WSR 02-15-154

PROPOSED RULES

DEPARTMENT OF

RETIREMENT SYSTEMS

[ Filed July 23, 2002, 8:15 a.m. ]

     Original Notice.

     Preproposal statement of inquiry was filed as WSR 02-11-078.

     Title of Rule: Actuarial tables, schedules, and factors.

     Purpose: The Office of the State Actuary published a 1995 – 2000 actuarial experience study in January 2002 which included updated actuarial factors. The Department of Retirement Systems (DRS) is updating WACs to reflect new actuarial projections. At the same time, DRS is making the WACs easier to understand and including examples to help members, retirees, and beneficiaries understand how to use the charts. DRS is also consolidating the charts into one location in the WACs. DRS has also consolidated the charts, to meet the regulatory reform objective of cutting down on the total number of pages of WACs. The new WACs are WAC 415-02-300, 415-02-320, 415-02-340, 415-02-360, 415-02-380, and 415-103-300. The amended WACs are WAC 415-104-108, 415-108-340, 415-110-340, and 415-112-040.

     Statutory Authority for Adoption: RCW 41.50.050(5).

     Statute Being Implemented: Chapter 41.45 RCW.

     Summary: See Purpose above.

     Reasons Supporting Proposal: See Purpose above.

     Name of Agency Personnel Responsible for Drafting: Merry A. Kogut, P.O. Box 48380, Olympia, WA 98504-8380, (360) 664-7291; Implementation and Enforcement: Lucille Christenson, P.O. Box 48380, Olympia, WA 98504-8380, (360) 664-7069.

     Name of Proponent: Department of Retirement Systems, governmental.

     Rule is not necessitated by federal law, federal or state court decision.

     Explanation of Rule, its Purpose, and Anticipated Effects: See Purpose above.

     Proposal Changes the Following Existing Rules: See Purpose above.

     No small business economic impact statement has been prepared under chapter 19.85 RCW. These amendments have no affect on businesses.

     RCW 34.05.328 does not apply to this rule adoption. The Department of Retirement Systems is not one of the named departments in RCW 34.05.328.

     Hearing Location: Department of Retirement Systems, 6835 Capitol Boulevard, Conference Room 115, Tumwater, WA, on August 27, 2002, at 9:00 a.m.

     Assistance for Persons with Disabilities: Contact the rules coordinator by seven days before the hearing, if possible, phone (360) 664-7291, TTY (360) 586-5450, e-mail merryk@drs.wa.gov.

     Submit Written Comments to: Identify WAC Numbers, Merry A. Kogut, Rules Coordinator, Department of Retirement Systems, P.O. Box 48380, Olympia, WA 98504-8380, e-mail merryk@drs.wa.gov, fax (360) 753-3166, by 5:00 p.m. on August 27, 2002.

     Date of Intended Adoption: No sooner than August 28, 2002.

July 22, 2002

Merry A. Kogut

Rules Coordinator

OTS-5835.2

ACTUARIAL TABLES, SCHEDULES, AND FACTORS
NEW SECTION
WAC 415-02-300   How does the department use actuarial tables, schedules, and factors?   (1) The department uses actuarial tables, schedules, and factors to calculate optional retirement allowances for members, retirees, and beneficiaries.

     (2) The department adopted these 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) These 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 in effect at the time of the member's retirement to calculate the member's retirement allowance.

     (5) The department will use these tables, schedules, and factors to process any payments when there is a death in service.

     (6) The tables, schedules, and factors in this chapter apply to the calculation of retirement allowances for those who retire on or after September 1, 2002, (until subsequent amendment).

[]


NEW SECTION
WAC 415-02-320   Early retirement factors.   (1) What are early retirement factors (ERF)? Early retirement factors (ERFs) are the factors the department uses to reduce your normal monthly benefit payments to reflect an earlier starting date of paying benefits and a longer payment schedule.1

1The actuarial reduction takes into account that (1), retirees who begin drawing benefits at a younger age generally receive benefits over a longer time, and (2), member and employer contributions intended to provide for the defined benefit at the typical retirement age will be adequate to fund only a smaller benefit at an earlier age.

     (2) What is a "normal" monthly benefit payment? A "normal" monthly benefit payment is the amount you would receive if you met the plan-specific criteria as to age and length of service before you retire.

     (3) What happens if you die before becoming eligible for a normal monthly benefit payment?

     (a) Generally speaking, within the plans listed in the table in this section, the department may pay a monthly benefit to your surviving spouse or minor children. If you die before being eligible for retirement, or when you are eligible only for retirement with an actuarially reduced benefit, the department will reduce the benefit paid to your surviving spouse or minor children by the ERF corresponding to the amount of time between your age at death and the age at which you would have been eligible for an unreduced retirement benefit. (Exception: A TRS Plan 1 reduction is based on the earliest date a member would have first qualified if the member had continued in service.)

     (b) There are differences among plans; please consult your plan for specific, detailed information.

LEOFF Plan 2: RCW 41.26.460 WAC 415-104-211 and 415-104-215
PERS Plan 1: RCW 41.40.188 WAC 415-108-324 and 415-108-326
PERS Plan 2: RCW 41.40.660 WAC 415-108-324 and 415-108-326
PERS Plan 3: RCW 41.40.845 WAC 415-108-324 and 415-108-326
SERS Plans 2/3: RCW 41.35.220 WAC 415-110-324 and 415-110-326
TRS Plan 1: RCW 41.32.530 WAC 415-112-710 to 415-112-727
TRS Plan 2: RCW 41.32.785 WAC 415-112-710 to 415-112-727
TRS Plan 3: RCW 41.32.851 WAC 415-112-710 to 415-112-727
WSPRS Plan 1: RCW 43.43.278 WAC 415-103-215
WSPRS Plan 2: RCW 43.43.271 WAC 415-103-225

     (4) Examples

     (a) Example (a) (early retirement):

     Sandy, a PERS Plan 2 member, applies for retirement at age 56 years and one month with a total of 21.11 years of service. Her average final compensation (AFC) is $3,500.00. PERS Plan 2 provides for two percent (.02) of AFC per year of service. Within PERS Plan 2, age 65 is the normal retirement age, but an actuarially reduced monthly retirement is available at an age as young as 55 if the member has at least 20 years of service credit. If Sandy retires now, she would be doing so eight years and eleven months early. According to the table, the ERF for retirement eight years and eleven months early is .4025. To determine the reduced monthly benefit, PERS will multiply Sandy's AFC of $3,500 x .02 x 21.11 (service credit years) x .4025 (ERF). Sandy's monthly retirement benefit will be $594.77.

