Washington Code 41.32.892 – Restored, purchased service credit under plan 2 — Transfer to plan 3
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(1) Any member who elects to transfer to plan 3 and has eligible unrestored withdrawn contributions in plan 2, may restore such contributions under the provisions of RCW 41.32.825(1) with interest as determined by the department. The restored plan 2 service credit will be automatically transferred to plan 3. Restoration payments will be transferred to the member account in plan 3. If the member fails to meet the time limitations of RCW 41.32.825(1), they may restore such contributions under the provisions of RCW 41.50.165(2). The restored plan 2 service credit will be automatically transferred to plan 3. One-half of the restoration payments under RCW 41.50.165(2) plus interest shall be allocated to the member’s account.
Terms Used In Washington Code 41.32.892
- 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
(2) Any member who elects to transfer to plan 3 may purchase plan 2 service credit under RCW 41.32.810(3). Purchased plan 2 service credit will be automatically transferred to plan 3. Contributions on behalf of the employer paid by the employee shall be allocated to the defined benefit portion of plan 3 and shall not be refundable when paid to the fund described in RCW 41.50.075(2). Contributions on behalf of the employee shall be allocated to the member account. If the member fails to meet the time limitations of RCW 41.32.810(3), they may subsequently restore such contributions under the provisions of RCW 41.50.165(2). Purchased plan 2 service credit will be automatically transferred to plan 3. One-half of the payments under RCW 41.50.165(2), plus interest, shall be allocated to the member’s account.
[ 1996 c 39 § 9.]
NOTES:
Effective dates—1996 c 39: See note following RCW 41.32.010.