reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-575 - How is the compensation adjustment for elected officials computed?

Current through Register Vol. 24-14, July 15, 2024
(1) This section
				provides the department's inflation adjustment under
				RCW
				41.35.030(2)(b) regarding
				elected officials.
(2) The
				department uses the criteria in
				RCW
				41.26.240
									1 in making annual inflation adjustments
				to the fifteen thousand dollar compensation threshold stated in
				RCW
				41.35.030(2)(b).
(3) The department adjusts the compensation
				threshold on April 1st of each year.2
(4) The department makes this information
				available upon request. For further information, please contact the department.
				Please see WAC
				415-06-100 for contact
				information.
Footnotes to section:
1
The department uses this LEOFF statute because the
								statute explains how to use the Consumer Price Index for Seattle in making
								these annual adjustments.
2
In 2001 the threshold was $19,263. In 2002 the
								threshold was $19,948.
Statutory Authority:
					 RCW
					 41.50.050(5),
					 41.40.023,
					 41.40.037. 03-08-090, §
											415-110-575, filed 4/2/03,
					 effective 5/1/03.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-610 - What are my retirement benefit options?

Current through Register Vol. 24-14, July 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.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-679 - Purpose and scope of eligibility rules

Current through Register Vol. 24-14, July 15, 2024
WAC
				  415-110-680 through
				  415-110-728 codify the
				  department's existing interpretation of statutes and existing administrative
				  practice regarding eligibility for membership in Plan 2 and Plan 3. The
				  department has applied and will apply these rules to determine eligibility for
				  service occurring prior to effective dates of these sections.
Statutory Authority:
					 Chapters
					 41.32, 41.34,
					 41.35,
					 41.50 RCW. 01-01-059, §
											415-110-679, filed 12/12/00,
					 effective 1/12/01.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-680 - Am I eligible for membership?

Current through Register Vol. 24-14, July 15, 2024
(1)
You are eligible for membership if
				you are employed in an eligible position.
Your position is eligible
				under RCW
				41.35.010 if the position, as defined by your
				employer, normally requires at least five months of seventy or more hours of
				compensated service per month during each year. If you are a PERS Plan 1 member
				working in a SERS substitute position, the SERS substitute laws do not apply.
				If you are a Plan 2 or 3 member, hours worked as a SERS substitute are not
				counted when determining eligibility for membership.
(2)
If you leave an eligible position
				to serve in a project position, you may retain eligibility.
(a) Project positions may use a twelve-month
				period other than a school year to evaluate eligibility. The employer must
				consistently apply this twelve-month period to evaluate the eligibility of this
				position.
(b) If you are a member
				and you leave employment in an eligible position to serve in a project
				position, the project position is eligible if:
(i) The position, as defined by the employer,
				normally requires at least five months of seventy or more hours of compensated
				service each month; or
(ii) The
				position requires at least seventy hours per month and you take the position
				with the understanding that you are expected to return to your permanent
				eligible position at the completion of the project.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-685 - Am I eligible for membership and service credit as a classified substitute employee?

Current through Register Vol. 24-14, July 15, 2024
You may be eligible to apply for membership and receive
				  service credit for time worked as a classified substitute employee that
				  occurred on or after July 27, 2003.
(1) If you have never been a member of the
				school employees' retirement system (SERS), you may establish membership in
				Plan 2 or Plan 3 if you worked as a classified employee for 70 or more hours
				per month during at least five months within a single school year period of
				September 1st through August 31st. Your membership will begin when your first
				optional bill to purchase substitute teaching service credit is paid in
				full.
(2) If you have already
				established membership in SERS Plan 3, or if you have established membership in
				SERS Plan 2 and have not withdrawn your contributions, you may apply to the
				department for service credit as described in subsection (4) of this section,
				for any compensated employment as a classified substitute employee that occurs
				after your first month of established service credit. You may apply for service
				credit for compensated employment as a classified substitute employee that
				occurred prior to your first month of established service credit if it meets
				the requirements for membership as described in subsection (1) of this
				section.
(3) If you previously
				established membership in SERS Plan 2 and withdrew your contributions, you may
				reestablish your membership by purchasing service credit if you worked as a
				classified substitute employee for 70 or more hours per month during at least
				five months within a single school year period of September 1st through August
				31st.
(4) To apply, you must submit
				a classified substitute's application for service credit.
(a) Applications must be submitted no earlier
				than September 1st following the end of the school year in which you
				worked.
(b) If you are establishing
				membership in SERS for the first time, you must also submit a member
				information form to indicate your selection of Plan 2 or Plan 3.
(c) If you are an established Plan 3 member,
				you may also submit a member information form to indicate your contribution
				rate and investment options. If you request a bill for your time as a
				substitute without completing a form, your contribution rate and investment
				option will be made at the default rate and investment option.
(d) If you are purchasing service credit for
				the 2003-04 school year, you must also submit quarterly reports to DRS along
				with your application for service credit. Quarterly reports must show the exact
				hours worked and compensation earned each month, and must be signed by the
				employer.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-700 - Can I qualify for membership if I work in more than one ineligible position with the same employer?

