Section 415-113-066 - How does service credit from more than one retirement system affect my indexed retirement allowance?(1)May I combine service credit from more than one retirement system to receive an indexed retirement allowance? If you are a dual member, you may combine service credit from any dual member system to be eligible for an indexed retirement allowance.(2)How will my indexed retirement allowance be calculated? If there is a period of at least one month between your separation from employment in an indexed retirement plan and your date of retirement, the department will calculate your indexed retirement allowance in the following two ways and use the higher of the two results:(a) Method 1: Use the average compensation from the indexed retirement plan. Index the retirement allowance (for the indexed retirement plan only) from the date both of the following have occurred, to the date of retirement:(i) Separation from the indexed retirement plan; and (ii) Accrual of twenty years of service from one or more of the systems in which service credit was earned.(b) Method 2: Use the highest average compensation from any of the systems in which service credit was earned. Index the retirement allowance (for the indexed retirement plan only) from the date both of the following have occurred, to the date of retirement: (i) Separation from all systems; and (ii) Accrual of twenty years of service from one or more of the systems in which service credit was earned.(3)Defined terms used. Definitions for the following terms used in this section may be found in the WAC sections listed in (a) through (e) of this subsection:(a) "Average compensation" - WAC 415-113-030(b) "Dual member" - WAC 415-113-041(c) "Dual member system" - WAC 415-113-030(d) "Indexed retirement allowance" - WAC 415-02-030(e) "Indexed retirement plan" - WAC 415-02-030Wash. Admin. Code § 415-113-066
Adopted by WSR 16-08-008, Filed 3/24/2016, effective 4/24/2016