A member may make an additional lump sum payment at date of retirement, not to exceed the member's accumulated contributions, to purchase additional annuity. A contribution of six percent of earnable compensation is required from each member, except as provided under RCW 41.32.013.
RCW 41.32.350
Purchase of additional annuity—Member contribution rate.
Applied in 2 court decisions — leading case Newschwander v. Board of Trustees of Washington State Teachers' Retirement System (1980)
Most recently applied in 94 Wash. 2d 701 - Newschwander v. BOARD OF TRUSTEES OF TEACHERS'RETIREMENT SYSTEM (November 1980)
1991 c 35 s 46; 1990 c 274 s 7; 1973 1st ex.s. c 189 s 6; 1963 ex.s. c 14 s 7; 1955 c 274 s 16; 1947 c 80 s 35; Rem
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.