41.26.530 - Vested membership. - Washington Statutes

Vested membership.

(1) A member who separates or has separated after having completed at least five years of service may remain a member during the period of such member's absence from service for the exclusive purpose only of receiving a retirement allowance under the provisions of RCW 41.26.430 if such member maintains the member's accumulated contributions intact.

     (2) The retirement allowance payable under the provisions of RCW 41.26.430 to a member who separates after having completed at least twenty years of service, and remains a member during the period of his or her absence from service by maintaining his or her accumulated contributions intact, shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date the retirement allowance commences as provided in RCW 41.26.490.

[1993 c 517 § 5; 1977 ex.s. c 294 § 14.]

Notes: Purpose -- 1993 c 517: See note following RCW 41.26.420.

Legislative direction and placement -- Section headings -- 1977 ex.s. c 294: See notes following RCW 41.26.410.