     (b) Example (b) (member's death):

     Robert, a 56-year-old TRS Plan 1 active member, dies April 1, 2003, with 23.17 years of service at two percent (.02) of AFC per year of service. His AFC was $3,171.74. TRS Plan 1 allows for normal retirement at age 55 with 25 years of service. Since Robert was not fully qualified for retirement, his wife, Karen, who is 58 years old, is eligible for an actuarially reduced benefit based on the earliest date Robert would have first qualified for the normal retirement benefit, reduced by the Option 2 survivor factor. Survivor factors are based on the age difference between the member and the survivor. Robert was over 55; if he had continued in service, he would be eligible for retirement in one year and ten months, when he would have completed 25 years of service. According to the actuary tables, the ERF for one year and ten months is .8530, and the Option 2 survivor factor for a beneficiary two years older is .913 (see WAC 415-02-380(11)). To determine the reduced monthly benefit to which Karen is entitled, TRS would multiply 23.17 (Robert's service credit years) x .02 x $3,171.74 (AFC) x .8530 (ERF) x .913 (the Option 2 factor). Karen's monthly benefit will be $1,144.65.

     (5) Table - Early retirement factors (ERF) for these systems/plans: LEOFF Plan 2, WSP Plan 2, PERS Plan 1, TRS Plan 1, and WSP Plan 1 and 2 vested/terminated members:

Yrs Early Month0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
0 1.000 .9933 .9866 .9799 .9732 .9665 .9598 .9531 .9464 .9397 .9330 .9263
1 .9200 .9133 .9066 .8999 .8932 .8865 .8798 .8731 .8664 .8597 .8530 .8463
2 .8400 .8333 .8266 .8199 .8132 .8065 .7998 .7931 .7864 .7797 .7730 .7663
3 .7600 .7558 .7516 .7474 .7432 .7390 .7348 .7306 .7264 .7222 .7180 .7138
4 .7100 .7058 .7016 .6974 .6932 .6890 .6848 .6806 .6764 .6722 .6680 .6638
5 .6600 .6558 .6516 .6474 .6432 .6390 .6348 .6306 .6264 .6222 .6180 .6138
6 .6100 .6058 .6016 .5974 .5932 .5890 .5848 .5806 .5764 .5722 .5680 .5638
7 .5600 .5558 .5516 .5474 .5432 .5390 .5348 .5306 .5264 .5222 .5180 .5138
8 .5100 .5067 .5034 .5001 .4968 .4935 .4902 .4869 .4836 .4803 .4770 .4737
9 .4700 .4667 .4634 .4601 .4568 .4535 .4502 .4469 .4436 .4403 .4370 .4337
10 .4300 .4267 .4234 .4201 .4168 .4135 .4102 .4069 .4036 .4003 .3970 .3937
11 .3900 .3867 .3834 .3801 .3768 .3735 .3702 .3669 .3636 .3603 .3570 .3537
12 .3500 .3467 .3434 .3401 .3368 .3335 .3302 .3269 .3236 .3203 .3170 .3137
13 .3100 .3083 .3066 .3049 .3032 .3015 .2998 .2981 .2964 .2947 .2930 .2913
14 .2900 .2883 .2866 .2849 .2832 .2815 .2798 .2781 .2764 .2747 .2730 .2713
15 .2700 .2683 .2666 .2649 .2632 .2615 .2598 .2581 .2564 .2547 .2530 .2513
16 .2500 .2483 .2466 .2449 .2432 .2415 .2398 .2381 .2364 .2347 .2330 .2313
17 .2300 .2283 .2266 .2249 .2232 .2215 .2198 .2181 .2164 .2147 .2130 .2113
18 .2100 .2092 .2084 .2076 .2068 .2060 .2052 .2044 .2036 .2028 .2020 .2012
19 .2000 .1992 .1984 .1976 .1968 .1960 .1952 .1944 .1936 .1928 .1920 .1912
20 .1900 .1892 .1884 .1876 .1868 .1860 .1852 .1844 .1836 .1828 .1820 .1812
21 .1800 .1792 .1784 .1776 .1768 .1760 .1752 .1744 .1736 .1728 .1720 .1712
22 .1700 .1692 .1684 .1676 .1668 .1660 .1652 .1644 .1636 .1628 .1620 .1612
23 .1600 .1592 .1584 .1576 .1568 .1560 .1552 .1544 .1536 .1528 .1520 .1512
24 .1500 .1492 .1484 .1476 .1468 .1460 .1452 .1444 .1436 .1428 .1420 .1412
25 .1400 .1392 .1384 .1376 .1368 .1360 .1352 .1344 .1336 .1328 .1320 .1312
26 .1300 .1292 .1284 .1276 .1268 .1260 .1252 .1244 .1236 .1228 .1220 .1212
27 .1200 .1192 .1184 .1176 .1168 .1160 .1152 .1144 .1136 .1128 .1120 .1112
28 .1100 .1092 .1084 .1076 .1068 .1060 .1052 .1044 .1036 .1028 .1020 .1012
29 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
30 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
31 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
32 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
33 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
34 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
35 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
36 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
37 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
38 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
39 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
40 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000

     (6) Table - Early retirement factors (ERF) for these systems/plans: PERS Plans 2 and 3, SERS Plans 2 and 3, TRS Plans 2 and 3, and PERS Plan 1 vested/terminated members:

