(1) NORMAL RETIREMENT. Any member who is at least age sixty-five and who has:
(a) Completed ten service credit years; or
(b) Completed five service credit years, including twelve service credit months after attaining age forty-four; or
(c) Completed five service credit years by the transfer payment date specified in RCW
41.40.795, under the public employees' retirement system plan 2 and who transferred to plan 3 under RCW
41.40.795;
shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW
41.40.790.
(2) EARLY RETIREMENT. Any member who has attained at least age fifty-five and has completed at least ten years of service shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW
41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
(3) ALTERNATE EARLY RETIREMENT.
(a) Any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW
41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
(b)(i) On or after July 1, 2008, any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW
41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced as follows:
Retirement Age | Percent Reduction |
55 | 20% | |
56 | 17% | |
57 | 14% | |
58 | 11% | |
59 | 8% | |
60 | 5% | |
61 | 2% | |
62 | 0% | |
63 | 0% | |
64 | 0% | |
(ii) Any member who retired on or after September 1, 2008, and chose the three percent per year reduction provided under (a) of this subsection shall have a retirement allowance recalculated under the reductions of (b)(i) of this subsection for benefit payments made on or after January 1, 2024.
(c) Members who first become employed by an employer in an eligible position on or after May 1, 2013, are not eligible for the alternate early retirement provisions of (a) or (b) of this subsection. Any member who first becomes employed by an employer in an eligible position on or after May 1, 2013, and has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW
41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by five percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.