RCW 41.54.090
Benefits under chapter—Lump sum payment.
(1) The systems may pay a dual member a lump sum payment in lieu of a monthly benefit if the initial monthly benefit computed in accordance with RCW 41.54.030 would be less than fifty dollars. The lump sum payment shall be the greater of the actuarial equivalent of such monthly benefits or an amount equal to the individual's accumulated contributions plus accrued interest.
(2) It is the intent of the legislature that any member who receives a settlement under this section shall be deemed to be retired from the system making the lump sum payment.
[ 1988 c 195 § 6.]
Structure Revised Code of Washington
Title 41 - Public Employment, Civil Service, and Pensions
Chapter 41.54 - Portability of Public Retirement Benefits.
41.54.020 - Benefits under prior retirement systems—Restoration of contributions.
41.54.030 - Calculation of service retirement allowance.
41.54.032 - Calculation of disability retirement allowance.
41.54.034 - Calculation of surviving spouse's death benefit.
41.54.040 - Payment of retirement allowance and postretirement adjustments—Death benefit.
41.54.070 - Benefits under chapter—Minimum and maximum.
41.54.080 - Benefits under chapter—Contractual rights not established.
41.54.090 - Benefits under chapter—Lump sum payment.
41.54.100 - Transfer of membership under chapter 341, Laws of 1998—Benefits not diminished.
41.54.900 - Effective dates—1987 c 192.
41.54.901 - Effective date—1988 c 195.
41.54.902 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.