Washington Code 41.40.790 – Computation of 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 41.40.790
- 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
- Member: means any employee included in the membership of the retirement system, as provided for in RCW 41. 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
- Service credit year: means an accumulation of months of service credit which is equal to one when divided by twelve. See Washington Code 41.40.010
(2) The retirement allowance payable under RCW 41.40.820 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.
[ 2000 c 247 § 303.]