Washington Code 41.32.840 – Computation of the retirement allowance
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(1) A member of the retirement system shall receive a retirement allowance equal to one percent of such member’s average final compensation for each service credit year.
Terms Used In Washington Code 41.32.840
- 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
- Retirement system: means the Washington state teachers' retirement system. See Washington Code 41.32.010
- Service credit year: means an accumulation of months of service credit which is equal to one when divided by twelve. See Washington Code 41.32.010
(2) The retirement allowance payable under RCW 41.32.875 to a member who separates after having completed at least twenty service credit years shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date that the retirement allowance commences.
NOTES:
Effective dates—1996 c 39: See note following RCW 41.32.010.
Intent—Purpose—1995 c 239: See note following RCW 41.32.831.
Effective date—Part and subchapter headings not law—1995 c 239: See notes following RCW 41.32.005.
Benefits not contractual right until date specified: RCW 41.34.100.