Washington Code 41.44.105 – Supplemental benefits fund
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(1) The board of trustees shall establish, in addition to the several benefits provided for, an additional and separate fund to be known as the “supplemental benefits fund” to provide for the payment of supplemental benefits, as hereinafter provided for employees of municipalities electing to participate in said fund.
Terms Used In Washington Code 41.44.105
- Board: means the "board of trustees" provided for herein. See Washington Code 41.44.030
- Compensation: means the compensation payable in cash, plus the monetary value, as determined by the board of trustees, of any allowance in lieu thereof (but for the purposes of this chapter such "compensation" shall not exceed three hundred dollars per month, except as to those employees of any member city the legislative body of which shall not later than July 1, 1953, have irrevocably elected by resolution or ordinance to increase the limitation herein contained, effective as to all of its employees, from three hundred dollars to four hundred dollars, commencing on said date, or which shall so elect prior to January 1st of any succeeding year, effective as of January 1st of any such succeeding year, and as to such employees shall, commencing on the specified date, not exceed four hundred dollars or an amount equal to such increased limitation established by such ordinance or resolution per month): PROVIDED HOWEVER, That the foregoing limitation shall not apply to uniformed personnel. See Washington Code 41.44.030
- Final compensation: means the highest average annual compensation earnable in any five consecutive years of actual service rendered during the ten years immediately preceding retirement, or where the employee has less than five consecutive years of actual service, the earnable compensation for the last five years preceding his or her retirement. See Washington Code 41.44.030
- Member: means any person included in the membership of the retirement system as provided herein. See Washington Code 41.44.030
- Normal contributions: means the contributions at the rate provided for in RCW 41. See Washington Code 41.44.030
- Prior service: means the service of a member for compensation rendered a city prior to the effective date and shall include service in the armed forces of the United States to the extent specified herein and service specified in RCW 41. See Washington Code 41.44.030
- Retirement system: means the statewide city employees retirement system provided for herein. See Washington Code 41.44.030
- Service: means service rendered to a city for compensation; and for the purpose of this chapter a member shall be considered as being in service only while he or she is receiving compensation from the city for such service or is on leave granted for service in the armed forces of the United States as contemplated in RCW 41. See Washington Code 41.44.030
(2) Any municipality which has elected to participate in this retirement system may elect to have the employees of the municipality participate in and be covered by the supplemental benefits fund. Such election is authorized to be made in any manner authorized by RCW 41.44.050, as now or hereafter amended, as it relates to participation in the system.
(3) A municipality which once elects to participate in the supplemental benefits fund shall never discontinue participation in the fund as to members who are covered in the fund.
(4) Membership in the fund shall be terminated by cessation of membership in the system.
(5) Each municipality which elects to participate in the supplemental benefits fund shall contribute to that fund, in addition to normal contributions and prior service contributions as required, such additional percentage of each payment of earnings as may be fixed by the board, on recommendation of the actuary, as necessary to accumulate the reserves needed to pay the anticipated benefit: PROVIDED, That the rate of contribution to the supplemental benefits fund shall be on the full compensation of the member.
(6) The supplemental benefit for covered employees shall be an allowance not to exceed fifteen percent of average final compensation payable at the time of retirement.
(7) Should the service of a member be discontinued by other than death or retirement, the benefits and privileges as provided by RCW 41.44.190 as now or hereafter amended, shall apply.
(8) A municipality which elects to participate in the supplemental benefits fund shall provide such benefits for all members employed by such city.
NOTES:
Purpose—Severability—1967 ex.s. c 28: See notes following RCW 41.44.030.