Current through Register Vol. 24-18, September 15, 2024
This rule applies to you if you are a LEOFF 2 retiree who
returns to work in an eligible LEOFF, public employees' retirement system
(PERS), public safety employees' retirement system (PSERS), school employees'
retirement system (SERS), or teachers' retirement system (TRS) position.
(1)
If you return to employment in a
LEOFF eligible position, you must reenter membership
and your
retirement allowance will stop. When you separate from service, the
department will calculate your retirement allowance according to this
subsection.
(a) If you previously retired
before age fifty-three, the department will:
(i) Calculate your retirement allowance
pursuant to
RCW
41.26.420 using:
(A) Your total years of career service,
including service earned prior to your initial retirement and service earned
after reentering membership; and
(B) Any increase in your final average salary
resulting from your reentry into membership; and
(ii) Actuarially reduce your retirement
allowance:
(A) Based on the present value of
the retirement allowance payments you received during your initial
retirement;
(B) To reflect the
difference in the number of years between your current age and the attainment
of age fifty-three, if you are not yet fifty-three; and
(C) To offset the cost of your benefit option
if it includes a survivor feature. See WAC
415-104-215.
(b) If you previously retired at
or after age fifty-three, the department will:
(i) Calculate your retirement allowance
pursuant to
RCW
41.26.420 using:
(A) Your total years of career service,
including service earned prior to your initial retirement and service earned
after reentering membership; and
(B) Any increase in your final average salary
resulting from your reentry into membership; and
(ii) Actuarially reduce your retirement
allowance to offset the cost of your benefit option if it includes a survivor
feature. See WAC
415-104-215.
(c) Under no circumstances will you receive a
retirement allowance creditable to a month during which you earned service
credit.
(2)
If you
enter employment in a PERS, PSERS, SERS, or TRS eligible position, you
have two options:
(a) You may decline
membership in the PERS, PSERS, SERS, or TRS retirement system. Under this
option, you will continue to receive your monthly LEOFF Plan 2 retirement
allowance; or
(b) You may choose to
become a member of the PERS, PSERS, SERS, or TRS retirement system. Under this
option, your LEOFF Plan 2 retirement allowance will be suspended while you earn
a retirement benefit in the other system. When you terminate employment in the
PERS, PSERS, SERS, or TRS eligible position, you will resume receiving your
LEOFF Plan 2 retirement allowance, along with a retroactive payment of your
LEOFF Plan 2 retirement allowance for the time you were employed.
(i) Your ongoing LEOFF Plan 2
retirement allowance will include any cost of living adjustments (COLAs)
that you would have received if your LEOFF allowance had not been suspended
during the period of non-LEOFF employment.
(ii) Your
retroactive payment
will equal the sum of your suspended LEOFF Plan 2 retirement allowances,
including COLAs, during the period of non-LEOFF employment. You may choose to
receive your retroactive payment in either of the following forms:
(A) A lump sum; or
(B) An increase in your ongoing LEOFF Plan 2
retirement allowance on an actuarial basis. The amount of the increase is
calculated by taking the lump sum amount and multiplying it by an actuarial
factor that is determined by your age at the time your retirement allowance is
resumed. See the table in WAC
415-02-340 for the actuarial
factors.
Statutory Authority:
RCW
41.50.050(5) and
41.26.500. WSR 08-23-071, §415-104-111, filed 11/18/08,
effective 12/19/08. Statutory Authority:
RCW
41.50.050(5) and chapter
41.37 RCW. WSR 08-02-048, §415-104-111, filed 12/27/07,
effective 1/27/08. Statutory Authority:
RCW
41.50.050(5) and
41.26.500. WSR 06-03-096, §415-104-111, filed 1/17/06,
effective 2/17/06; WSR 05-12-043, §415-104-111, filed 5/25/05,
effective 6/25/05. Statutory Authority:
RCW
41.50.050(5),
41.26.470, 2001 c 261. WSR
02-14-072, §415-104-111, filed 6/28/02,
effective 7/29/02. Statutory Authority:
RCW
41.50.050. WSR 94-09-040, §415-104-111, filed 4/19/94,
effective 5/20/94.
