Section 415-110-830 - How does the department calculate the retirement allowance of a SERS Plan 2 or Plan 3 member who retires, reenters SERS membership, and then retires again?This rule establishes a method to actuarially recompute your defined benefit retirement allowance if you are a Plan 2 or Plan 3 member who retires, reenters SERS membership causing your retirement allowance to stop, and then retires again.
(1)If you previously retired before age sixty-five, the department will: (a) Recompute your retirement allowance pursuant to RCW 41.35.400 (Plan 2) or RCW 41.35.620 (Plan 3) using: (i) Your total years of career service, including service earned prior to your initial retirement and service earned after reentering membership; and(ii) Any increase in your average final compensation resulting from your reentry into membership; and(b) Actuarially reduce your retirement allowance:(i) Based on the present value of the retirement allowance payments you received during your initial retirement;(ii) To reflect the difference in the number of years between your current age and the attainment of age sixty-five, if applicable; and(iii) To offset the cost of your benefit option if it includes a survivor feature. See WAC 415-110-326.(2)If you previously retired at or after age sixty-five, the department will recompute your retirement allowance pursuant to RCW 41.35.400 (Plan 2) or RCW 41.35.620 (Plan 3) and include any additional service credit you earned and any increase in your average final compensation resulting from your reentry into membership. The department will actuarially reduce your retirement allowance to offset the cost of your benefit option if it includes a survivor feature. See WAC 415-110-326.(3) Under no circumstances will you receive a retirement allowance creditable to a month during which you earned service credit.Wash. Admin. Code § 415-110-830
Statutory Authority: RCW 41.50.050(5), 41.35.230, 41.35.060. 05-12-043, §415-110-830, filed 5/25/05, effective 6/25/05. Statutory Authority: Chapters 41.32, 41.34, 41.35, 41.50 RCW. 01-01-059, §415-110-830, filed 12/12/00, effective 1/12/01.