Yrs Early Month 0 Month1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
0 1.000 .9925 .9850 .9775 .9700 .9625 .9550 .9475 .9400 .9325 .9250 .9175
1 .9100 .9025 .8950 .8875 .8800 .8725 .8650 .8575 .8500 .8425 .8350 .8275
2 .8200 .8125 .8050 .7975 .7900 .7825 .7750 .7675 .7600 .7525 .7450 .7375
3 .7300 .7250 .7200 .7150 .7100 .7050 .7000 .6950 .6900 .6850 .6800 .6750
4 .6700 .6650 .6600 .6550 .6500 .6450 .6400 .6350 .6300 .6250 .6200 .6150
5 .6100 .6050 .6000 .5950 .5900 .5850 .5800 .5750 .5700 .5650 .5600 .5550
6 .5500 .5450 .5400 .5350 .5300 .5250 .5200 .5150 .5100 .5050 .5000 .4950
7 .4900 .4850 .4800 .4750 .4700 .4650 .4600 .4550 .4500 .4450 .4400 .4350
8 .4300 .4275 .4250 .4225 .4200 .4175 .4150 .4125 .4100 .4075 .4050 .4025
9 .4000 .3975 .3950 .3925 .3900 .3875 .3850 .3825 .3800 .3775 .3750 .3725
10 .3700 .3675 .3650 .3625 .3600 .3575 .3550 .3525 .3500 .3475 .3450 .3425
11 .3400 .3375 .3350 .3325 .3300 .3275 .3250 .3225 .3200 .3175 .3150 .3125
12 .3100 .3075 .3050 .3025 .3000 .2975 .2950 .2925 .2900 .2875 .2850 .2825
13 .2800 .2783 .2766 .2749 .2732 .2715 .2698 .2681 .2664 .2647 .2630 .2613
14 .2600 .2583 .2566 .2549 .2532 .2515 .2498 .2481 .2464 .2447 .2430 .2413
15 .2400 .2383 .2366 .2349 .2332 .2315 .2298 .2281 .2264 .2247 .2230 .2213
16 .2200 .2183 .2166 .2149 .2132 .2115 .2098 .2081 .2064 .2047 .2030 .2013
17 .2000 .1983 .1966 .1949 .1932 .1915 .1898 .1881 .1864 .1847 .1830 .1813
18 .1800 .1792 .1784 .1776 .1768 .1760 .1752 .1744 .1736 .1728 .1720 .1712
19 .1700 .1692 .1684 .1676 .1668 .1660 .1652 .1644 .1636 .1628 .1620 .1612
20 .1600 .1592 .1584 .1576 .1568 .1560 .1552 .1544 .1536 .1528 .1520 .1512
21 .1500 .1492 .1484 .1476 .1468 .1460 .1452 .1444 .1436 .1428 .1420 .1412
22 .1400 .1392 .1384 .1376 .1368 .1360 .1352 .1344 .1336 .1328 .1320 .1312
23 .1300 .1292 .1284 .1276 .1268 .1260 .1252 .1244 .1236 .1228 .1220 .1212
24 .1200 .1192 .1184 .1176 .1168 .1160 .1152 .1144 .1136 .1128 .1120 .1112
25 .1100 .1092 .1084 .1076 .1068 .1060 .1052 .1044 .1036 .1028 .1020 .1012
26 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
27 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
28 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
29 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
30 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
31 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
32 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
33 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
34 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
35 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
36 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
37 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
38 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
39 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
40 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
41 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
42 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
43 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
44 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000
45 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000 .1000

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NEW SECTION
WAC 415-02-340   Monthly benefit per $1.00 of accumulation for defined benefit plans.   (1) How does the department use the information in the table called "monthly benefit per $1.00 of accumulation for defined benefit plans"? The department uses this information to:

     (a) Determine what a future lifetime monthly benefit is worth in present-day dollars;

     (b) Determine the equivalent value of a lump sum when compared with monthly payments; and

     (c) Reduce the monthly retirement benefit in TRS Plan 1 if you take a lump sum cash out for some or all of your funds.2

2This option is only available in TRS Plan 1.

     (2) What type of information is in this table? The information in this table reflects the expected duration of lifetime payments for recipients over a range of ages. These values differ by system and plan, and all reflect an assumed rate of return of 8.0%.3

3The younger a person is, the longer the anticipated lifetime of payments would be, and the greater the sum required to provide for these payments. Put another way, the amount of monthly lifetime benefit that a present-day dollar buys goes up as the remaining life expectancy of the recipient goes down.

     (3) Examples

     (a) Example (a):

     Celina is a 65-year-old PERS Plan 2 member who is eligible to receive $45.00 per month. She wants to know how much money she could receive if she accepted a lump sum payment instead. Celina looks at the row in the table for age 65 in the PERS Plan 2 column and learns that $0.0072458 per month for life is equivalent to one dollar in cash for this system, plan, and age class. Celina divides $45.00 by 0.0072458 and learns that her lump sum payment would be $6,210.49.

     (b) Example (b):

     Fred is a 58-year-old TRS Plan 1 member. The balance in Fred's account is $124,934.00. Upon retirement, Fred chooses to withdraw the $124,934.00 (as only members of TRS Plan 1 can do). From the row in the table for age 58 in the TRS Plan 1 column, Fred learns that $0.0077573 per month for life is the equivalent to one dollar in cash for this system, plan, and age class. Fred multiplies the lump sum cash-out amount of $124,934.00 by 0.0077573, and learns that his monthly retirement will be reduced by $969.15 per month because of the lump sum cash out made at retirement.

     (4) Table - Monthly benefit per $1.00 of accumulation for defined benefit plans:

     Based on the 1995-2000 actuarial experience study monthly benefit per $1.00 of accumulation defined benefit (DB) single life pension:

