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41.32.836 Higher education faculty—Option to transfer to plan 3—Limitation on supplemental benefits under RCW 28B.10.400.

WA Rev Code § 41.32.836 (2019) (N/A)
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RCW 41.32.836 Higher education faculty—Option to transfer to plan 3—Limitation on supplemental benefits under RCW 28B.10.400.

(1) All faculty members who are first employed by an institution of higher education in a position eligible for participation in old age annuities or retirement income plans under chapter 28B.10 RCW on or after July 1, 2011, have a period of thirty days to make an irrevocable choice to:

(a) Become a member of the teachers' retirement system plan 3 under this chapter; or

(b) Participate in the annuities or retirement income plan provided by the institution.

(2) At the end of thirty days, if the member has not made a choice to become a member of the teachers' retirement system, he or she becomes a participant in the institution's plan under RCW 28B.10.400, but does not become eligible for any supplemental benefit under RCW 28B.10.400(1)(c).

[ 2011 1st sp.s. c 47 § 9.]

NOTES:

Intent—Effective dates—2011 1st sp.s. c 47: See notes following RCW 28B.10.400.

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41.32.835 Choice of membership in plan 2 or plan 3.
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41.32.837 Right to waive benefit—Irrevocable choice.