§ 41.35.510. Transfer to plan 3 -- Irrevocable option
(1) Every plan 2 member employed by an employer in an eligible position has the option to make an irrevocable transfer to plan 3.
(2) All service credit in plan 2 shall be transferred to the defined benefit portion of plan 3.
(3) Any plan 2 member who wishes to transfer to plan 3 after February 28, 2001, may transfer during the month of January in any following year, provided that the member earns service credit for that month.
(4) The accumulated contributions in plan 2, less fifty percent of any contributions made pursuant to RCW 41.50.165(2) shall be transferred to the member's account in the defined contribution portion established in chapter 41.34 RCW, pursuant to procedures developed by the department and subject to RCW 41.34.090. Contributions made pursuant to RCW 41.50.165(2) that are not transferred to the member's account shall be transferred to the fund created in RCW 41.50.075(4), except that interest earned on all such contributions shall be transferred to the member's account.
(5) The legislature reserves the right to discontinue the right to transfer under this section.
(6) Anyone previously retired from plan 2 is prohibited from transferring to plan 3.
[2002 c 26 § 7; 1998 c 341 § 114.]
Sections: Previous 41.35.440 41.35.450 41.35.460 41.35.470 41.35.480 41.35.490 41.35.500 41.35.510 41.35.599 41.35.600 41.35.610 41.35.612 41.35.620 41.35.630 41.35.640 NextLast modified: April 7, 2009