Age LEOFF 1 LEOFF 2 PERS 1 PERS 2/3 SERS 2/3 TRS 1 TRS 2/3 WSPRS 2
20 0.0039835 0.0043310 0.0065444 0.0043102 0.0042786 0.0065267 0.0042774 0.0043319
21 0.0039997 0.0043459 0.0065518 0.0043243 0.0042911 0.0065329 0.0042897 0.0043469
22 0.0040168 0.0043615 0.0065598 0.0043390 0.0043042 0.0065396 0.0043027 0.0043626
23 0.0040347 0.0043780 0.0065684 0.0043546 0.0043181 0.0065468 0.0043165 0.0043791
24 0.0040535 0.0043955 0.0065778 0.0043710 0.0043327 0.0065546 0.0043309 0.0043966
25 0.0040734 0.0044139 0.0065878 0.0043884 0.0043481 0.0065630 0.0043462 0.0044150
26 0.0040943 0.0044333 0.0065987 0.0044067 0.0043644 0.0065720 0.0043622 0.0044346
27 0.0041163 0.0044539 0.0066105 0.0044261 0.0043816 0.0065818 0.0043792 0.0044552
28 0.0041396 0.0044757 0.0066232 0.0044466 0.0043997 0.0065924 0.0043971 0.0044771
29 0.0041641 0.0044988 0.0066370 0.0044682 0.0044189 0.0066038 0.0044161 0.0045002
30 0.0041899 0.0045231 0.0066517 0.0044911 0.0044391 0.0066162 0.0044361 0.0045246
31 0.0042171 0.0045488 0.0066676 0.0045152 0.0044605 0.0066295 0.0044572 0.0045503
32 0.0042456 0.0045758 0.0066845 0.0045405 0.0044830 0.0066438 0.0044795 0.0045774
33 0.0042755 0.0046042 0.0067025 0.0045672 0.0045067 0.0066592 0.0045031 0.0046059
34 0.0043069 0.0046340 0.0067217 0.0045952 0.0045316 0.0066756 0.0045278 0.0046358
35 0.0043398 0.0046654 0.0067421 0.0046247 0.0045578 0.0066930 0.0045539 0.0046672
36 0.0043745 0.0046984 0.0067639 0.0046558 0.0045854 0.0067116 0.0045812 0.0047004
37 0.0044109 0.0047333 0.0067873 0.0046886 0.0046145 0.0067315 0.0046101 0.0047353
38 0.0044494 0.0047701 0.0068123 0.0047233 0.0046452 0.0067527 0.0046404 0.0047723
39 0.0044900 0.0048091 0.0068393 0.0047600 0.0046777 0.0067754 0.0046725 0.0048114
40 0.0045330 0.0048505 0.0068682 0.0047988 0.0047120 0.0067998 0.0047065 0.0048529
41 0.0045784 0.0048944 0.0068994 0.0048400 0.0047483 0.0068261 0.0047423 0.0048969
42 0.0046266 0.0049409 0.0069329 0.0048837 0.0047868 0.0068543 0.0047803 0.0049436
43 0.0046777 0.0049904 0.0069690 0.0049300 0.0048275 0.0068846 0.0048206 0.0049932
44 0.0047319 0.0050430 0.0070078 0.0049791 0.0048706 0.0069172 0.0048632 0.0050460
45 0.0047894 0.0050989 0.0070495 0.0050312 0.0049163 0.0069523 0.0049084 0.0051021
46 0.0048504 0.0051584 0.0070945 0.0050866 0.0049647 0.0069900 0.0049562 0.0051617
47 0.0049153 0.0052218 0.0071429 0.0051455 0.0050161 0.0070305 0.0050070 0.0052253
48 0.0049844 0.0052894 0.0071953 0.0052082 0.0050707 0.0070740 0.0050609 0.0052932
49 0.0050581 0.0053617 0.0072519 0.0052752 0.0051287 0.0071210 0.0051183 0.0053657
50 0.0051368 0.0054390 0.0073132 0.0053466 0.0051905 0.0071717 0.0051793 0.0054432
51 0.0052210 0.0055218 0.0073796 0.0054231 0.0052564 0.0072265 0.0052444 0.0055264
52 0.0053104 0.0056098 0.0074510 0.0055044 0.0053265 0.0072858 0.0053139 0.0056147
53 0.0054060 0.0057042 0.0075283 0.0055914 0.0054014 0.0073500 0.0053881 0.0057094
54 0.0055084 0.0058054 0.0076121 0.0056846 0.0054813 0.0074191 0.0054671 0.0058110
55 0.0056182 0.0059141 0.0077029 0.0057845 0.0055668 0.0074939 0.0055515 0.0059201
56 0.0057354 0.0060302 0.0078008 0.0058912 0.0056581 0.0075749 0.0056420 0.0060367
57 0.0058601 0.0061539 0.0079058 0.0060049 0.0057557 0.0076627 0.0057388 0.0061608
58 0.0059937 0.0062865 0.0080192 0.0061265 0.0058600 0.0077573 0.0058422 0.0062940
59 0.0061368 0.0064287 0.0081415 0.0062566 0.0059712 0.0078589 0.0059524 0.0064368
60 0.0062900 0.0065812 0.0082732 0.0063959 0.0060901 0.0079685 0.0060703 0.0065898
61 0.0064540 0.0067444 0.0084149 0.0065448 0.0062172 0.0080866 0.0061963 0.0067538
62 0.0066294 0.0069191 0.0085668 0.0067036 0.0063529 0.0082138 0.0063311 0.0069292
63 0.0068167 0.0071058 0.0087294 0.0068729 0.0064976 0.0083506 0.0064751 0.0071168
64 0.0070165 0.0073050 0.0089030 0.0070531 0.0066517 0.0084970 0.0066285 0.0073169
65 0.0072307 0.0075186 0.0090893 0.0072458 0.0068158 0.0086537 0.0067919 0.0075315
66 0.0074600 0.0077474 0.0092891 0.0074517 0.0069903 0.0088208 0.0069657 0.0077614
67 0.0077052 0.0079921 0.0095028 0.0076715 0.0071765 0.0090000 0.0071514 0.0080073
68 0.0079692 0.0082556 0.0097332 0.0079076 0.0073755 0.0091921 0.0073497 0.0082721
69 0.0082539 0.0085400 0.0099823 0.0081620 0.0075879 0.0093974 0.0075612 0.0085580
70 0.0085622 0.0088479 0.0102523 0.0084366 0.0078162 0.0096186 0.0077883 0.0088676
71 0.0088938 0.0091793 0.0105419 0.0087308 0.0080615 0.0098577 0.0080327 0.0092008
72 0.0092539 0.0095393 0.0108558 0.0090487 0.0083261 0.0101166 0.0082964 0.0095628
73 0.0096446 0.0099300 0.0111955 0.0093919 0.0086093 0.0103939 0.0085784 0.0099559
74 0.0100684 0.0103538 0.0115628 0.0097624 0.0089142 0.0106939 0.0088826 0.0103824
75 0.0105280 0.0108135 0.0119604 0.0101627 0.0092422 0.0110180 0.0092104 0.0108451
76 0.0110267 0.0113124 0.0123914 0.0105960 0.0095951 0.0113678 0.0095637 0.0113472
77 0.0115688 0.0118547 0.0128599 0.0110662 0.0099757 0.0117460 0.0099450 0.0118933
78 0.0121597 0.0124460 0.0133705 0.0115778 0.0103875 0.0121558 0.0103575 0.0124885
79 0.0128051 0.0130919 0.0139278 0.0121352 0.0108344 0.0126012 0.0108049 0.0131389
80 0.0135111 0.0137984 0.0145368 0.0127433 0.0113202 0.0130863 0.0112914 0.0138505
81 0.0142843 0.0145725 0.0152030 0.0134074 0.0118492 0.0136157 0.0118211 0.0146303
82 0.0151240 0.0154130 0.0159279 0.0141293 0.0124242 0.0141938 0.0123986 0.0154769
83 0.0160353 0.0163252 0.0167162 0.0149136 0.0130497 0.0148256 0.0130286 0.0163958
84 0.0170241 0.0173149 0.0175726 0.0157650 0.0137302 0.0155137 0.0137139 0.0173927
85 0.0180966 0.0183884 0.0185016 0.0166876 0.0144701 0.0162628 0.0144589 0.0184740
86 0.0192583 0.0195513 0.0195059 0.0176841 0.0152736 0.0170771 0.0152680 0.0196456
87 0.0205119 0.0208062 0.0205851 0.0187541 0.0161432 0.0179605 0.0161446 0.0209102
88 0.0218550 0.0221507 0.0217347 0.0198932 0.0170791 0.0189147 0.0170905 0.0222656
89 0.0232781 0.0235752 0.0229444 0.0210916 0.0180779 0.0199388 0.0181048 0.0237021
90 0.0247625 0.0250609 0.0241977 0.0223336 0.0191323 0.0210275 0.0191823 0.0252008
91 0.0262789 0.0265782 0.0254717 0.0235975 0.0202301 0.0221705 0.0203134 0.0267317
92 0.0278427 0.0281429 0.0267640 0.0248804 0.0213620 0.0233525 0.0214834 0.0283116
93 0.0294384 0.0297392 0.0280581 0.0261661 0.0225126 0.0245532 0.0226729 0.0299249
94 0.0310505 0.0313517 0.0293389 0.0274402 0.0236656 0.0257646 0.0238739 0.0315562
95 0.0326651 0.0329665 0.0305940 0.0286908 0.0248057 0.0269704 0.0250708 0.0331914
96 0.0342704 0.0345719 0.0318149 0.0299099 0.0259197 0.0281559 0.0262493 0.0348186
97 0.0358572 0.0361585 0.0329987 0.0310951 0.0269980 0.0293096 0.0273986 0.0364281
98 0.0374173 0.0377185 0.0341503 0.0322517 0.0280348 0.0304239 0.0285118 0.0380114
99 0.0389423 0.0392433 0.0352857 0.0333956 0.0290309 0.0314979 0.0295884 0.0395582