Current through Register Vol. 24-14, July 15, 2024
(1)
All of your monthly work for an employer counts as one position.
If you are employed with the same employer in two ineligible positions during a
				year which, when combined, equate to an eligible position and your employer
				expects you to continue in this employment for a second consecutive year, your
				employer will report the total hours you work in both positions to the
				department as an eligible position.
Example:
A person normally works for one employer as a cook
								for forty hours each month and as a bus driver for forty hours each month. The
								person is eligible for membership because he works a total of eighty hours each
								month for at least five months each year and this is the normal pattern of his
								employment.
Example:
A person normally works for one employer for forty
								hours each month as a cook. For one year only, she takes on extra duties by
								also working forty hours per month as a bus driver. Although she worked eighty
								hours each month for five or more months during one year, she is not eligible
								for membership because these hours are not the normal pattern of her
								employment.
Example:
A person works for one employer for forty hours
								each month as a cook and also works for another employer for forty hours each
								month as a bus driver. The person is not eligible for membership because he
								cannot combine the hours of employment with these separate employers to
								establish membership.
(2)
You may be reported in TRS if you work in two positions and one position
				is covered under TRS.
See WAC
				415-110-728.
(3)
Defined terms used.
Definitions for the following terms used in this section may be found in the
				sections listed.
(a) "Eligible position" -
				RCW
				41.35.010.
(b) "Employer" -
				RCW
				41.35.010.
(c) "Ineligible position" -
				RCW
				41.35.010.
(d) "Membership" -
				RCW
				41.35.030.
(e) "Normally" - WAC
				415-110-010.
(f) "Report" - WAC
				415-110-010.
(g) "Year" - WAC
				415-110-010.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-710 - What are the return to work rules for SERS Plan 2 and Plan 3?

Current through Register Vol. 24-14, July 15, 2024
(1)
How soon
				can I return to work after I retire without impacting my SERS retirement
				benefit?
(a) You may begin working
				immediately after you retire without impacting your SERS retirement benefit if:
(i) You go to work for a private
				employer;
(ii) You are an
				independent contractor as defined in WAC
				415-02-110; or
(iii) Your only employment is as an elected
				official and you end your SERS membership under
				RCW
				41.35.030 (2)(b).
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-720 - Participation - Can I be excluded from participating in membership even if I am employed in an eligible position?

Current through Register Vol. 24-14, July 15, 2024
(1)
You may be exempt from
				participating in membership even if you meet eligibility criteria.
Even
				if you are employed in an eligible position you are exempt from participating
				in SERS if your individual circumstances qualify you for one of the exceptions
				to membership under
				RCW
				41.35.030.
(2)
If you work for a SERS employer
				after you retire, you are subject to postretirement employment restrictions,
				even if you are excluded from participating in membership.
If you become
				employed in an eligible position after you retire, you are subject to the
				postretirement employment restrictions under
				RCW
				41.35.230 even if you are excluded from
				membership.
(3) Defined terms used.
				Definitions for the following terms used in this section may be found in the
				sections listed.
(a) "Eligible position" -
				RCW
				41.35.010.
(b) "Employer" -
				RCW
				41.35.010.
(c) "Ineligible position" -
				RCW
				41.35.010.
(d) "Membership" -
				RCW
				41.35.030.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-725 - If I have retired from another retirement system or am eligible to retire, am I excluded from participating in SERS?

Current through Register Vol. 24-14, July 15, 2024
(1) If you have from another retirement
				system authorized by the laws of this state, you cannot participate in SERS
				membership unless:
(a) You accrued less than
				fifteen years of service credit in the other retirement system; or
(b) You are a LEOFF Plan 2 retiree returning
				to work in a SERS eligible position and choose to participate in SERS
				membership. See WAC
				415-104-111.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-800 - When does a member of the school employees' retirement system (SERS) enter retirement status?

