Washington Code 41.40.190 – Retirement allowance — In lieu of allowance provided in RCW 41.40.185
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In lieu of the retirement allowance provided in RCW 41.40.185, an individual employed on or before April 25, 1973 may, after complying with RCW 41.40.180 or 41.40.210, make an irrevocable election to receive the retirement allowance provided by this section which shall consist of:
Terms Used In Washington Code 41.40.190
- Accumulated contributions: means the sum of all contributions standing to the credit of a member in the member's individual account, including any amount paid under RCW 41. See Washington Code 41.40.010
- Actuarial equivalent: means a benefit of equal value when computed upon the basis of such mortality and other tables as may be adopted by the director. See Washington Code 41.40.010
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means payments for life derived from accumulated contributions of a member. See Washington Code 41.40.010
- employed: 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 41.40.010
- Final compensation: means the annual rate of compensation earnable by a member at the time of termination of employment. See Washington Code 41.40.010
- Leave of absence: means the period of time a member is authorized by the employer to be absent from service without being separated from membership. See Washington Code 41.40.010
- Member: means any employee included in the membership of the retirement system, as provided for in RCW 41. See Washington Code 41.40.010
- Membership service: means :
Washington Code 41.40.010Pension: means payments for life derived from contributions made by the employer. See Washington Code 41.40.010 Prior service: means all service of an original member rendered to any employer prior to October 1, 1947. See Washington Code 41.40.010 Retirement: means withdrawal from active service with a retirement allowance as provided by this chapter. See Washington Code 41.40.010 Retirement allowance: means the sum of the annuity and the pension. See Washington Code 41.40.010
(1) An annuity which shall be the actuarial equivalent of his or her accumulated contributions at the time of his or her retirement; and
(2) A basic service pension of one hundred dollars per annum; and
(3) A membership service pension, subject to the provisions of subdivision (4) of this section, which shall be equal to one one-hundredth of his or her average final compensation for each year or fraction of a year of membership service credited to his or her service account; and
(4) A prior service pension which shall be equal to one-seventieth of his or her average final compensation for each year or fraction of a year of prior service not to exceed thirty years credited to his or her service accounts. In no event shall any original member upon retirement at age seventy with ten or more years of service credit receive less than nine hundred dollars per annum as a retirement allowance, nor shall any member upon retirement at any age receive a retirement allowance of less than nine hundred dollars per annum if such member has twelve or more years of service credit, or less than one thousand and two hundred dollars per annum if such member has sixteen or more years of service credit, or less than one thousand five hundred and sixty dollars per annum if such member has twenty or more years of service credit. In the event that the retirement allowance as to such member provided by subdivisions (1), (2), (3), and (4) hereof shall amount to less than the aforesaid minimum retirement allowance, the basic service pension of the member shall be increased from one hundred dollars to a sum sufficient to make a retirement allowance of the applicable minimum amount.
(5) Notwithstanding the provisions of subsections (1) through (4) of this section, the retirement allowance payable for service where a member was elected or appointed pursuant to Articles II or III of the Constitution of the state of Washington or RCW 48.02.010 and the implementing statutes shall be a combined pension and annuity. Said retirement allowance shall be equal to three percent of the average final compensation for each year of such service. Any member covered by this subsection who upon retirement has served ten or more years shall receive a retirement allowance of at least one thousand two hundred dollars per annum; such member who has served fifteen or more years shall receive a retirement allowance of at least one thousand eight hundred dollars per annum; and such member who has served twenty or more years shall receive a retirement allowance of at least two thousand four hundred dollars per annum: PROVIDED, That the initial retirement allowance of a member retiring only under the provisions of this subsection shall not exceed the average final compensation upon which the retirement allowance is based. The minimum benefits provided in this subsection shall apply to all retired members or to the surviving spouse of deceased members who were elected under the provisions of Article II of the Washington state Constitution.
(6) Unless payment shall be made under RCW 41.40.270, a joint and one hundred percent survivor benefit under RCW 41.40.188 shall automatically be given effect as if selected for the benefit of the surviving spouse upon the death in service, or while on authorized leave of absence for a period not to exceed one hundred and twenty days from the date of payroll separation, of any member who is qualified for a service retirement allowance or has completed ten years of service at the time of death, except that if the member is not then qualified for a service retirement allowance, such option II benefit shall be based upon the actuarial equivalent of the sum necessary to pay the accrued regular retirement allowance commencing when the deceased member would have first qualified for a service retirement allowance.
[ 1990 c 249 § 8; 1987 c 143 § 3; 1973 1st ex.s. c 190 § 9; 1972 ex.s. c 151 § 6; 1971 ex.s. c 271 § 5; 1969 c 128 § 8; 1967 c 127 § 7; 1961 c 291 § 6; 1953 c 200 § 11; 1951 c 50 § 5; 1949 c 240 § 14; 1947 c 274 § 20; Rem. Supp. 1949 § 11072-20.]
NOTES:
Findings—1990 c 249: See note following RCW 2.10.146.
Severability—1973 1st ex.s. c 190: See note following RCW 41.40.010.
Severability—1971 ex.s. c 271: See note following RCW 41.32.260.
Severability—1969 c 128: See note following RCW 41.40.010.