§ 2.10.146. Election of option for payment of retirement or disability allowance -- Retirement allowance adjustment
(1) Upon making application for a service retirement allowance under RCW 2.10.100 or a disability allowance under RCW 2.10.120, a judge who is eligible therefor shall make an election as to the manner in which such service retirement shall be paid from among the following designated options, calculated so as to be actuarially equivalent to each other:
(a) Standard allowance. A member selecting this option shall receive a retirement allowance, which shall be computed as provided in RCW 2.10.110. The retirement allowance shall be payable throughout the judge's life. However, if the judge dies before the total of the retirement allowance paid to the judge equals the amount of the judge's accumulated contributions at the time of retirement, then the balance shall be paid to the member's estate, or such person or persons, trust, or organization as the judge has nominated by written designation duly executed and filed with the department of retirement systems or, if there is no such designated person or persons still living at the time of the judge's death, then to the surviving spouse or, if there is neither such designated person or persons still living at the time of death nor a surviving spouse, then to the judge's legal representative.
(b) The department shall adopt rules that allow a judge to select a retirement option that pays the judge a reduced retirement allowance and upon death, such portion of the judge's reduced retirement allowance as the department by rule designates shall be continued throughout the life of and paid to a designated person. Such person shall be nominated by the judge by written designation duly executed and filed with the department at the time of retirement. The options adopted by the department shall include, but are not limited to, a joint and one hundred percent survivor option and a joint and fifty percent survivor option.
(2)(a) A judge, if married, must provide the written consent of his or her spouse to the option selected under this section, except as provided in (b) of this subsection. If a judge is married and both the judge and the judge's spouse do not give written consent to an option under this section, the department will pay the judge a joint and fifty percent survivor benefit and record the judge's spouse as the beneficiary. Such benefit shall be calculated to be actuarially equivalent to the benefit options available under subsection (1) of this section unless spousal consent is not required as provided in (b) of this subsection.
(b) If a copy of a dissolution order designating a survivor beneficiary under RCW 41.50.790 has been filed with the department at least thirty days prior to a member's retirement:
(i) The department shall honor the designation as if made by the member under subsection (1) of this section; and
(ii) The spousal consent provisions of (a) of this subsection do not apply.
(3)(a) Any member who retired before January 1, 1996, and who elected to receive a reduced retirement allowance under subsection (1)(b) or (2) of this section is entitled to receive a retirement allowance adjusted in accordance with (b) of this subsection, if they meet the following conditions:
(i) The retiree's designated beneficiary predeceases or has predeceased the retiree; and
(ii) The retiree provides to the department proper proof of the designated beneficiary's death.
(b) The retirement allowance payable to the retiree, as of July 1, 1998, or the date of the designated beneficiary's death, whichever comes last, shall be increased by the percentage derived in (c) of this subsection.
(c) The percentage increase shall be derived by the following:
(i) One hundred percent multiplied by the result of (c)(ii) of this subsection converted to a percent;
(ii) Subtract one from the reciprocal of the appropriate joint and survivor option factor;
(iii) The joint and survivor option factor shall be from the table in effect as of July 1, 1998.
(d) The adjustment under (b) of this subsection shall accrue from the beginning of the month following the date of the designated beneficiary's death or from July 1, 1998, whichever comes last.
[1998 c 340 § 4; 1996 c 175 § 2; 1995 c 144 § 21; 1990 c 249 § 2; 1988 c 109 § 9.]
Notes:
Effective date -- 1998 c 340: "Except for section 13 of this act, this act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [April 3, 1998]." [1998 c 340 § 14.]
Findings -- 1990 c 249: "The legislature finds that:
(1) It would be advantageous for some retirees to have survivorship options available other than the options currently listed in statute. Allowing the department of retirement systems to adopt several different survivor options will assist retirees in their financial planning; and
(2) Disabled members of the retirement systems listed in RCW 41.50.030, except for members of the law enforcement officers' and firefighters' retirement system plan 1, must forfeit any right to leave a benefit to their survivors if they wish to go on disability retirement. This results in some disabled workers holding onto their jobs in order to provide for their dependents. The provisions of this act allow members to go on disability retirement while still providing for their survivors." [1990 c 249 § 1.]
Effective date -- 1988 c 109: See note following RCW 2.10.030.
Sections: Previous 2.10.090 2.10.100 2.10.110 2.10.120 2.10.130 2.10.140 2.10.144 2.10.146 2.10.155 2.10.165 2.10.170 2.10.180 2.10.190 2.10.200 2.10.210 Next
Last modified: April 7, 2009