Current through Register Vol. 24-24, December 15, 2024
This section applies to WSPRS Plan 2 members. Upon retirement
for service under
RCW
43.43.250, you must choose to have your
monthly retirement benefit paid to you by one of the options described in this
section.
(1)
Which option will
pay my beneficiary a monthly benefit after my death? Options described
in subsection (2)(b) through (d) of this section include a survivor option. The
person you name at the time of retirement to receive a monthly benefit after
your death is referred to as your "survivor beneficiary." Upon your death your
survivor beneficiary will be entitled to receive a monthly benefit for the
duration of his or her life. Your monthly retirement benefit will be
actuarially reduced to offset the cost of the survivor option. See WAC
415-02-380 for more information
on how your monthly benefit is affected by choosing a survivor
option.
(2)
What are my
benefit options?
(a)
Option one:
Standard benefit (nonsurvivor option). The department will pay you a
monthly retirement benefit throughout your life. Your monthly benefit will
cease upon your death.
(b)
Option two: Joint and 100 percent survivor benefit. The department
will pay you a reduced monthly retirement benefit throughout your lifetime.
After your death, your survivor beneficiary will receive a gross monthly
benefit equal to your gross monthly benefit.
(c)
Option three: Joint and 50 percent
survivor benefit. The department will pay you a reduced monthly
retirement benefit throughout your lifetime. After your death, your survivor
beneficiary will receive a gross monthly benefit equal to 50 percent of your
gross monthly benefit.
(d)
Option four: Joint and two-thirds survivor benefit. The department
will pay you a reduced monthly retirement benefit throughout your lifetime.
After your death, your survivor beneficiary will receive a gross monthly
benefit equal to two-thirds (66.667 percent) of your gross monthly
benefit.
(3)
Do I
need my spouse's consent on the option I choose? The option you select
will determine whether spousal consent is required.
(a) If you are married and select a
nonsurvivor benefit option, you must submit your spouse's consent, verified by
notarization or other means acceptable to the department. If you do not provide
verified spousal consent, the department will pay you a monthly retirement
benefit based on option three (joint and 50 percent benefit) with your spouse
as the survivor beneficiary as required by
RCW
43.43.271(2).
(b) If you are married and select a survivor
benefit option for your spouse, spousal consent is not required. The department
will pay you a monthly benefit based on the option you selected.
(c) If you are married and select a survivor
benefit option for someone other than your spouse, verified spousal consent is
required. If you do not provide spousal consent, verified by notarization or
other means acceptable to the department, the department will pay you a monthly
retirement benefit based on option three (joint and 50 percent benefit) with
your spouse as the survivor beneficiary as required by
RCW
43.43.271(2).
(d) If your survivor beneficiary has been
designated by a dissolution order according to subsection (4) of this section,
which was filed with the department at least 30 days before your retirement
date, spousal consent is not required.
(4)
Can a dissolution order require
that a former spouse be designated as a survivor beneficiary? Yes. A
dissolution order may require that a former spouse be designated as a survivor
beneficiary. The department is required to pay survivor benefits to a former
spouse pursuant to a dissolution order that complies with
RCW
41.50.790.
(5)
What happens if I choose a benefit
with a survivor option and my survivor beneficiary dies before I do? If
your survivor beneficiary dies before you do, you may request to have your
benefit increased as described in WAC
415-02-380.
(6)
May I change my benefit option
after retirement? Your choice of a benefit option is irrevocable with
the following four exceptions:
(a)
Return to membership. If you retire and then return to membership,
you may choose a different retirement option upon your subsequent
retirement.
(b)
Postretirement marriage option. If you select the standard benefit
option at the time of retirement and marry after retirement, you may select a
benefit option with a survivor option and name your current spouse as survivor,
provided that:
(i) Your benefit is not
subject to a property division obligation pursuant to a dissolution order. See
WAC 415-02-500;
(ii) The selection is made during a one-year
window, on or after the date of the first anniversary and before the second
anniversary of your postretirement marriage;
(iii) You provide a copy of your certified
marriage certificate to the department; and
(iv) You provide proof of your current
spouse's birth date.
(c)
Removal of a nonspouse survivor option. If you select a benefit
option with a survivor option and name a nonspouse as survivor beneficiary at
the time of retirement, you may remove that survivor beneficiary designation
and have your benefit adjusted to a standard benefit. You may exercise this
option one time only.
(d)
One-time change of survivor. You may change your benefit option
and/or designated survivor one time within 90 days from the date your first
benefit payment is issued. Your change request must be in writing, and must
comply with other requirements as described in this section. Your new benefit
amount will be effective the first of the month following the receipt of your
request by the department.
(7)
Who will receive the balance of my
accumulated contributions, if any, after my death?
(a) If you do not have a survivor beneficiary
at the time of your death, and you die before the total of the retirement
benefit paid equals the amount of your accumulated contributions at the time of
retirement, the balance will be paid:
(i) To
the person or entity (i.e., trust, organization, or estate) you have nominated
by written designation, executed and filed with the department.
(ii) If you have not designated a
beneficiary, or if your designated beneficiary is no longer living or in
existence, then to your surviving spouse.
(iii) If not paid according to (a)(i) or (ii)
of this subsection, then to your estate.
(b) If you have a survivor beneficiary at the
time of your death, and your survivor beneficiary dies before the total of the
retirement benefit paid equals the amount of your accumulated contributions at
the time of retirement, the balance will be paid:
(i) To the person or entity (i.e., trust,
organization, or estate) your survivor beneficiary has nominated by written
designation, executed and filed with the department.
(ii) If your survivor beneficiary has not
designated a beneficiary, or if the designated beneficiary is no longer living
or in existence, then to your survivor beneficiary's spouse.
(iii) If not paid according to (b)(i) or (ii)
of this subsection, then to your survivor beneficiary's estate.
(8) For more
information, see
RCW
43.43.271.
Statutory Authority:
RCW
41.50.050(5),
43.43.271. WSR 05-23-062, §415-103-225, filed 11/14/05,
effective 12/15/05. Statutory Authority:
RCW
41.50.050(5),
43.43.260, [43.43.]271,
[43.43.]280(1), [43.43.]295. WSR 02-23-037, §415-103-225, filed 11/13/02,
effective 1/1/03.
