Revised Code of Washington - RCW Title 41 Public Employment, Civil Service, And Pensions - Section 41.32.870 Lump sum payments -- Reentry

§ 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