Wash. Admin. Code § 415-106-620 - How does the department calculate my retirement allowance?
(1) When you apply
for retirement, you will first receive a provisional retirement allowance.
(a) The department will calculate the
provisional allowance based on:
(i) The data
for service credit and reportable compensation in the department's system at
the time it is calculated; and
(ii)
Projections of your salary for periods that have not yet been reported by your
employer.
(b) The
department will pay you the provisional allowance until your actual retirement
allowance has been calculated.
(2) To compute your actual allowance, the
department must receive a final compensation report from your employer. The
department may also require any of the following from your employer:
(a) Earnings history.
(b) Copies of your employment
contract(s).
(c) Copies of your
employer's compensation policies.
(3) The department will make a final
calculation of your actual retirement allowance by making a final determination
of your service credit and AFC and by applying the correct formula to these
values. Your actual retirement allowance may be higher or lower than your
provisional allowance.
(4) If the
amount of your actual allowance is different from your provisional allowance,
the department will make the necessary adjustments.
(a) If you were underpaid, the department
will pay you a lump sum payment equal to the difference of the total
provisional payments you received and the total you would have received based
on your actual allowance.
(b) If
you were overpaid, the department will recover the overpayment either through a
lump sum payment, monthly installment payments, or through an actuarial
reduction of your actual allowance.
Notes
Statutory Authority: RCW 41.50.050(5) and 41.37.190. 08-02-046, § 415-106-620, filed 12/27/07, effective 1/27/08.
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