41.35.510 - 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 has the option to make an irrevocable transfer to plan 3.

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

     (3) Any plan 2 member who wishes to transfer to plan 3 after February 28, 2001, may transfer during the month of January in any following year, provided that the member earns service credit for that month.

     (4) 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(4), except that interest earned on all such contributions shall be transferred to the member's account.

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

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

[2002 c 26 § 7; 1998 c 341 § 114.]