§ 41.32.870. Lump sum payments -- Reentry
(1) The director may pay a member eligible to receive a retirement allowance or the member's beneficiary a lump sum payment in lieu of a monthly benefit if the initial monthly benefit would be less than one hundred dollars. The one hundred dollar limit shall be increased by three percent compounded annually on January 1. The lump sum payment shall be the actuarial equivalent of the monthly benefit.
(2) Persons covered under the provisions of subsection (1) of this section may upon returning to member status reinstate all previous service by depositing the lump sum payment received, with interest as computed by the director, within two years of returning to service or prior to retiring again, whichever comes first. In computing the amount due, the director shall exclude the accumulated value of the normal payments the member would have received while in beneficiary status if the lump sum payment had not occurred.
(3) Any member who receives a settlement under this section shall be deemed to be retired from this system.
[1995 c 239 § 112.]
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.
Benefits not contractual right until date specified: RCW 41.34.100. Sections: Previous 41.32.8401 41.32.845 41.32.851 41.32.855 41.32.860 41.32.862 41.32.865 41.32.867 41.32.868 41.32.870 41.32.875 41.32.878 41.32.880 41.32.892 41.32.895 Next
Last modified: April 7, 2009