Any monthly pension, payable under this chapter, which will not amount to fifty dollars may be converted into a lump sum payment equal to the actuarial equivalent of the monthly pension. The conversion may be made either upon written application to the state board and shall rest at the discretion of the state board; or the state board may make, on its own motion, lump sum payments, equal or proportionate, as the case may be, to the value of the annuity then remaining in full satisfaction of claims due. Any person receiving a monthly payment of less than twenty-five dollars at the time of September 1, 1979, may elect, within two years, to convert such payments into a lump sum payment as provided in this section.
RCW 41.24.185
Lump sum payments—Monthly pension under fifty dollars.
Applied in 1 court decision — leading case Schrom v. Board for Volunteer Fire Fighters (2004)
Most recently applied in Schrom v. Board for Volunteer Fire Fighters (November 2004)
2003 c 62 s 2; 1989 c 91 s 7.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.