Current through Register Vol. 24-14, July 15, 2024
A member of the SERS enters retirement status when he or
				  she:
(1) Has separated from service as
				defined in
				RCW
				41.35.010;
(2) Has no written agreement to return to
				public employment prior to entering "retiree status"; and
(3) Has applied for retirement, the accrual
				date has been determined under
				RCW
				41.35.450 or
				41.35.640,
				and the benefit begins to accrue.
Example:
Doug is eligible for retirement on July 1st. He
								submits an application on June 1st with a July 1st retirement date. His last
								day of employment is June 30th and he does not have an agreement to return to
								work.
Doug's retirement date (accrual date) is July 1st,
								and the benefit begins to accrue. The first retirement payment will be paid at
								the end of July. Doug entered "retiree status" effective July 1st.
Statutory Authority:
					 RCW
					 41.50.050(5),
					 41.04.270,
					 41.26.030,41.32.010,
					 41.32.025,
					 41.32.480,
					 41.32.500,
					 41.32.570,
					 41.32.765,41.32.795,
					 41.32.802,
					 41.32.855,
					 41.32.860,
					 41.32.862,
					 41.35.010,41.35.030,
					 41.35.060,
					 41.35.450,
					 41.35.640,
					 41.40.010,
					 41.40.023,41.40.037,
					 41.40.150,
					 41.40.193,
					 41.40.680,
					 41.40.750,
					 41.40.801. 02-02-060, §
											415-110-800, filed 12/28/01,
					 effective 1/1/02.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-815 - What is the minimum dollar limit used to determine a Plan 3 lump sum benefit payment?

Current through Register Vol. 24-14, July 15, 2024
(1) The minimum
				dollar limit under
				RCW
				41.35.670 for determining if a lump sum
				payment may be received instead of a monthly benefit is increased to $119.41 as
				of March 1, 2002.
(2) The limit
				established in subsection (1) of this section will be increased each January
				1st by three percent beginning January 1, 2003.
Statutory Authority:
					 RCW
					 41.50.050(5) and
					 41.35.670. 02-03-120, §
											415-110-815, filed 1/23/02,
					 effective 3/1/02.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP › Section 415-110-817 - May I waive my Plan 3 one percent retirement benefit?

Current through Register Vol. 24-14, July 15, 2024
(1)
Why would
				I want to waive my Plan 3 one percent retirement benefit?
Some state
				retirement systems have provisions that allow members to purchase service
				credit earned elsewhere. If you are employed by one of these states and wish to
				purchase service credit for time worked in Washington, you may be required by
				that state to show proof that you have waived all of your rights to retirement
				benefits from Washington as a condition for purchasing the service
				credit.
(2)
Do I qualify to
				waive my Plan 3 one percent retirement benefit?
You may irrevocably
				waive your Plan 3 one percent retirement benefit if:
(a) You are separated from all Plan 3
				eligible employment;
(b) You
				withdrew your funds in your Plan 3 member account or are receiving
				distributions from your Plan 3 member account;
(c) Your spouse consents to the waiver if you
				are married;
(d) There is not a
				court order or administrative order that affects your right to waive your
				benefits; and
(e) You have not
				received, or are not receiving, a defined benefit payment.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › SERVICE RETIREMENT › Section 415-110-820 - Interim retirement allowance - Final computation of retirement allowance - Adjustment of retirement allowance for errors