[]


NEW SECTION
WAC 415-02-360   What is the optional cost-of-living adjustment (COLA) for PERS Plan 1 and TRS Plan 1?   (1) At the time of retirement, if you are a PERS Plan 1 or TRS Plan 1 member, you can choose initially reduced retirement payment benefits that will provide you with annual cost of living adjustments in the future.

     For more information, see:

     PERS Plan 1: RCW 41.40.188 (1)(e); WAC 415-108-326(4)

     TRS Plan 1: RCW 41.32.530 (1)(d); WAC 415-112-727(4)

     (2) By opting to receive a lower dollar amount at the beginning of your retirement, you will receive a progressively higher amount as the payments continue.

     (3) Examples

     (a) Example (a):

     Ernie, a TRS Plan 1 member, retires at age 55 with 30 years of service and chooses the COLA option. TRS Plan 1 provides two percent (.02) of average final compensation (AFC) per year of service. At the time he retires, Ernie's AFC is $4,295.33. As shown in the "Plan 1 Optional COLA" table below, Ernie would receive 0.7408 of his normal retirement benefit as the starting amount of the COLA-protected benefit. TRS would calculate the benefit as follows: 30.00 (years of service credit) x .02 x $4,295.33 (AFC) = $2,577.20 (monthly benefit without the COLA option). TRS would then multiply $2,577.20 x .7408 = $1,909.19 (the COLA-protected starting benefit Ernie would receive).

     (b) Example (b):

     Tina is a PERS Plan 1 member with 30 years of service credit at age 52 and eight months. Because she has reached 30 years of service, there is no reduction for an early retirement. However, Tina chooses the optional COLA. Tina would receive .7388 of her normal retirement benefit as the starting amount of the COLA-protected benefit. Her normal retirement benefit is $2,295.00; her COLA-reduced benefit will be $1,695.55.

     (4) Table - The optional cost-of-living adjustment (COLA) table is based on the 1995-2000 actuarial experience study.

     Use these factors to convert from standard option monthly benefit payments without a COLA to the same option with a COLA.

Plan 1 Optional COLA

Age PERS 1 Factor TRS 1 Factor Age PERS 1 Factor TRS 1 Factor
20 0.6586 0.6554 61 0.7778 0.7662
21 0.6600 0.6566 62 0.7825 0.7708
22 0.6615 0.6580 63 0.7873 0.7754
23 0.6630 0.6593 64 0.7922 0.7801
24 0.6645 0.6607 65 0.7972 0.7849
25 0.6661 0.6622 66 0.8022 0.7897
26 0.6678 0.6638 67 0.8073 0.7946
27 0.6696 0.6654 68 0.8124 0.7996
28 0.6714 0.6670 69 0.8176 0.8046
29 0.6732 0.6687 70 0.8229 0.8097
30 0.6752 0.6705 71 0.8282 0.8149
31 0.6772 0.6723 72 0.8335 0.8201
32 0.6793 0.6742 73 0.8389 0.8253
33 0.6814 0.6762 74 0.8443 0.8306
34 0.6836 0.6783 75 0.8497 0.8359
35 0.6859 0.6804 76 0.8551 0.8413
36 0.6883 0.6826 77 0.8605 0.8467
37 0.6908 0.6849 78 0.8659 0.8521
38 0.6933 0.6872 79 0.8713 0.8575
39 0.6960 0.6896 80 0.8766 0.8628
40 0.6987 0.6921 81 0.8819 0.8682
41 0.7015 0.6947 82 0.8871 0.8735
42 0.7044 0.6974 83 0.8922 0.8788
43 0.7074 0.7002 84 0.8971 0.8840
44 0.7105 0.7031 85 0.9020 0.8891
45 0.7137 0.7060 86 0.9066 0.8941
46 0.7170 0.7091 87 0.9111 0.8989
47 0.7204 0.7122 88 0.9153 0.9036
48 0.7238 0.7154 89 0.9192 0.9080
49 0.7274 0.7188 90 0.9230 0.9123
50 0.7311 0.7222 91 0.9264 0.9162
51 0.7349 0.7256 92 0.9296 0.9200
52 0.7388 0.7293 93 0.9326 0.9234
53 0.7427 0.7331 94 0.9353 0.9266
54 0.7468 0.7369 95 0.9378 0.9296
55 0.7510 0.7408 96 0.9401 0.9323
56 0.7552 0.7448 97 0.9423 0.9348
57 0.7595 0.7489 98 0.9444 0.9372
58 0.7640 0.7531 99 0.9464 0.9394
59 0.7685 0.7574
60 0.7731 0.7618

