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WAC 415-110-817: May I waive my Plan 3 one percent retirement benefit?

Published: 2015

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WACs > Title 415 > Chapter 415-110 > Section 415-110-817



Agency filings affecting this section

WAC 415-110-817

May I waive my Plan 3 one percent retirement benefit?

(1) Why would I want to waive my Plan 3 one percent retirement benefit? Some state retirement systems have provisions that allow members to purchase service credit earned elsewhere. If you are employed by one of these states and wish to purchase service credit for time worked in Washington, you may be required by that state to show proof that you have waived all of your rights to retirement benefits from Washington as a condition for purchasing the service credit.
(2) Do I qualify to waive my Plan 3 one percent retirement benefit? You may irrevocably waive your Plan 3 one percent retirement benefit if:
(a) You are separated from all Plan 3 eligible employment;
(b) You withdrew your funds in your Plan 3 member account or are receiving distributions from your Plan 3 member account;
(c) Your spouse consents to the waiver if you are married;
(d) There is not a court order or administrative order that affects your right to waive your benefits; and
(e) You have not received, or are not receiving, a defined benefit payment.
(3) How do I waive my one percent retirement benefit? You may waive your right to this benefit by submitting a properly completed form, available through the department. The date of the waiver will be the date the department receives your form.
(4) Will I get service credit for eligible time if it is discovered after I sign a waiver? If periods of employment, prior to or within the waived time period, are discovered after you sign a waiver, you will not be credited for the service. However, your employer will be billed for employer contributions for any such period.
(5) May I retract or withdraw my waiver in the future? No. You irrevocably give up all rights to any retirement benefits when you submit your signed waiver.
(6) What are my retirement options if I return to work in a (PERS/SERS/TRS) eligible position? You will be a member of Plan 3 and will begin accumulating service credit from your new date of hire. You will not be entitled to purchase back any of the Plan 3 service credit you waived.
[Statutory Authority: RCW 41.50.050(5) and 41.35.612. WSR 04-17-002, § 415-110-817, filed 8/4/04, effective 9/4/04.]