WSR 15-20-126
[Filed October 7, 2015, 11:40 a.m.]
Subject of Possible Rule Making: The computation of retirement allowance for members of multiple retirement plans who separate with at least twenty years' service credit.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: When a member in certain retirement plans (LEOFF 2, PERS 3, SERS 3, TRS 3) has at least twenty years of service credit, and leaves employment, their defined benefit increases by approximately three percent for each year they delay receiving it. Additional rules will clarify how the department applies this benefit when the member retires from more than one retirement plan.
Process for Developing New Rule: Agency study.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jilene Siegel, Rules Coordinator, Department of Retirement Systems, P.O. Box 48380, Olympia, WA 98504-8380, e-mail, phone (360) 664-7291.
October 7, 2015
Jilene A. Siegel
Rules Coordinator