41.50.145 - Plan 3 -- Loss of investment return due to error -- Liability. - Washington Statutes

Plan 3 — Loss of investment return due to error — Liability.

(1) If the department determines that due to employer error a member of plan 3 has suffered a loss of investment return, the employer shall pay the department for credit to the member's account the amount determined by the department as necessary to correct the error.

     (2) If the department determines that due to departmental error a member of plan 3 has suffered a loss of investment return, the department shall credit to the member's account from the appropriate retirement system combined plan 2 and 3 fund the amount determined by the department as necessary to correct the error.

[1999 c 223 § 2; 1998 c 341 § 515.]

Notes: Effective date -- 1999 c 223: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [May 10, 1999]." [1999 c 223 § 4.]

Effective date -- 1998 c 341: See note following RCW 41.34.060.