Washington Code 41.40.061 – Credit for service in Seattle’s police relief and pension fund system — Terms and conditions
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(1) A member who fulfills the requirements of RCW 41.40.059 may file a written declaration no later than September 30, 1992, with the department and the Seattle police relief and pension fund system indicating the member’s desire to make an irrevocable transfer of credit from the Seattle system to this retirement system. The member shall restore his or her contributions, with interest since the date of withdrawal as determined by the director, no later than December 31, 1992.
Terms Used In Washington Code 41.40.061
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Department: means the department of retirement systems created in chapter 41. See Washington Code 41.40.010
- Director: means the director of the department. See Washington Code 41.40.010
- Member: means any employee included in the membership of the retirement system, as provided for in RCW 41. See Washington Code 41.40.010
- Pension: means payments for life derived from contributions made by the employer. See Washington Code 41.40.010
- Retirement: means withdrawal from active service with a retirement allowance as provided by this chapter. See Washington Code 41.40.010
(2) Upon receipt of the written declaration, the Seattle police relief and pension fund system shall send the department a report of the member’s service credit. It shall also transfer to the department the portion of such member’s contributions that was retained in the Seattle police relief and pension fund pursuant to RCW 41.20.150, plus a sum equal to such member’s total contributions to the Seattle police relief and pension fund, which shall be treated as matching contributions by the employer, plus the compound interest that would have been generated by such sums, as determined by the Seattle city treasurer. The Seattle police relief and pension fund system shall send the service credit report and transfer the funds within ninety days of receiving the member’s written declaration.
[ 1992 c 157 § 4.]