Washington Code 41.32.4986 – Members with thirty years of service — Irrevocable election
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A member may make the irrevocable election under this section no later than six months after attaining thirty years of service. The election shall become effective at the beginning of the calendar month following department receipt of employee notification.
Terms Used In Washington Code 41.32.4986
- Department: means the department of retirement systems created in chapter 41. See Washington Code 41.32.010
- employee: means a person who is providing services for compensation to an employer, unless the person is free from the employer's direction and control over the performance of work. See Washington Code 41.32.010
- Employer: means the state of Washington, the school district, or any agency of the state of Washington by which the member is paid. See Washington Code 41.32.010
- 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
(1) The sum of member contributions made for periods of service after the effective date of the election plus seven and one-half percent interest shall be paid to the member at retirement without a reduction in the member’s monthly retirement benefit as determined under RCW 41.32.498.
(2) Upon retirement, the member’s benefit shall be calculated using only the earnable compensation credited prior to the effective date of the member’s election. Calculation of the member’s average earnable compensation shall include eligible cash outs of annual leave based on the member’s salary and leave accumulations at the time of retirement, except that the amount of a member’s average earnable compensation cannot be higher than if the member had not taken advantage of the election offered under this section.
(3) Members who have already earned thirty years of service credit prior to July 25, 1999, may participate in the election by notifying the department in writing of their intention by December 31, 1999.
The department shall continue to collect employer contributions as required in RCW 41.45.060.
[ 1999 c 362 § 1.]