[]


NEW SECTION
WAC 415-02-380   Survivor options factors.   (1) What is a "surviving beneficiary"? A surviving beneficiary is a person you designate when you retire who will receive benefit payments for the duration of his or her life, beginning at your death.

     (2) Will selecting a surviving beneficiary affect my retirement benefits? Yes. Retirees who select a surviving beneficiary retirement option receive smaller benefit payments upon retirement than those retirees who do not select this option.

     (3) Does it matter if I am married? Yes. If you are married, you must provide your spouse's written consent to the option you select. If you are married, and you and your spouse do not give written consent to an option, the department will pay you a joint and fifty percent survivor benefit and record your spouse as the beneficiary. For details, please review:

LEOFF Plan 2: RCW 41.26.460(2) WAC 415-104-211 and 415-104-215
PERS Plan 1: RCW 41.40.188(2) WAC 415-108-324 and 415-108-326
PERS Plan 2: RCW 41.40.660(2) WAC 415-108-324 and 415-108-326
PERS Plan 3: RCW 41.40.845(2) WAC 415-108-324 and 415-108-326
SERS Plans 2/3: RCW 41.35.220(2) WAC 415-110-324 and 415-110-326
TRS Plan 1: RCW 41.32.530(2) WAC 415-112-710 to 415-112-727
TRS Plan 2: RCW 41.32.785(2) WAC 415-112-710 to 415-112-727
TRS Plan 3: RCW 41.32.851(2) WAC 415-112-710 to 415-112-727
WSPRS Plan 2: RCW 43.43.271(2) WAC 415-103-225

     (4) Why does the surviving beneficiary's age matter? The surviving beneficiary's age is used in determining the amount of the payments. The younger the surviving beneficiary, the longer he or she is expected to receive payments. The monthly benefit must be reduced accordingly.

     (5) What are the survivor options? The survivor options are described in detail within each plan. For details, please see the list in subsection (3) of this section.

     To summarize:

     Option 2 - Joint and 100 percent survivorship

     Option 3 - Joint and 50 percent survivorship

     Option 4 - Joint and 66.67 percent survivorship

     (6) Examples

     (a) Example (a):

     Kendra, a PERS Plan 2 member, chooses Option 3 (joint and 50 percent survivorship) at retirement. She names her nephew, Steve, as her surviving beneficiary. This means that Steve would receive half of Kendra's benefit amount after Kendra's death. Steve is 30 years younger than Kendra. PERS would use the survivor option factor table ("member older") to calculate the adjustment. With a 30-year age difference (member minus beneficiary), the value corresponding to PERS Plan 2 and Option 3 is 0.753. This value, 0.753, is multiplied against the amount Kendra would have received under Option 1. Kendra's retirement benefits will be reduced to about 75% of her Option 1 level.

     (b) Example (b):

     Mark, a LEOFF Plan 2 member, chooses Option 2 (joint and 100 percent survivorship) at retirement. He names his wife, Susan, as his surviving beneficiary. This means Susan would receive the same benefit amount Mark had received prior to his death. Mark is five years younger than Susan. LEOFF would use the survivor option factors table ("member younger") to calculate the adjustment for the age difference. With a 5-year age difference (member minus beneficiary), the value corresponding to LEOFF Plan 2 and Option 2 is 0.894. This value, 0.894, will be multiplied against the amount Mark would have received under Option 1. Mark's retirement benefits will be reduced to about 89 percent of his Option 1 level.

     (7) Table - Member older (PERS and SERS)

     Survivor option factor: Member older than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference PERS 1 Opt. 2 100% PERS 1 Opt. 3 50% PERS 1 Opt. 4

