RCW 41.34.010 Purpose. The purpose of chapter 239, Laws of 1995 is to: (1) Provide a fair and reasonable value from the retirement system for those who leave public employment before retirement; (2) Increase flexibility for such employees to make transitions into other public or private sector employment; (3) Increase employee options for addressing retirement […]
RCW 41.34.020 Definitions. As used in this chapter, the following terms have the meanings indicated: (1) “Actuary” means the state actuary or the office of the state actuary. (2) “Department” means the department of retirement systems. (3)(a) “Compensation” for teachers for purposes of this chapter is the same as “earnable compensation” for plan 3 in […]
RCW 41.34.030 Application of chapter—Plan 3 elements. (1) This chapter applies only to members of plan 3 retirement systems created under chapters 41.32, 41.35, and 41.40 RCW. (2) Plan 3 consists of two separate elements: (a) A defined benefit portion covered under: (i) Sections 101 through 117, chapter 239, Laws of 1995; or (ii) Sections […]
RCW 41.34.040 Contributions—Rate structures—Annual option. (1) A member shall contribute from the member’s compensation according to one of the following rate structures in addition to the mandatory minimum five percent: Option A Contribution Rate All Ages 0.0% fixed Option B Up to Age 35 0.0% Age 35 to 44 1.0% Age 45 and above […]
RCW 41.34.050 Legislature may contribute to members’ accounts. The legislature may authorize contributions to the members’ accounts for a biennium through budget appropriation. [ 1995 c 239 § 205.] NOTES: Intent—Purpose—1995 c 239: See note following RCW 41.32.831. Effective date—Part and subchapter headings not law—1995 c 239: See notes following RCW 41.32.005.
RCW 41.34.060 Members’ accounts—Investment—Election. (1) Members may select investments as provided in subsections (2) and (4) of this section. If a member of the public employees’ retirement system entering plan 3 under RCW 41.40.785, a member of the teachers’ retirement system entering plan 3 under RCW 41.32.835, or a member of the school employees’ retirement […]
RCW 41.34.070 Distribution options. (1) If the member retires, becomes disabled, or otherwise terminates employment, the balance in the member’s account may be distributed in accordance with an option selected by the member either as a lump sum or pursuant to other options authorized by the department. (2) If the member dies while in service, […]
RCW 41.34.080 Benefits exempt from taxation, garnishment, other processes of law—Exceptions. (1) Subject to subsections (2) and (3) of this section, the right of a person to a pension, an annuity, a retirement allowance, any optional benefit, any other right accrued or accruing to any person under the provisions of this chapter, and the various […]
RCW 41.34.090 Administration of chapter—Construction—Severability. (1) The retirement plan created by this chapter shall be administered so as to comply with the federal Internal Revenue Code, Title 26 U.S.C., and specifically with plan qualification requirements imposed on governmental plans by section 401(a) of the Internal Revenue Code. (2) Any section or provision of this chapter […]
RCW 41.34.100 Benefits not contractual right until date specified. (1) The benefits provided pursuant to chapter 239, Laws of 1995 are not provided to employees as a matter of contractual right prior to July 1, 1996. The legislature retains the right to alter or abolish these benefits at any time prior to July 1, 1996. […]
RCW 41.34.110 Reentry. A member who separates from service and then reestablishes membership may restore contributions to the member account. [ 1996 c 39 § 12.] NOTES: Effective dates—1996 c 39: See note following RCW 41.32.010.
RCW 41.34.120 Money, property, income held in trust. All moneys in members’ accounts, all property and rights purchased therewith, and all income attributable thereto, shall be held in trust by the state investment board, as set forth under RCW 43.33A.030, for the exclusive benefit of the members and their beneficiaries. [ 1998 c 341 § […]
RCW 41.34.130 Self-directed investment—Default investment options—Duties of state investment board and department—Expenses—Recordkeeping. (1) The state investment board has the full authority to invest all self-directed investment moneys in accordance with RCW 43.84.150 and 43.33A.140, the default investment options set forth in RCW 41.34.060(1), and cumulative investment directions received pursuant to RCW 41.34.060 and this section. […]
RCW 41.34.140 Liability for loss or deficiencies—Limitations. (1) A state board or commission, agency, or any officer, employee, or member thereof is not liable for any loss or deficiency resulting from member defined contribution investments selected, made, or required pursuant to RCW 41.34.060 (1), (2), or (4). (2) Neither the department, nor director or any […]
RCW 41.34.900 Construction—Chapter applicable to state registered domestic partnerships—2009 c 521. For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships […]
