2005 Washington Revised Code RCW 41.31A.040: Retroactive extraordinary investment gain — Credited to member accounts — Persons eligible — Calculation of amount — Contractual right not granted.

(1) On June 1, 2003, the member account of a person meeting the requirements of this section shall be credited by the 2000 retroactive extraordinary investment gain amount and the 2002 retroactive extraordinary investment gain amount.

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

     (a) Any public 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 41.40.795; or

     (b) Any public employee in receipt of a benefit pursuant to RCW 41.40.820 and who has completed five service credit years by September 1, 2002, and who transferred to plan 3 under RCW 41.40.795; or

     (c) Any public employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by September 1, 2002, and who transferred to plan 3 under RCW 41.40.795; or

     (d) Any public employee who has a balance of at least one thousand dollars in either his or her member account or in plan 2 accumulated contributions and who has completed five service credit years by September 1, 2002, and who transferred to plan 3 under RCW 41.40.795.

     (3) 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 in 2000 to members of the teachers' retirement system plan 3 under section 309, chapter 341, Laws of 1998;

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

     (4) The 2002 retroactive extraordinary investment gain amount shall be calculated as follows:

     (a) An amount equal to the average benefit per year of service paid in 2002 to members of the teachers' retirement system plan 3 and the school employees' retirement system plan 3 under RCW 41.31A.020;

     (b) Distributed to persons eligible for the benefit provided in subsection (1) of this section on the basis of their service credit total on July 1, 2001.

     (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.

[2000 c 247 § 409.]

Effective dates -- Subchapter headings not law -- 2000 c 247: See RCW 41.40.931 and 41.40.932.