Current through Register Vol. 24-14, July 15, 2024
(1) At the time of a member's application for
				retirement, the department does not have all information necessary to make a
				final computation of the member's retirement allowance. Based upon estimates of
				the retiree's compensation and earned service credit through the date of
				retirement, the department shall compute an interim retirement allowance made
				payable to the member in the interim between the member's date of retirement
				and the department's final computation of the member's retirement allowance.
				The interim retirement allowance is an initial, estimated computation of the
				retiree's retirement allowance subject to adjustment by the department based
				upon subsequent review of information provided by the member's
				employer.
(2) In computing the
				interim retirement allowance, the department shall, subject to later
				correction, consider only the amount of the member's salary actually reported
				by the employer up to the date of the interim computation, but shall impute the
				member's earned service credit for the same period.
(3) Following the department's computation of
				the interim benefit and receipt earnings history, the department shall complete
				a final computation of the member's retirement allowance. The department's
				final computation may either increase or decrease the amount of the interim
				retirement allowance computed pursuant to subsection (1) of this
				section.
(4) Pursuant to
				RCW
				41.50.130, following the department's final
				computation of the member's retirement allowance as provided in subsection (3)
				of this section, the department may subsequently adjust a member's retirement
				allowance to correct any error in retirement system records. For purposes of
				this subsection, errors in retirement system records include, but are not
				limited to, the following:
(a) Applying an
				incorrect retirement allowance formula in computing the retirement
				allowance;
(b) Including service
				that is not creditable to the member;
(c) Including payments that do not constitute
				earnable compensation to a member in the member's retirement allowance
				computation, or excluding earnable compensation not reported by an
				employer;
(d) Benefit overpayments
				and underpayments;
(e) Including an
				individual in the membership of the retirement system who is not entitled to
				such membership.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › SERVICE RETIREMENT › Section 415-110-830 - How does the department calculate the retirement allowance of a SERS Plan 2 or Plan 3 member who retires, reenters SERS membership, and then retires again?

Current through Register Vol. 24-14, July 15, 2024
This rule establishes a method to actuarially recompute your
				  defined benefit retirement allowance if you are a Plan 2 or Plan 3 member who
				  retires, reenters SERS membership causing your retirement allowance to stop,
				  and then retires again.
(1)
If
				you previously retired before age sixty-five,
the department will:
(a) Recompute your retirement allowance
				pursuant to
				RCW
				41.35.400 (Plan 2) or
				RCW
				41.35.620 (Plan 3) 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 average final
				compensation resulting from your reentry into membership; and
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-110 - School employees' retirement system › MEMBERSHIP CONVERSION › Section 415-110-910 - Conversion of service from PERS to SERS

Current through Register Vol. 24-14, July 15, 2024
(1)
You will be converted from the
				public employees' retirement system (PERS) to the school employees' retirement
				system (SERS) if:
(a) You were
				employed with a school district or educational service district in an eligible
				position as of September 1, 2000;
(b) You participated and then separated in
				PERS prior to September 1, 2000, and became reemployed in an eligible position
				at a school district or educational service district after September 1,
				2000;
(c) You are a participating
				member in PERS and move to a SERS employer in an eligible position after
				September 1, 2000;
(d) You were or
				are a participating member of PERS Plan 2 and establish membership in SERS
				through the substitute process. (See WAC
				415-110-680.)
(e) You retired out of PERS Plan 2 and:
(i) Returned to PERS covered employment and
				became an active PERS member; and
(ii) Were a member as of September 1, 2000,
				at a school district or educational service district; or
(f) You retired out of PERS Plan 2 and:
(i) Returned to PERS covered employment and
				became an active PERS member;
(ii)
				Separated from your PERS position; and
(iii) Become employed in an eligible SERS
				position prior to applying for reretirement in PERS.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › ADMINISTRATION › Section 415-111-100 - To whom does this chapter apply?

Current through Register Vol. 24-14, July 15, 2024
This chapter applies only to members of Plan 3 retirement
				  systems created under
				  chapters
				  41.32(TRS),
				  41.35 (SERS) and 41.40 (PERS)
				  RCW.
Statutory Authority:
					 RCW
					 41.50.050(5) and chapter
					 41.34 RCW. 02-03-120, §
											415-111-100, filed 1/23/02,
					 effective 3/1/02. Statutory Authority:
					 Chapters
					 41.32, 41.34,
					 41.35,
					 41.50 RCW. 01-01-059, §
											415-111-100, filed 12/12/00,
					 effective 1/12/01.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › ADMINISTRATION › Section 415-111-110 - Member and employer responsibility

Current through Register Vol. 24-14, July 15, 2024
(1)
What am I responsible for as a Plan
				3 member?
As a Plan 3 member your responsibilities include, but are not
				limited to:
(a) Adhering to time
				frames;
(b) Making investment
				decisions for your defined contribution account;
(c) Reviewing account information provided on
				statements, such as quarterly statements, and notifying the correct
				organization of any errors;
(d)
				Filling out the correct form for a requested action;
(e) Correctly completing the appropriate form
				for a requested action and submitting the form to the correct organization as
				directed on each form; and
(f)
				Monitoring to ensure contributions do not exceed Internal Revenue Code limits
				(see WAC
				415-111-111)
				.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › ADMINISTRATION › Section 415-111-111 - Monitoring deferral limits

