Wash. Admin. Code § 415-10-050 - Restrictions on purchasing service credit
(1)
You may not purchase service credit
under RCW
41.50.165(2) if your
deadline to establish or reestablish the service credit has not
expired.
(2)
If you
are reestablishing credit you must purchase at least the service credit you
earned in any one calendar month of employment.
(3)
If you are establishing optional
service credit , you must purchase the entire period of service.
(4)
Your ability to purchase
service credit may be limited by Internal Revenue Code restrictions. The
department may limit the amount of service credit you may purchase in any
calendar year in order to stay within the maximum employee contribution limits
established by the Internal Revenue Code for 401(a) tax qualified
plans.
(5)
You may not make
installment payments. If you purchase service credit under this section,
you must make payment in a single lump-sum as determined by the department for
each unit of service credit purchased.
(6)
Purchasing service credit will not
move you from one plan to another. Plan membership is based upon the
date your retirement system membership was established. Purchasing prior
service credit does not change the date you first established membership and
therefore does not change your plan membership.
Notes
Statutory Authority: Chapter 41.50 RCW. 00-22-049, § 415-10-050, filed 10/27/00, effective 11/27/00. Statutory Authority: RCW 41.50.050 and 41.50.165. 97-01-014, § 415-10-050, filed 12/6/96, effective 1/6/97.
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