Washington Code 41.32.480 – Qualifications for retirement
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(1) Any member who separates from service after having completed thirty years of creditable service may retire upon the approval by the department of an application for retirement filed on the prescribed form. Upon retirement the member shall receive a retirement allowance consisting of an annuity which shall be the actuarial equivalent of his or her accumulated contributions at his or her age of retirement and a pension as provided in RCW 41.32.497. Effective July 1, 1967, anyone then receiving a retirement allowance or a survivor retirement allowance under this chapter, based on thirty-five years of creditable service, and who has established more than thirty-five years of service credit with the retirement system, shall thereafter receive a retirement allowance based on the total years of service credit established.
Terms Used In Washington Code 41.32.480
- Actuarial equivalent: means a benefit of equal value when computed upon the basis of such mortality tables and regulations as shall be adopted by the director and regular interest. See Washington Code 41.32.010
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: means the moneys payable per year during life by reason of accumulated contributions of a member. See Washington Code 41.32.010
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Creditable service: means membership service plus prior service for which credit is allowable. See Washington Code 41.32.010
- Department: means the department of retirement systems created in chapter 41. See Washington Code 41.32.010
- Member: means any teacher included in the membership of the retirement system who has not been removed from membership under RCW 41. See Washington Code 41.32.010
- Pension: means the moneys payable per year during life from the pension reserve. See Washington Code 41.32.010
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Retirement system: means the Washington state teachers' retirement system. See Washington Code 41.32.010
(2) Any member who has attained age sixty years, but who has completed less than thirty years of creditable service, upon separation from service, may retire upon the approval by the department of an application for retirement filed on the prescribed form. Upon retirement the member shall receive a retirement allowance consisting of an annuity which shall be the actuarial equivalent of his or her accumulated contributions at his or her age of retirement and a pension as provided in RCW 41.32.497.
(3) Any member who has attained age fifty-five years and who has completed not less than twenty-five years of creditable service, upon separation from service, may retire upon the approval by the department of an application for retirement filed on the prescribed form. Upon retirement the member shall receive a retirement allowance which shall be the actuarial equivalent of his or her accumulated contributions at his or her age of retirement and a pension as provided in RCW 41.32.497. An individual who has retired pursuant to this subsection, on or after July 1, 1969, shall not suffer an actuarial reduction in his or her retirement allowance, except as the allowance may be actuarially reduced pursuant to the options contained in RCW 41.32.530. The chapter 193, Laws of 1974 ex. sess. amendment to this section shall be retroactive to July 1, 1969.
[ 1997 c 254 § 4; 1991 c 35 § 53; 1974 ex.s. c 193 § 2; 1972 ex.s. c 147 § 1; 1970 ex.s. c 35 § 2; 1969 ex.s. c 150 § 14; 1967 c 151 § 1; 1955 c 274 § 21; 1947 c 80 § 48; Rem. Supp. 1947 § 4995-67. Prior: 1941 c 97 § 7, part; 1939 c 86 § 7, part; 1937 c 221 § 8, part; 1931 c 115 § 7, part; 1923 c 187 § 17, part; Rem. Supp. 1941 § 4995-8, part.]
NOTES:
Intent—Construction—Application—1997 c 254: See notes following RCW 41.26.490.
Intent—1991 c 35: See note following RCW 41.26.005.
Emergency—Severability—1974 ex.s. c 193: See notes following RCW 41.32.310.
Effective date—1972 ex.s. c 147: “The effective date of this 1972 amendatory act shall be July 1, 1972.” [ 1972 ex.s. c 147 § 9.]
Severability—1972 ex.s. c 147: “If any provision of this 1972 amendatory act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected.” [ 1972 ex.s. c 147 § 10.]
Effective date—1970 ex.s. c 35: “The provisions of sections 1 through 5 and 7 of this 1970 amendatory act shall take effect on July 1, 1970; the provisions of section 6 of this 1970 amendatory act shall be effective on the date chapter 223, Laws of 1969 ex. sess. becomes effective [July 1, 1970], at which time section 5 of this 1970 amendatory act shall be void and of no effect.” [ 1970 ex.s. c 35 § 8.]
Severability—1970 ex.s. c 35: “If any provision of this 1970 amendatory act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected.” [ 1970 ex.s. c 35 § 9.]
Effective date—1969 ex.s. c 150: See note following RCW 41.50.200.
Effective date—1967 c 151: “This act shall become effective on July 1, 1967.” [ 1967 c 151 § 9.]
Severability—1967 c 151: “If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances shall not be affected.” [ 1967 c 151 § 8.]