Washington Code 41.50.088 – Duties of director — Retirement investments

(1) The director shall adopt rules as necessary and exercise the following powers and duties:

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Terms Used In Washington Code 41.50.088

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.
Director: means the director of the department of retirement systems. See Washington Code 41.50.010

(a) The director shall recommend to the state investment board types of options for member self-directed investment in the teachers’ retirement system plan 3, the school employees’ retirement system plan 3, and the public employees’ retirement system plan 3 as deemed by the director to be reflective of the members’ preferences;

(b) By July 1, 2005, subject to favorable tax determination by the internal revenue service, the director shall make optional actuarially equivalent life annuity benefit payment schedules available to members and survivors that may be purchased from the combined plan 2 and plan 3 funds under RCW 41.50.075; and

(c) Determination of the basis for administrative charges to the self-directed investment fund to offset self-directed account expenses;

(2) The director shall recommend to the state investment board types of options for participant self-directed investment in the state deferred compensation plan, as deemed by the director to be reflective of the participants’ preferences.

[ 2010 1st sp.s. c 7 § 28; 2005 c 327 § 14; 2000 c 247 § 602. Prior: 1998 c 341 § 507; 1998 c 116 § 10; 1995 c 239 § 302.]