RCW 41.50.005 Policy and intent. The legislature sets forth as retirement policy and intent: (1) The retirement systems of the state shall provide similar benefits wherever possible. (2) Persons hired into eligible positions shall accrue service credit for all service rendered. (3) The calculation of benefits shall be done in such a manner as to […]
RCW 41.50.010 Definitions. As used in this chapter, unless the context clearly indicates otherwise: (1) “Actuarial value” means the present value of a change in actuarial liability; (2) “Department” means the department of retirement systems; and (3) “Director” means the director of the department of retirement systems. [ 1994 c 197 § 30; 1975-’76 2nd […]
RCW 41.50.020 Department of retirement systems—Created—Director. There is created a department of state government to be known as the department of retirement systems. The executive and administrative head of the department shall be the director, who shall be appointed by the governor with the consent of the senate. The director shall serve at the pleasure […]
RCW 41.50.030 Transfer of powers, duties, and functions of certain systems, administrators, and committees to department of retirement systems. (1) As soon as possible but not more than one hundred and eighty days after March 19, 1976, there is transferred to the department of retirement systems, except as otherwise provided in this chapter, all powers, […]
RCW 41.50.033 Crediting interest to retirement system accounts. (1) The director shall determine when interest, if provided by a plan, shall be credited to accounts in the public employees’ retirement system, the teachers’ retirement system, the school employees’ retirement system, the public safety employees’ retirement system, the law enforcement officers’ and firefighters’ retirement system, or […]
RCW 41.50.040 Manner of selection and terms of transferred board members not affected. This chapter shall not affect the manner for selecting members of the boards affected by RCW 41.50.030, nor shall it affect the terms of any members serving on such boards. [1975-’76 2nd ex.s. c 105 § 6.]
RCW 41.50.050 Powers, duties, and functions of director. The director shall: (1) Have the authority to organize the department into not more than four divisions, each headed by an assistant director; (2) Have free access to all files and records of various funds assigned to the department and inspect and audit the files and records […]
RCW 41.50.055 Director of retirement systems to administer Washington law enforcement officers’ and firefighters’ retirement system—Duties. The administration of the Washington law enforcement officers’ and firefighters’ retirement system is hereby vested in the director of retirement systems, and the director shall: (1) Keep in convenient form such data as shall be deemed necessary for actuarial […]
RCW 41.50.060 Delegation of powers, duties, and functions—Director’s responsibilities. The director may delegate the performance of such powers, duties, and functions, other than those relating to rule making, to employees of the department, but the director shall remain and be responsible for the official acts of the employees of the department. The director shall be […]
RCW 41.50.065 Accumulated service credit—Annual notification to members. (1) The department shall annually notify each member of each retirement system listed in RCW 41.50.030 of his or her: (a) Service credit accumulated in the preceding calendar year; and (b) Total service credit accumulated. (2) The department shall begin notifying members under this section according to […]
RCW 41.50.070 Personnel. In addition to the exemptions set forth in RCW 41.06.070, the assistant directors, not to exceed two, and an internal auditor shall also be exempt from the application of the state civil service law, chapter 41.06 RCW. The officers and exempt personnel appointed by the director pursuant to this section shall be […]
RCW 41.50.075 Funds established. (1) Two funds are hereby created and established in the state treasury to be known as the Washington law enforcement officers’ and firefighters’ system plan 1 retirement fund, and the Washington law enforcement officers’ and firefighters’ system plan 2 retirement fund which shall consist of all moneys paid into them in […]
RCW 41.50.077 State treasurer is custodian of funds. The state treasurer is the custodian of, and accountant for, all funds and holdings of the retirement systems listed in RCW 41.50.030. [ 1991 c 35 § 109.] NOTES: Intent—1991 c 35: See note following RCW 41.26.005.
RCW 41.50.080 Investment of funds of various systems. The state investment board shall provide for the investment of all funds of the Washington public employees’ retirement system, the teachers’ retirement system, the school employees’ retirement system, the Washington law enforcement officers’ and firefighters’ retirement system, the Washington state patrol retirement system, the Washington judicial retirement […]
RCW 41.50.085 Investments in accordance with established standards. Any investments under RCW 43.84.150 by the state investment board shall be made in accordance with the standards established in RCW 43.33A.140. [ 1998 c 14 § 2; 1977 ex.s. c 251 § 7.]
RCW 41.50.088 Duties of director—Retirement investments. (1) The director shall adopt rules as necessary and exercise the following powers and duties: (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 […]
RCW 41.50.090 Department succeeds to and vested with transferred powers, duties, and functions—Boards to be kept informed—Approval of rules—Disability benefit applications. (1) Except as otherwise provided in this section, on the effective date of transfer as provided in RCW 41.50.030, the department shall succeed to and is vested with all powers, duties, and functions now […]
RCW 41.50.110 Expenses of administration paid from department of retirement systems expense fund—Administrative expense fee. (1) Except as provided by RCW 41.50.255 and subsection (6) of this section, all expenses of the administration of the department, the expenses of administration of the retirement systems, and the expenses of the administration of the office of the […]
RCW 41.50.112 Report of member data—Department-designed format. Employers, as defined in RCW 41.26.030, 41.32.010, 41.34.020, 41.35.010, and 41.40.010, must report all member data to the department in a format designed and communicated by the department. Employers failing to comply with this reporting requirement shall be assessed an additional fee as defined under RCW 41.50.110(5). [ […]
RCW 41.50.120 Payment of moneys due department by employers—Interest. Notwithstanding any provision of law to the contrary, all employers of members of retirement systems administered by the department shall transmit by a warrant or check to the department within fifteen days following the end of each calendar month the moneys due the department as determined […]
