Any person who became a member on or before April 25, 1973 and who qualifies for a retirement allowance shall, at time of retirement, make an irrevocable election to receive either the retirement allowance by RCW 41.32.498 as now or hereafter amended or to receive a retirement allowance pursuant to this section consisting of: (1) An annuity which shall be the actuarial equivalent of his or her accumulated contributions at his or her age of retirement, (2) A basic service pension of one hundred dollars per annum, and (3) A service pension which shall be equal to one one-hundredth of his or her average earnable compensation for his or her two highest compensated consecutive years of service times the total years of creditable service established with the retirement system: PROVIDED, That no beneficiary now receiving benefits or who receives benefits in the future, except those beneficiaries receiving reduced benefits pursuant to RCW 41.32.520(1)(a) or 41.32.530, shall receive a pension of less than six dollars and fifty cents per month for each year of creditable service established with the retirement system. Pension benefits payable under the provisions of this section shall be prorated on a monthly basis and paid at the end of each month.

NOTES:

Findings—1990 c 249: See note following RCW 2.10.146.
Emergency—Severability—Construction—1974 ex.s. c 199: See notes following RCW 41.32.010.
Severability—1973 1st ex.s. c 189: See note following RCW 41.50.215.
Parts of sections retroactive—1973 1st ex.s. c 189: See note following RCW 41.32.498.
Effective date—Severability—1970 ex.s. c 35: See notes following RCW 41.32.480.
Effective date—1969 ex.s. c 150: See note following RCW 41.50.200.
Savings—Severability—Effective date—1963 ex.s. c 14: See notes following RCW 41.32.010.

Terms Used In Washington Code 41.32.497

  • 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
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Creditable service: means membership service plus prior service for which credit is allowable. 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
  • Retirement system: means the Washington state teachers' retirement system. See Washington Code 41.32.010
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