Current through Register Vol. 24-14, July 15, 2024
(1)
Can contributions in Plan 3 affect my deferral limits in other
				tax-deferred plans?
Yes. Contributions to Plan 3 reduce your taxable
				income; this may affect your deferral limits if you participate in another tax
				deferred program that has a maximum contribution based on a percentage of your
				taxable income. You should consult with the Internal Revenue Service, a tax
				advisor, or a financial advisor regarding all questions of federal or state tax
				implications arising from participation in Plan 3.
(2)
Who is responsible for ensuring
				that I do not exceed my tax deferral limits?
Both your employer and you
				are responsible for ensuring that you do not exceed your tax deferral limits:
(a) Employers are responsible for monitoring
				to ensure that the contributions you make to your employer-sponsored tax
				deferred plan(s) do not exceed the limits under the Internal Revenue
				Code.
(b) You are responsible for
				monitoring to ensure that the total contributions you make to all of your tax
				deferred plan(s) do not exceed the limits under the Internal Revenue Code if
				you participate in a tax deferred program(s) outside of your employer sponsored
				plan(s).
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-210 - Investment program election

Current through Register Vol. 24-14, July 15, 2024
(1)
				You must choose between two investment programs:
(a) The total allocation portfolio, managed
				by the Washington state investment board; and
(b) The self-directed investment program. You
				may contribute to only one of these programs at a time. However, you may
				maintain accounts in both investment programs and transfer money between
				investment programs.
Under WAC
				  415-111-110, you bear the
				  responsibility for completing the correct form for making an investment program
				  election and submitting it to your employer as directed on the form.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-220 - How do I choose a defined contribution rate?

Current through Register Vol. 24-14, July 15, 2024
(1)
Contribution rates:
If you
				are a member of the Teachers' Retirement System (TRS) Plan 3, the School
				Employees' Retirement System (SERS) Plan 3, or the Public Employees' Retirement
				System (PERS) Plan 3, you are required to contribute from your compensation
				according to one of the following rate structures:
Base Rate
Additional Rate
Total
Contribution
Rate
Option A
All ages
5.0%
0.0%
5.0%
Option B
Up to age 35
5.0%
0.0%
5.0%
Age 35 to 44
5.0%
1.0%
6.0%
Age 45 and above
5.0%
2.5%
7.5%
Option C
Up to age 35
5.0%
1.0%
6.0%
Age 35 to 44
5.0%
2.5%
7.5%
Age 45 and above
5.0%
3.5%
8.5%
Option D
All ages
5.0%
2.0%
7.0%
Option E
All ages
5.0%
5.0%
10.0%
Option F
All ages
5.0%
10.0%
15.0%
(2)
How do I make the choice?
Under WAC
				415-111-110, it is your
				responsibility to complete the correct form for choosing a contribution rate
				and submitting the form in a timely manner to your employer as directed on the
				form.
(3)
Where do I get the
				form to make my choice?
Your employer must provide the appropriate form
				to choose a contribution rate if you are enrolling in Plan 3 or transferring
				from Plan 2 to Plan 3.
(4)
When do I have to choose?
You must choose a contribution rate
				within ninety calendar days from your date of hire in an eligible position.
				However, if you are transferring from Plan 2 to Plan 3, you must choose a
				contribution rate at the same time you transfer. The ninety-day period does not
				apply to a member transferring from Plan 2 to Plan 3.
(5)
When do contributions begin?
(a) Once you choose a contribution rate,
				contributions will begin the first day of the pay cycle in which you make the
				choice.
(b) If the employer advises
				the department that you should be reported into Plan 3 membership
				retroactively, the ninety-day period starts from the date it is discovered that
				you should have been reported. The department will decide which date to
				use.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-230 - Self-directed investment program allocation

