washington Code 41.32.010
For the first ten years of prior service fifteen dollars per year;
For the second ten years of prior service thirty dollars per year;
For the third ten years of prior service forty-five dollars per year.
NOTES:
Effective dates—1982 1st ex.s. c 52: See note following RCW 2.10.180.