Purchasing service credit in plan 2 and plan 3 of the teachers' retirement system for public education experience performed as a teacher in a public school in another state or with the federal government.
Summary
Permits members of the Teachers' Retirement System Plans 2 and 3 (TRS 2/3) to make a one-time purchase of up to seven years of service credit for public education experience outside of the Washington State Retirement System.
Limits purchases of service credit to active members of TRS 2/3 who have earned five or more years of TRS service credit, and to members not receiving benefits or eligible for unreduced retirement benefits from another retirement plan.
Charges members an amount actuarially equivalent to the increase in value of the member's benefit.
From the Substitute House Bill Report (SHB 2680), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to purchasing service credit in plan 2 and plan 3 of the teachers' retirement system for public education experience performed as a teacher in a public school in another state or with the federal government;