RCW 41.32.868
One-time purchase of service credit—Conditions—Payment—Rules.
(1) An active member who has completed a minimum of two years of creditable service in the teachers' retirement system may, upon written application to the department, make a one-time purchase of up to seven years of service credit for public education experience outside the Washington state retirement system, subject to the following limitations:
(a) The public education experience being claimed must have been performed as a teacher in a public school in another state or with the federal government;
(b) The public education experience being claimed must have been covered by a retirement or pension plan provided by a state or political subdivision of a state, or by the federal government; and
(c) The member is not currently receiving a benefit or currently eligible to receive an unreduced retirement benefit from a retirement or pension plan of a state or political subdivision of a state or the federal government that includes the service credit to be purchased.
(2) The service credit purchased shall be membership service, and may be used to qualify the member for retirement.
(3) The member shall pay the actuarial value of the resulting increase in the member's benefit calculated in a manner consistent with the department's method for calculating payments for reestablishing service credit under RCW 41.50.165.
(4) The member may pay all or part of the cost of the service credit to be purchased with a lump sum payment, eligible rollover, direct rollover, or trustee-to-trustee transfer from an eligible retirement plan. The department shall adopt rules to ensure that all lump sum payments, rollovers, and transfers comply with the requirements of the internal revenue code and regulations adopted by the internal revenue service. The rules adopted by the department may condition the acceptance of a rollover or transfer from another plan on the receipt of information necessary to enable the department to determine the eligibility of any transferred funds for tax-free rollover treatment or other treatment under federal income tax law.
(5) The employer also may pay all or a portion of the member's cost of the service credit purchased under this section.
[ 2008 c 101 § 2; 2006 c 257 § 2.]
NOTES:
Effective date—2006 c 257: See note following RCW 41.32.813.
Structure Revised Code of Washington
Title 41 - Public Employment, Civil Service, and Pensions
Chapter 41.32 - Teachers' Retirement.
41.32.005 - Provisions applicable to "plan 1," "plan 2," and "plan 3."
41.32.012 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
41.32.013 - Substitute teachers—Application for service credit—Procedures.
41.32.025 - Department's power to determine eligibility.
41.32.032 - Membership in system—Service credit of educational staff associates.
41.32.033 - Membership in system—Charter school employers and employees.
41.32.035 - Employer contribution rates—Computation and payment.
41.32.042 - Validity of deductions—Interest.
41.32.044 - Retired teacher may reenter system—Benefit limitations.
41.32.053 - Death benefit—Course of employment—Occupational disease or infection.
41.32.054 - Disability retirement—Criminal conduct.
41.32.055 - Falsification—Penalty.
41.32.062 - Effect of certain accumulated vacation leave on retirement benefits.
41.32.063 - Benefit calculation—Limitation.
41.32.064 - Establishing, restoring service credit.
41.32.0641 - Disabled in the line of duty—Continuation of service credit—Conditions.
41.32.066 - Purchase of additional service credit—Costs—Rules.
41.32.067 - Purchase of additional benefits—Conditions.
41.32.215 - Provisions applicable to plan 1.
41.32.240 - Membership in system.
41.32.260 - Credit for military service or as state legislator.
41.32.263 - State legislators and state officials eligible for retirement benefits.
41.32.270 - Teaching service, how credited.
41.32.300 - Limitation on credit for out-of-state service.
41.32.310 - Time limit for claiming service credit—Payments.
41.32.330 - Credit for professional preparation subsequent to becoming teacher.
41.32.340 - Creditable service, what to consist of.
41.32.345 - "Earnable compensation" defined for certain part-time employees—Adoption of rules.
41.32.350 - Purchase of additional annuity—Member contribution rate.
41.32.380 - Source of pension reserve—Contributions.
41.32.390 - Contributions for prior service credits.
41.32.470 - Eligibility for retirement allowance.
41.32.480 - Qualifications for retirement.
41.32.4872 - Permanent increase for specified beneficiaries age seventy or over.
41.32.489 - Retirement allowance—Annual increases restricted after July 1, 2010—Eligibility.
41.32.4931 - Additional special pension for former members not receiving social security.
41.32.4945 - Limitation as to earnable compensation of member as member of the legislature.
41.32.497 - Retirement allowance for members entering system before April 25, 1973—Election.
41.32.4986 - Members with thirty years of service—Irrevocable election.
41.32.4991 - Permanent retirement allowance adjustment.
41.32.4992 - Monthly benefit increase.
41.32.500 - Termination of membership.
41.32.510 - Payment on withdrawal—Reentry.
41.32.530 - Options available—Retirement allowance adjustment—Court-approved property settlement.
41.32.540 - Disability allowance—Temporary.
41.32.550 - Options and allowances on report that disability will be permanent—Reexamination.
41.32.555 - Persons with annual half-time contracts—Eligibility for benefits under RCW 41.32.550.
41.32.570 - Postretirement employment—Reduction or suspension of pension payments.
41.32.584 - Additional benefit for justices or judges—One-time irrevocable election.
41.32.587 - Justices or judges retirement allowance—In lieu of RCW 41.32.498.
41.32.755 - Provisions applicable to plan 2.
41.32.760 - Computation of the retirement allowance.
41.32.762 - Lump sum retirement allowance—Reentry—Conditions for reinstatement of service.
41.32.765 - Retirement for service.
41.32.768 - Member with terminal illness—Removal from system.
41.32.770 - Post-retirement cost-of-living.
41.32.780 - Teachers required to be members.
41.32.790 - Earned disability allowance—Eligibility—Disposition upon death of recipient.
41.32.795 - Application for and effective date of retirement allowances.
41.32.812 - Service credit for half-time employment from October 1, 1977, through December 31, 1986.
41.32.813 - One-time purchase of service credit—Conditions—Payment—Rules.
41.32.815 - Vested membership.
41.32.817 - Transfer to plan 3—Irrevocable option.
41.32.820 - Refund of contributions on termination.
41.32.831 - Provisions applicable to plan 3—Plan 3 elements.
41.32.835 - Choice of membership in plan 2 or plan 3.
41.32.837 - Right to waive benefit—Irrevocable choice.
41.32.840 - Computation of the retirement allowance.
41.32.8401 - Additional payment.
41.32.845 - Postretirement cost-of-living allowance.
41.32.851 - Options for payment of retirement allowances—Court-approved property settlement.
41.32.855 - Application for and effective date of retirement allowances.
41.32.867 - Purchased service credit—Allocation.
41.32.868 - One-time purchase of service credit—Conditions—Payment—Rules.
41.32.870 - Lump sum payments—Reentry.
41.32.875 - Retirement eligibility.
41.32.878 - Member with terminal illness—Removal from system.
41.32.880 - Earned disability allowance—Eligibility—Disposition upon death of recipient.
41.32.892 - Restored, purchased service credit under plan 2—Transfer to plan 3.