RCW 41.35.183
Purchase of additional service credit—Costs—Rules.
(1) A member eligible to retire under RCW 41.35.420 or 41.35.680 may, at the time of filing a written application for retirement with the department, apply to the department to make a one-time purchase of up to five years of additional service credit.
(2) To purchase additional service credit under this section, a member shall pay the actuarial equivalent value of the resulting increase in the member's benefit.
(3) Subject to rules adopted by the department, a member purchasing additional service credit under this section may pay all or part of the cost 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.
(4) Additional service credit purchased under this section is not membership service and shall be used exclusively to provide the member with a monthly annuity that is paid in addition to the member's retirement allowance.
[ 2006 c 214 § 3.]
NOTES:
Effective date—2006 c 214: See note following RCW 41.40.034.
Structure Revised Code of Washington
Title 41 - Public Employment, Civil Service, and Pensions
Chapter 41.35 - Washington School Employees' Retirement System.
41.35.015 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
41.35.020 - System created—Administration.
41.35.033 - Membership—Service credit—Substitute employees—Rules.
41.35.035 - Membership in system—Charter school employers and employees.
41.35.040 - Nonelective position held for at least nine months—Deemed to be eligible position, when.
41.35.070 - Duty disability retirement recipients—Continued service credit.
41.35.080 - Members agree to deductions.
41.35.090 - Employer's contribution—Computation—Billing.
41.35.110 - Disability retirement—Criminal conduct.
41.35.115 - Death benefit—Course of employment—Occupational disease or infection.
41.35.120 - False statements—Penalty.
41.35.130 - Transfer of service credit from statewide city employees' retirement system.
41.35.140 - Hearing prior to appeal required—Notice.
41.35.150 - Hearing prior to appeal required—Conduct of hearing.
41.35.160 - Judicial review in accordance with administrative procedure act.
41.35.170 - Appeal—No bond required.
41.35.180 - Service credit—Computation.
41.35.1801 - Prior service—One-half service credit.
41.35.183 - Purchase of additional service credit—Costs—Rules.
41.35.190 - Effect of certain accumulated vacation leave on retirement benefits.
41.35.200 - Benefit calculation—Limitation.
41.35.210 - Post-retirement cost-of-living.
41.35.220 - Options for payment of retirement allowances—Court-approved property settlement.
41.35.235 - Purchase of life annuity benefit.
41.35.399 - Provisions applicable to plan 2 and plan 3.
41.35.400 - Computation of retirement allowance.
41.35.410 - Lump sum retirement allowance—Reentry—Reinstatement of service.
41.35.420 - Retirement eligibility.
41.35.423 - Member with terminal illness—Removal from system.
41.35.430 - Employer and member contribution rates.
41.35.440 - Earned disability allowance—Disposition upon death of recipient.
41.35.450 - Application for and effective date of retirement allowances.
41.35.470 - Leaves of absence, military service.
41.35.480 - Vested membership.
41.35.490 - Refund of contributions.
41.35.510 - Transfer to plan 3—Irrevocable option.
41.35.599 - Provisions applicable to plan 2.
41.35.600 - Provisions applicable to plan 3—Plan 3 elements.
41.35.610 - Choice of membership in plan 2 or plan 3.
41.35.612 - Right to waive benefit—Irrevocable choice.
41.35.620 - Computation of retirement allowance.
41.35.630 - Additional payment.
41.35.640 - Application for and effective date of retirement allowances.
41.35.650 - Leaves of absence, military service.
41.35.660 - Purchased service credit—Allocation.
41.35.670 - Lump sum payments—Reentry.
41.35.680 - Retirement eligibility.
41.35.683 - Member with terminal illness—Removal from system.
41.35.690 - Earned disability allowance—Disposition upon death of recipient.
41.35.700 - Restored, purchased service credit under plan 2—Transfer to plan 3.
41.35.720 - Employer contribution rates.
41.35.900 - Benefits not contractual right until September 1, 2000.