66 2/3%

 PERS 2/3 Opt. 2 100% PERS 2/3 Opt. 3 50% PERS 2/3 Opt. 4

66 2/3%

 SERS 2/3 Opt. 2 100% SERS 2/3 Opt. 3 50% SERS 2/3 Opt. 4

66 2/3%
0 .870 .930 .909 .791 .883 .850 .799 .888 .857
1 .862 .926 .904 .778 .875 .840 .773 .872 .836
2 .857 .923 .900 .767 .868 .832 .760 .864 .826
3 .844 .915 .890 .758 .863 .825 .748 .856 .816
4 .840 .913 .887 .751 .858 .819 .741 .851 .811
5 .836 .910 .884 .743 .853 .813 .734 .846 .805
6 .831 .908 .881 .736 .848 .807 .726 .841 .799
7 .818 .900 .871 .728 .843 .801 .719 .836 .793
8 .814 .897 .867 .721 .838 .795 .712 .832 .787
9 .809 .895 .864 .713 .833 .789 .705 .827 .782
10 .805 .892 .861 .706 .828 .783 .698 .822 .776
11 .802 .890 .858 .699 .823 .777 .692 .818 .771
12 .787 .881 .847 .693 .818 .772 .685 .813 .766
13 .784 .879 .845 .686 .814 .766 .679 .809 .760
14 .780 .876 .842 .680 .809 .761 .673 .805 .755
15 .777 .874 .839 .673 .805 .756 .667 .800 .750
16 .773 .872 .836 .667 .801 .751 .662 .796 .746
17 .770 .870 .834 .662 .796 .746 .656 .792 .741
18 .767 .868 .832 .656 .792 .741 .651 .789 .737
19 .764 .866 .829 .651 .788 .736 .646 .785 .732
20 .762 .865 .827 .645 .785 .732 .641 .781 .728
21 .759 .863 .825 .640 .781 .728 .637 .778 .724
22 .756 .861 .823 .636 .777 .724 .632 .775 .720
23 .754 .860 .821 .631 .774 .720 .628 .771 .717
24 .752 .858 .820 .627 .771 .716 .624 .768 .713
25 .750 .857 .818 .622 .767 .712 .620 .765 .710
26 .748 .856 .817 .618 .764 .709 .616 .762 .707
27 .746 .855 .815 .615 .761 .705 .613 .760 .703
28 .744 .853 .814 .611 .758 .702 .609 .757 .700
29 .743 .852 .812 .607 .756 .699 .606 .755 .697
30 .741 .851 .811 .604 .753 .696 .603 .752 .695
31 .740 .850 .810 .601 .751 .693 .600 .750 .692
32 .738 .849 .809 .598 .748 .690 .597 .748 .690
33 .737 .849 .808 .595 .746 .688 .594 .745 .687
34 .736 .848 .807 .592 .744 .685 .592 .743 .685
35 .735 .847 .806 .589 .742 .683 .589 .741 .683
36 .734 .846 .805 .587 .740 .680 .587 .740 .680
37 .733 .846 .804 .584 .738 .678 .585 .738 .678
38 .732 .845 .804 .582 .736 .676 .582 .736 .677
39 .731 .844 .803 .580 .734 .674 .580 .734 .675
40 .730 .844 .802 .578 .732 .672 .578 .733 .673

     (8) Table - Member younger (PERS and SERS)

     Survivor option factors: Member younger than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference PERS 1 Opt. 2 100% PERS 1 Opt. 3 50% PERS 1 Opt. 4

66 2/3%

 PERS 2/3 Opt. 2 100% PERS 2/3 Opt. 3 50% PERS 2/3 Opt. 4

66 2/3%

 SERS 2/3 Opt. 2 100% SERS 2/3 Opt. 3 50% SERS 2/3 Opt. 4

66 2/3%
-20 .958 .978 .971 .939 .969 .959 .949 .974 .965
-19 .955 .977 .970 .935 .967 .956 .946 .972 .963
-18 .952 .976 .968 .931 .964 .953 .942 .970 .961
-17 .949 .974 .966 .927 .962 .950 .938 .968 .958
-16 .947 .973 .964 .922 .959 .947 .934 .966 .955
-15 .944 .971 .962 .917 .957 .943 .930 .964 .952
-14 .940 .969 .959 .912 .954 .940 .926 .961 .949
-13 .937 .968 .957 .907 .951 .936 .921 .959 .946
-12 .934 .966 .955 .902 .948 .932 .917 .956 .943
-11 .930 .964 .953 .896 .945 .928 .912 .954 .939
-10 .927 .962 .950 .890 .942 .924 .907 .951 .936
-9 .923 .960 .948 .884 .938 .919 .901 .948 .932
-8 .920 .958 .945 .878 .935 .915 .896 .945 .928
-7 .916 .956 .942 .871 .931 .910 .890 .942 .924
-6 .912 .954 .940 .865 .927 .905 .885 .939 .920
-5 .908 .952 .937 .858 .924 .901 .879 .935 .916
-4 .901 .948 .931 .848 .918 .893 .873 .932 .911
-3 .896 .945 .928 .840 .913 .887 .863 .927 .905
-2 .889 .941 .923 .826 .905 .877 .853 .920 .897
-1 .879 .935 .916 .805 .892 .861 .834 .909 .883
0 .870 .930 .909 .791 .883 .850 .799 .888 .857

     (9) Table - Member older (LEOFF Plan 2 and WSPRS Plan 2)

     Survivor option factors: Member older than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference LEOFF 2 Option 2

100%

 LEOFF 2 Option 3

50%

 LEOFF 2 Option 4

66 2/3%

 WSP 2

Option 2

100%

 WSP 2

Option 3

50%

 WSP 2

Option 4

66 2/3%
0 0.870 0.930 0.909 0.870 0.930 0.909
1 0.865 0.927 0.905 0.865 0.927 0.905
2 0.860 0.924 0.902 0.860 0.924 0.902
3 0.855 0.922 0.898 0.855 0.922 0.898
4 0.850 0.919 0.894 0.850 0.919 0.894
5 0.845 0.916 0.891 0.845 0.916 0.891
6 0.840 0.913 0.887 0.840 0.913 0.887
7 0.835 0.910 0.883 0.835 0.910 0.883
8 0.830 0.907 0.880 0.830 0.907 0.880
9 0.825 0.904 0.876 0.825 0.904 0.876
10 0.821 0.902 0.873 0.821 0.902 0.873
11 0.816 0.899 0.870 0.816 0.899 0.870
12 0.812 0.896 0.866 0.812 0.896 0.866
13 0.808 0.894 0.863 0.808 0.894 0.863
14 0.803 0.891 0.860 0.803 0.891 0.860
15 0.799 0.888 0.857 0.799 0.888 0.857
16 0.795 0.886 0.854 0.795 0.886 0.854
17 0.792 0.884 0.851 0.792 0.884 0.851
18 0.788 0.881 0.848 0.788 0.881 0.848
19 0.784 0.879 0.845 0.784 0.879 0.845
20 0.781 0.877 0.842 0.781 0.877 0.842
21 0.777 0.875 0.840 0.777 0.875 0.840
22 0.774 0.873 0.837 0.774 0.873 0.837
23 0.771 0.871 0.835 0.771 0.871 0.835
24 0.768 0.869 0.832 0.768 0.869 0.832
25 0.765 0.867 0.830 0.765 0.867 0.830
26 0.763 0.865 0.828 0.763 0.865 0.828
27 0.760 0.864 0.826 0.760 0.864 0.826
28 0.757 0.862 0.824 0.757 0.862 0.824
29 0.755 0.860 0.822 0.755 0.860 0.822
30 0.753 0.859 0.820 0.753 0.859 0.820
31 0.750 0.857 0.818 0.750 0.857 0.818
32 0.748 0.856 0.817 0.748 0.856 0.817
33 0.746 0.855 0.815 0.746 0.855 0.815
34 0.744 0.853 0.814 0.744 0.853 0.814
35 0.742 0.852 0.812 0.742 0.852 0.812
36 0.741 0.851 0.811 0.741 0.851 0.811
37 0.739 0.850 0.809 0.739 0.850 0.809
38 0.737 0.849 0.808 0.737 0.849 0.808
39 0.736 0.848 0.807 0.736 0.848 0.807
40 0.734 0.847 0.806 0.734 0.847 0.806

