Current through Register Vol. 24-18, September 15, 2024
Upon retirement for service under
RCW
41.35.420 or
41.35.680, or for disability under
RCW
41.35.440 or
41.35.690, you must choose to have
the defined benefit portion of your 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 will pay a monthly benefit to
your survivor after your death. The person you name at the time of retirement
to receive a monthly benefit after your death is referred to as your "survivor
beneficiary." After your death, your survivor beneficiary will receive a
monthly benefit for the duration of their life. Your monthly retirement benefit
will be reduced to offset the cost of the survivor option. See WAC
415-02-380 for more information
on how your monthly benefit will be affected if you choose 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 lifetime. 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%) 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 provide your spouse's consent, verified by
a notarized signature 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
41.35.220.
(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, spousal consent is required,
verified by a notarized signature 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
41.35.220.
(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
option 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
for at least two years of uninterrupted service, you may choose a different
retirement option upon your subsequent retirement. See
RCW
41.35.060.
(b)
Postretirement marriage
option. If you select the standard benefit option at the time of
retirement and marry after retirement, you may select a survivor benefit option
and name your current spouse as survivor beneficiary, provided that:
(i) Your benefit is not subject to a property
division obligation pursuant to a dissolution order. See WAC
415-01-500;
(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 survivor
benefit option and name a nonspouse as your 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)
Plan 2 members:
(i) 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:
(A) To
the person or entity (i.e., trust, organization, or estate) you have nominated
by written designation, executed and filed with the department.
(B) If you have not designated a beneficiary,
or if your designated beneficiary is no longer living or in existence, then to
your surviving spouse.
(C) If not
paid according to (a)(i)(A) or (B) of this subsection, then to your
estate.
(ii) 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:
(A) 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.
(B) 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.
(C) If not paid according to (a)(ii)(A) or
(B) of this subsection, then to your survivor beneficiary's estate.
(b)
Plan 3
members: The defined benefit stops upon your death or upon the death of
your survivor beneficiary, if applicable. As a Plan 3 member, you do not
contribute to the defined benefit portion of your retirement benefit. The
defined contribution portion of your benefit will be distributed according to
WAC 415-111-310.
(8) For more information, see
RCW
41.35.220.
Statutory Authority:
RCW
41.50.050(5),
41.35.220. WSR 05-23-062, §415-110-610, filed 11/14/05,
effective 12/15/05.
