Washington Code 41.40.197 – Retirement allowance — Annual increases restricted after July 1, 2010 — Eligibility
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(1) Beginning July 1, 1995, and annually thereafter through July 1, 2010, the retirement allowance of a person meeting the requirements of this section shall be increased by the annual increase amount.
Terms Used In Washington Code 41.40.197
- Annual increase: means , initially, fifty-nine cents per month per year of service which amount shall be increased each July 1st by three percent, rounded to the nearest cent. See Washington Code 41.40.010
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Member: means any employee included in the membership of the retirement system, as provided for in RCW 41. See Washington Code 41.40.010
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- 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
(a) After July 1, 2010, those currently receiving benefits under this section will receive no additional annual increase amounts above the amount in effect on July 1, 2010, except for those who qualify under subsection (2)(b) of this section. This subsection shall not reduce retirement allowances below the amounts in effect on June 30, 2011.
(b) After July 1, 2010, no annual increase amounts may be provided to any beneficiaries who are not already receiving benefits under this section, except for those who qualify under subsection (2)(b) of this section.
(2) The following persons shall be eligible for the benefit provided in subsection (1) of this section:
(a) A beneficiary who has received a retirement allowance for at least one year by July 1st in the calendar year in which the annual increase is given and has attained at least age sixty-six by December 31st in the calendar year in which the annual increase is given; or
(b) A beneficiary whose retirement allowance is lower than the minimum benefit provided under RCW 41.40.1984.
(3) If otherwise eligible, those receiving an annual adjustment under RCW 41.40.188(1)(c) shall be eligible for the annual increase adjustment in addition to the benefit that would have been received absent this section.
(4) Those receiving a benefit under RCW 41.40.220(1), or a survivor of a disabled member under RCW 41.44.170(5) shall be eligible for the benefit provided by this section.
(5) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this postretirement adjustment not granted prior to that time.
NOTES:
Finding—Intent—Effective date—2011 c 362: See notes following RCW 41.32.483.
Effective date—2007 c 89: “This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect July 1, 2007.” [ 2007 c 89 § 3.]
Intent—Effective date—1995 c 345: See notes following RCW 41.32.489.