Section 415-02-300 - How does the department adopt and use actuarial factors?(1) The department uses actuarial tables, schedules, and factors for, but not limited to, benefit calculations, annuitizing benefits, and calculating cost to purchase service credit for members, retirees, and beneficiaries.(2) The department adopted tables, schedules, and factors upon the office of the state actuary's (OSA) recommendation, following OSA's investigation into the mortality, service, compensation, and other experience of retirement plan members, retirees, and beneficiaries.(3) The tables, schedules, and factors may be amended from time to time, based upon subsequent actuarial investigation.(4) The department uses the tables, schedules, and factors: (a) In effect at the time of the member's effective retirement date to calculate the member's retirement benefit.(b) In effect at the time of the annuitizing to calculate an annuitized benefit.(c) In effect at the time of purchase to determine a member's cost to purchase service credit.Wash. Admin. Code § 415-02-300
Statutory Authority: RCW 41.50.050(5). 10-16-086, §415-02-300, filed 7/30/10, effective 9/1/10. Statutory Authority: RCW 41.50.050(5) and chapter 41.45 RCW. 02-18-048, §415-02-300, filed 8/28/02, effective 9/1/02.