Current through Register Vol. 24-14, July 15, 2024
This section applies to members who invest in the
				  self-directed investment program.
(1)
What is an allocation?
An allocation is a set of instructions
				identifying your choice of investment program funds and the percentage of your
				money you want to invest in each fund. The amount you allocate to each fund
				must be designated as a whole percentage, and the total must equal one-hundred
				percent.
Example:
Martha has elected the self-directed investment
								program and is contributing $150 per month. Martha decides to invest in three
								different funds with the following amounts: $30 invested in fund #1, $45
								invested in fund #2 and $75 invested in fund #3. To accomplish this she must
								establish the following allocation:
Allocation to fund #1
20%
Allocation to fund #2
30%
Allocation to fund #3
50%
Total Allocation
100%
(2)
How do I establish an allocation?
You must establish your
				allocation by contacting the department's designated recordkeeper. Once
				established, you may change your allocation according to the provisions in
				subsection (5) of this section.
(3)
What happens if I do not establish an allocation?
If you do not
				provide an allocation before the department's designated recordkeeper begins
				receiving your contributions, your money will be invested as follows:
(a) Your most recent allocation will be used
				if you previously participated in the self-directed investment program.
				However, if your allocation includes a fund or funds that are no longer
				available, the portion of your money allocated to the unavailable fund(s) will
				be invested in the default fund.
Example:
After participating in the self-directed program,
								Linda terminates employment. Subsequently, she is reemployed and elects to
								participate in the self-directed investment program again. She does not provide
								an allocation. Linda's previous allocation was:
Allocation to fund #1
10%
Allocation to fund #2
40%
Allocation to fund #3
50%
Total Allocation
100%
Fund #2 is no longer available. Linda's future
								contributions will be allocated as follows:
Allocation to fund #1
10%
Allocation to Default Fund
40%
Allocation to fund #3
50%
Total Allocation
100%
(b)
				All of your money will be invested in the default fund if you do not meet the
				conditions in (a) of this subsection.
Example:
Lew is a new member and elects the self-directed
								investment program, but does not establish an allocation. All of Lew's money
								will be invested in the default fund.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-310 - Defined contribution account distribution (withdrawal)

Current through Register Vol. 24-14, July 15, 2024
(1)
What are the requirements to
				request a distribution (withdrawal) of funds from my defined contribution
				account?
(a) You must separate from all
				eligible employment;
(b) The
				department must receive the notice of separation from your employer(s);
				and
(c) The department's
				recordkeeper must receive a completed request for a defined contribution
				distribution from your account. See WAC 415-111-110.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-320 - May I purchase a life annuity with my Plan 3 defined contribution account?

Current through Register Vol. 24-14, July 15, 2024
Any time after you become eligible to withdraw funds from
				  your Plan 3 account, you may use part or all of your funds to purchase a life
				  annuity administered by the state of Washington. It is named the Total
				  Allocation Portfolio (TAP) annuity , and it provides payments monthly.
(1)
What is a life annuity?
A
				life annuity is a contract that provides a guaranteed income for the rest of
				your life in exchange for a lump-sum dollar amount you pay up front. The
				contract specifies the amount you pay to purchase the annuity, the amount you
				will receive each month, and any other terms and conditions.
(a)
A single life annuity
is
				based on your lifetime. It provides guaranteed payments for as long as you
				live. The payments stop upon your death.
(b)
A joint life annuity
is
				based on two lifetimes, yours and another person that you choose (referred to
				as your joint annuitant). It provides guaranteed payments to you during your
				lifetime, and then, if your joint annuitant survives you, to your joint
				annuitant for the remainder of his/her lifetime. The payments stop when both
				you and your joint annuitant die.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-400 - Optional service credit purchase rules

Current through Register Vol. 24-14, July 15, 2024
(1)
Statutory deadline dates.
(a) When you are purchasing service credit
				available from participation as a former member of Plan 2, you will be subject
				to the statutory deadline date as if you were in Plan 2. The transfer of
				membership from Plan 2 to Plan 3 will not change a statutory deadline date for
				purchasing service credit while you were a member of Plan 2.
(b) When you are a Plan 3 member purchasing
				Plan 3 service credit, you are not subject to a statutory deadline
				date.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-410 - Submitting a beneficiary designation for Plan 3 members

Current through Register Vol. 24-14, July 15, 2024
(1)
You may designate or change a
				beneficiary for your defined contribution account at any time.
When
				received by the department, the most recent beneficiary designation supersedes
				all prior beneficiaries and will be used for your Plan 3 defined contribution
				account.
(2) If you designate a
				beneficiary as a Plan 2 member and move to Plan 3, the Plan 2 beneficiary
				designation will be used as your Plan 3 defined contribution account
				beneficiary.
(3) The beneficiary
				you designate for your defined contribution account can be different from the
				beneficiary you designate when you apply for your defined benefit
				retirement.
Statutory Authority:
					 RCW
					 41.50.050(5),
					 41.40.835,
					 41.40.845. 02-03-120, §
											415-111-410, filed 1/23/02,
					 effective 3/1/02.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-111 - Plan 3-Defined contribution plans › INVESTMENT OPTIONS › Section 415-111-440 - Gainsharing

