41.32.817 - Transfer to plan 3 -- Irrevocable option. - Washington Statutes

Transfer to plan 3 — Irrevocable option.

(1) Every plan 2 member employed by an employer in an eligible position may make an irrevocable option to transfer to plan 3.

     (2) Any plan 2 member who is a substitute teacher may make an irrevocable option to transfer to plan 3 at the time the member purchases substitute service credit pursuant to RCW 41.32.013, pursuant to time lines and procedures established by the department.

     (3) Any plan 2 member, other than a substitute teacher, who wishes to transfer to plan 3 after December 31, 1997, may transfer during the month of January in any following year, provided that the member earns service credit for that month.

     (4) All service credit in plan 2 shall be transferred to the defined benefit portion of plan 3.

     (5) The accumulated contributions in plan 2 less fifty percent of any contributions made pursuant to RCW 41.50.165(2) shall be transferred to the member's account in the defined contribution portion established in chapter 41.34 RCW, pursuant to procedures developed by the department and subject to RCW 41.34.090. Contributions made pursuant to RCW 41.50.165(2) that are not transferred to the member's account shall be transferred to the fund created in RCW 41.50.075(2), except that interest earned on all such contributions shall be transferred to the member's account.

     (6) The legislature reserves the right to discontinue the right to transfer under this section.

     (7) Anyone previously retired from plan 2 is prohibited from transferring to plan 3.

[1996 c 39 § 2; 1995 c 239 § 303.]

Notes: Effective dates -- 1996 c 39: See note following RCW 41.32.010.

Intent -- Purpose -- 1995 c 239: See note following RCW 41.32.831.

Effective date -- Part and subchapter headings not law -- 1995 c 239: See notes following RCW 41.32.005.

Benefits not contractual right until date specified: RCW 41.34.100.