Washington Code 41.40.815 – Lump sum payments — Reentry
Current as of: 2023 | Check for updates
|
Other versions
(1) The director may pay a member eligible to receive a retirement allowance or the member’s beneficiary a lump sum payment in lieu of a monthly benefit if the initial monthly benefit would be less than one hundred dollars. The one hundred dollar limit shall be increased annually as determined by the director. The lump sum payment shall be the actuarial equivalent of the monthly benefit.
Terms Used In Washington Code 41.40.815
- 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
- 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
- Director: means the director of the department. 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) Persons covered under the provisions of subsection (1) of this section may upon returning to member status reinstate all previous service by depositing the lump sum payment received, with interest as computed by the director, within two years of returning to service or prior to retiring again, whichever comes first. In computing the amount due, the director shall exclude the accumulated value of the normal payments the member would have received while in beneficiary status if the lump sum payment had not occurred.
(3) Any member who receives a settlement under this section is deemed to be retired from this system.
[ 2000 c 247 § 308.]