2005 Washington Revised Code RCW 41.31A.030: Retroactive extraordinary investment gain — Credited to member accounts — Persons eligible — Calculation of amount — Contractual right not granted.

(1) On March 1, 2001, the member account of a person meeting the requirements of this section shall be credited by the 1998 retroactive extraordinary investment gain amount and the 2000 retroactive extraordinary investment gain amount.

     (2) The following persons shall be eligible for the benefits provided in subsection (1) of this section:

     (a) Any classified employee who earned service credit during the twelve-month period from September 1st to August 31st immediately preceding the distribution and who transferred to plan 3 under RCW 41.35.510; or

     (b) Any classified employee in receipt of a benefit pursuant to RCW 41.35.680 and who has completed five service credit years by September 1, 2000, and who transferred to plan 3 under RCW 41.35.510; or

     (c) Any classified employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by September 1, 2000, and who transferred to plan 3 under RCW 41.35.510; or

     (d) Any classified employee who has a balance of at least one thousand dollars in his or her member account and who has completed five service credit years by September 1, 2000, and who transferred to plan 3 under RCW 41.35.510.

     (3) The 1998 retroactive extraordinary investment gain amount shall be calculated as follows:

     (a) An amount equal to the average benefit per year of service paid to members of the teachers' retirement system plan 3 pursuant to section 309, chapter 341, Laws of 1998 in 1998;

     (b) Distributed to persons eligible for the benefit provided in subsection (1) of this section on the basis of their service credit total on August 31, 1997.

     (4) The 2000 retroactive extraordinary investment gain amount shall be calculated as follows:

     (a) An amount equal to the average benefit per year of service paid to members of the teachers' retirement system plan 3 pursuant to section 309, chapter 341, Laws of 1998 in 2000;

     (b) Distributed to persons eligible for the benefit provided in subsection (1) of this section on the basis of their service credit total on August 31, 1999.

     (5) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this distribution not granted prior to that time.

[1998 c 341 § 313.]

Effective date -- 1998 c 341: See RCW 41.35.901.