§ 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 the Washington state patrol retirement system. The amounts to be credited and the methods of doing so shall be at the director's discretion, except that if interest is credited, it shall be done at least quarterly.
(2) Interest as determined by the director under this section is "regular interest" as defined in RCW 41.40.010(15),41.32.010 (23), 41.35.010(12), 41.37.010(12), 41.26.030(23), and43.43.120 (8).
(3) The legislature affirms that the authority of the director under RCW 41.40.020 and 41.50.030 includes the authority and responsibility to establish the amount and all conditions for regular interest, if any. The legislature intends chapter 493, Laws of 2007 to be curative, remedial, and retrospectively applicable.
[2007 c 493 § 1.]
Sections: Previous 41.50.005 41.50.010 41.50.020 41.50.030 41.50.033 41.50.040 41.50.050 41.50.055 41.50.060 41.50.065 41.50.070 41.50.075 41.50.077 41.50.080 41.50.085 NextLast modified: April 7, 2009