Current through Register Vol. 24-14, July 15, 2024
(1)
What is
				gainsharing?
(a) When the average of
				investment returns on the net assets held in the Plan 2 and 3 pension funds
				exceeds ten percent over a four-year period, the amount in excess of ten
				percent is called extraordinary gains.
(b) A portion of the extraordinary gains is
				paid to qualified Plan 3 members, retirees and designated survivors and is
				called gainsharing. The amount a person receives is calculated based on total
				service credit.
(c) Gainsharing
				payments are made in January of even-numbered years.
(d) Gainsharing is based on fiscal years
				(July 1 - June 30). If the retirement fund does not earn in excess of ten
				percent over the four-year period, there is no gainsharing payment.
(e) A gainsharing payment is credited to an
				investment program according to the investment allocations that you have on
				file. Gainsharing payments appear on your first quarter statement in
				even-numbered years.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › Section 415-112-015 - Definitions

Current through Register Vol. 24-14, July 15, 2024
All definitions in
				RCW
				41.32.010 and WAC
				415-02-030 apply to
				terms used in this chapter. Other terms relevant to the administration of
				chapter 41.32 RCW are defined in this chapter.
(1)
Accrual date
means the first
			 date from which a member's or beneficiary's benefit is calculated. See WAC
			 415-112-520,
			 RCW
			 41.32.795 and
			 41.32.855.
(2)
Annual leave
means leave
			 provided by an employer for the purpose of taking regularly scheduled work time
			 off with pay. Annual leave does not usually include leave for illness, personal
			 business if in addition to and different than vacation leave, or other paid
			 time off from work. However, if an employer authorizes only one type of leave,
			 covering paid leave for vacation, illness, and any other excused absence from
			 work, such leave will be considered annual leave for purposes of
			 RCW
			 41.50.150.
(3)
Dual member
means a person
			 who:
(a) Is or becomes a member of a
			 retirement system, as defined in
			 RCW
			 41.50.030 or
			 41.54.010(6),
			 on or after July 1, 1988;
(b) Has
			 been a member of one or more other systems; and
(c) Has never been retired for service from a
			 retirement system and is not receiving a disability retirement or disability
			 leave benefit from any retirement system listed in
			 RCW
			 41.50.030 or
			 41.54.010(6).
			 See WAC
			 415-113-041.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › Section 415-112-040 - Actuarial factors and schedules

Current through Register Vol. 24-14, July 15, 2024
See chapter 415-02 WAC starting with WAC
				415-02-300 for the tables,
				schedules, and factors the department uses for calculating optional retirement
				allowances of members of the Washington state teachers' retirement
				system.
Statutory Authority:
				  RCW
				  41.50.050(5) and chapter
				  41.45 RCW. WSR 02-18-048, §
										415-112-040, filed 8/28/02,
				  effective 9/1/02. Statutory Authority:
				  RCW
				  41.50.050. WSR 96-03-100, §
										415-112-040, filed 1/19/96,
				  effective 2/19/96. Statutory Authority:
				  RCW
				  41.50.050 and 41.32.140. WSR 91-19-065,
				  §
										415-112-040, filed 9/16/91,
				  effective 10/17/91; WSR 91-02-020, §
										415-112-040, filed 12/21/90,
				  effective 1/21/91.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-119 - Purpose and scope of eligibility rules

Current through Register Vol. 24-14, July 15, 2024
WAC
				  415-112-120 through
				  415-112-156 codifies the
				  department's existing interpretation of statutes and existing administrative
				  practice regarding eligibility for membership in TRS Plans 1, 2 and 3. The
				  department has applied and will apply these rules to determine eligibility for
				  membership occurring prior to the effective dates of these
				  sections.
Statutory Authority:
					 RCW
					 41.50.050(5) and
					 chapter
					 41.32 RCW. 05-12-042,
					 §
											415-112-119, filed 5/25/05,
					 effective 6/25/05. Statutory Authority:
					 RCW
					 41.50.050. 95-16-053, §
											415-112-119, filed 7/25/95,
					 effective 8/25/95.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-120 - What is the definition of a "teacher"?

