(1) Except as provided in subsections (4) and (5) of this
section, no one who becomes a beneficiary after June 30, 1995,
shall receive a monthly retirement allowance of less than
twenty-four dollars and twenty-two cents times the number of
years of service creditable to the person whose service is the
basis of such retirement allowance.
(2) Where the retirement allowance payable was adjusted at
the time benefit payments to the beneficiary commenced, the
minimum allowance provided in this section shall be adjusted in a
manner consistent with that adjustment.
(3) Beginning July 1, 1996, the minimum benefit set forth in
subsection (1) of this section shall be adjusted annually by the
annual increase.
(4) Those receiving a benefit under RCW 41.40.220(1) or
under RCW 41.44.170 (3) and (5) shall not be eligible for the
benefit provided by this section.
(5) For persons who served as elected officials and whose
accumulated employee contributions and credited interest was less
than seven hundred fifty dollars at the time of retirement, the
minimum benefit under subsection (1) of this section shall be ten
dollars per month per each year of creditable service.
(6) Beginning July 1, 2011, the minimum benefit set forth in
subsection (1) of this section, prior to adjustments set forth in
subsection (2) of this section, for a beneficiary with either (a)
at least twenty years of service and who has been retired at
least twenty-five years, or (b) at least twenty-five years of
service and who has been retired at least twenty years, shall be
one thousand five hundred dollars per month. On July 1, 2011,
and each year thereafter, the minimum benefit in this subsection
shall be increased by three percent, rounded to the nearest cent.
[2011 c 362 § 7; 2006 c 244 § 2; 2004 c 85 § 2; 1995 c 345 § 7.]
NOTES:
Finding -- Intent -- Effective date -- 2011 c 362: See notes following RCW 41.32.483.
Effective date -- 2006 c 244: See note following RCW 41.32.4851.
Intent -- Effective date -- 1995 c 345: See notes following RCW 41.32.489.