Current through Register Vol. 24-18, September 15, 2024
If you return to work in an eligible PSERS position, you have
the option of reentering membership. If you reenter membership, your retirement
allowance will be calculated according to this section when you
reretire.
(1)
If you previously
retired before age sixty, the department will:
(a) Calculate your retirement allowance
pursuant to
RCW
41.37.190 using:
(i) Your total years of career service,
including service earned prior to your initial retirement and service earned
after reentering membership; and
(ii) Any increase in your AFC resulting from
your reentry into membership; and
(b) Actuarially reduce your retirement
allowance:
(i) Based on the present value of
the retirement allowance payments you received during your initial
retirement;
(ii) To account for any
lump sum payment you took at the time of your previous retirement, plus
interest, unless you choose to repay the entire amount before you
reretire;
(iii) To reflect the
difference in the number of years between your current age and the attainment
of age sixty, if you are not yet age sixty; and
(iv) To offset the cost of your benefit
option if it includes a survivor feature. See WAC
415-106-600.
(2)
If you previously
retired at or after age sixty, the department will:
(a) Calculate your retirement allowance
pursuant to
RCW
41.37.190 using:
(i) Your total years of career service,
including service earned prior to your initial retirement and service earned
after reentering membership; and
(ii) Any increase in your AFC resulting from
your reentry into membership; and
(b) Actuarially reduce your retirement
allowance:
(i) To account for any lump sum
payment you took at the time of your previous retirement, plus interest, unless
you choose to repay the entire amount before you reretire; and
(ii) To offset the cost of your benefit
option if it includes a survivor feature. See WAC
415-106-600.
(3) Under no circumstances will
you receive a retirement allowance creditable to a month during which you
earned service credit.
Statutory Authority:
RCW
41.50.050(5),
41.37.050,
41.37.180, and
41.37.190. 08-02-046, §415-106-710, filed 12/27/07,
effective 1/27/08.