Current through Register Vol. 24-14, July 15, 2024
Only teachers are eligible to establish membership in
				  TRS.
(1) A teacher is a person who:
(a) Is qualified to teach under WAC
				415-112-015(8);
				and is employed by a public school in an instructional, administrative, or
				supervisory capacity; or
(b)
				Otherwise meets the criteria in
				RCW
				41.32.010(29).
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-122 - Am I eligible for TRS membership if I am an educational staff associate?

Current through Register Vol. 24-14, July 15, 2024
(1)
				For the purposes of this chapter, you are considered a teacher and are eligible
				for TRS membership if you:
(a) Possess a valid
				educational staff associate certificate issued by the office of the
				superintendent of public instruction under chapter 180-79A WAC; and
(b) Serve in an educational staff associate
				position in a public school consistent with subsection (2) of this
				section.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-130 - If I separate from, and then reenter employment, do I continue to participate in TRS?

Current through Register Vol. 24-14, July 15, 2024
This section applies to Plan 1, 2 and 3 members who separate
				  employment without retiring.
(1)
As a Plan 1 member:
(a) If you
				separate from service without withdrawing contributions, you will participate
				in Plan 1 again if you become reemployed with a TRS employer, even if you are
				not working as a teacher as defined in WAC
				415-112-120.
(b) If you separate from service and withdraw
				your contributions, you will reestablish Plan 1 membership only if:
(i) You are a teacher, as defined in WAC
				415-112-120, and meet the
				eligibility requirements in
				RCW
				41.32.240; or
(ii) You are a member of another retirement
				system and repay your withdrawn contributions as a dual member under
				portability. See
				RCW
				41.54.020(2).
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-140 - Am I eligible for membership and service credit as a substitute teacher?

Current through Register Vol. 24-14, July 15, 2024
(1) If you have never been a member of the
				teachers' retirement system (TRS), you may establish membership in Plan 2 or
				Plan 3 if you worked as a teacher for seventy or more hours per month during at
				least five months within a single school year period of September 1st through
				August 31st, during the 1991-92 school year or later. You may apply for
				membership for work prior to the 1991-92 school year if it meets the membership
				requirements in effect when the work was performed. Your membership will begin
				when your first optional bill to purchase substitute teaching service credit is
				paid in full.
(2) If you have
				already established membership and have not withdrawn your contributions, you
				may be eligible to purchase service credit for working as a substitute teacher.
(a) TRS Plan 1. If you are a Plan 1 member,
				you may apply to the department for service credit as a substitute teacher for
				any school year during which you worked a minimum of twenty full-time days
				between July 1st and June 30th.
(b)
				TRS Plan 2 or Plan 3. If you are a Plan 2 or Plan 3 member, you may apply to
				the department for service credit as described in subsection (4) of this
				section, for any compensated employment as a substitute teacher that occurs
				after your first month of established service credit. You may apply for service
				credit for compensated employment as a substitute teacher that occurred prior
				to your first month of established service credit if it meets the requirements
				for membership as described in subsection (1) of this section.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-145 - When does my status as a TRS member terminate?

Current through Register Vol. 24-14, July 15, 2024
(1) Your TRS Plan 1 membership terminates:
(a) When you retire for service or
				disability;
(b) When you separate
				from service and withdraw your accumulated contributions; or
(c) Upon your death.
Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-112 - Teachers' retirement system › MEMBERSHIP › Section 415-112-150 - May I waive my Plan 3 one percent retirement benefit?

Current through Register Vol. 24-14, July 15, 2024
(1)
Why would
				I want to waive my Plan 3 one percent retirement benefit?
Some state
				retirement systems have provisions that allow members to purchase service
				credit earned elsewhere. If you are employed by one of these states and wish to
				purchase service credit for time worked in Washington, you may be required by
				that state to show proof that you have waived all of your rights to retirement
				benefits from Washington as a condition for purchasing the service
				credit.
(2)
Do I qualify to
				waive my Plan 3 one percent retirement benefit?
You may irrevocably
				waive your Plan 3 one percent retirement benefit if:
(a) You are separated from all Plan 3
				eligible employment;
(b) You
				withdrew your funds in your Plan 3 member account or are receiving
				distributions from your Plan 3 member account;
(c) Your spouse consents to the waiver if you
				are married;
(d) There is not a
				court order or administrative order that affects your right to waive your
				benefits; and
(e) You have not
				received, or are not receiving, a defined benefit payment.