     (10) Table - Member younger (LEOFF Plan 2 and WSPRS Plan 2)

     Survivor option factors: Member younger than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference LEOFF 2 Option 2

100%

 LEOFF 2 Option 3

50%

 LEOFF 2 Option 4

66 2/3%

 WSP 2

Option 2

100%

 WSP 2

Option 3

50%

 WSP 2

Option 4

66 2/3%
-20 0.953 0.976 0.968 0.953 0.976 0.968
-19 0.950 0.974 0.966 0.950 0.974 0.966
-18 0.947 0.973 0.964 0.947 0.973 0.964
-17 0.944 0.971 0.962 0.944 0.971 0.962
-16 0.940 0.969 0.959 0.940 0.969 0.959
-15 0.937 0.967 0.957 0.937 0.967 0.957
-14 0.933 0.965 0.954 0.933 0.965 0.954
-13 0.929 0.963 0.952 0.929 0.963 0.952
-12 0.925 0.961 0.949 0.925 0.961 0.949
-11 0.921 0.959 0.946 0.921 0.959 0.946
-10 0.917 0.957 0.943 0.917 0.957 0.943
-9 0.913 0.954 0.940 0.913 0.954 0.940
-8 0.908 0.952 0.937 0.908 0.952 0.937
-7 0.904 0.949 0.934 0.904 0.949 0.934
-6 0.899 0.947 0.930 0.899 0.947 0.930
-5 0.894 0.944 0.927 0.894 0.944 0.927
-4 0.890 0.942 0.924 0.890 0.942 0.924
-3 0.885 0.939 0.920 0.885 0.939 0.920
-2 0.880 0.936 0.916 0.880 0.936 0.916
-1 0.875 0.933 0.913 0.875 0.933 0.913
0 0.870 0.930 0.909 0.870 0.930 0.909

     (11) Table - Member older (TRS)

     Survivor option factors: Member older than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference TRS 1

Option 2

100%

 TRS 1

Option 3

50%

 TRS 1 Option 4

66 2/3%

 TRS 2/3

Option 2

100%

 TRS 2/3

Option 3

50%

 TRS 2/3

Option 4

66 2/3%
-20 0.968 0.984 0.979 0.952 0.975 0.967
-19 0.966 0.983 0.977 0.949 0.974 0.965
-18 0.964 0.982 0.976 0.945 0.972 0.963
-17 0.962 0.981 0.974 0.942 0.970 0.960
-16 0.960 0.979 0.973 0.938 0.968 0.958
-15 0.957 0.978 0.971 0.934 0.966 0.955
-14 0.955 0.977 0.969 0.929 0.963 0.952
-13 0.952 0.976 0.968 0.925 0.961 0.949
-12 0.950 0.974 0.966 0.921 0.959 0.946
-11 0.947 0.973 0.964 0.916 0.956 0.942
-10 0.944 0.971 0.962 0.911 0.953 0.939
-9 0.942 0.970 0.960 0.906 0.951 0.935
-8 0.939 0.968 0.958 0.900 0.948 0.931
-7 0.936 0.967 0.956 0.895 0.945 0.927
-6 0.933 0.965 0.954 0.889 0.941 0.923
-5 0.927 0.962 0.950 0.884 0.938 0.919
-4 0.923 0.960 0.947 0.877 0.934 0.914
-3 0.918 0.957 0.944 0.865 0.928 0.906
-2 0.913 0.955 0.941 0.855 0.922 0.899
-1 0.907 0.951 0.936 0.839 0.912 0.887
0 0.898 0.946 0.930 0.815 0.898 0.869

     (12) Table - Member younger (TRS)

     Survivor option factors: Member younger than beneficiary

     Age difference: Member age minus beneficiary age

Age Difference TRS 1

Option 2

100%

 TRS 1

Option 3

50%

 TRS 1 Option 4

66 2/3%

 TRS 2/3

Option 2

100%

 TRS 2/3

Option 3

50%

 TRS 2/3

Option 4

66 2/3%
0 0.898 0.946 0.930 0.815 0.898 0.869
1 0.892 0.943 0.925 0.801 0.889 0.858
2 0.888 0.941 0.922 0.790 0.883 0.849
3 0.877 0.935 0.915 0.781 0.877 0.842
4 0.873 0.932 0.912 0.772 0.871 0.835
5 0.869 0.930 0.909 0.765 0.867 0.830
6 0.858 0.924 0.901 0.758 0.862 0.824
7 0.855 0.922 0.898 0.751 0.858 0.819
8 0.851 0.920 0.896 0.744 0.853 0.813
9 0.848 0.918 0.893 0.737 0.849 0.808
10 0.845 0.916 0.891 0.730 0.844 0.802
11 0.842 0.914 0.889 0.724 0.840 0.797
12 0.839 0.912 0.887 0.717 0.835 0.792
13 0.836 0.911 0.884 0.711 0.831 0.787
14 0.824 0.904 0.875 0.705 0.827 0.782
15 0.821 0.902 0.873 0.699 0.823 0.777
16 0.819 0.900 0.871 0.694 0.819 0.773
17 0.816 0.899 0.869 0.688 0.815 0.768
18 0.814 0.897 0.868 0.683 0.812 0.764
19 0.812 0.896 0.866 0.678 0.808 0.760
20 0.809 0.895 0.864 0.673 0.805 0.755
21 0.807 0.893 0.863 0.668 0.801 0.751
22 0.805 0.892 0.861 0.664 0.798 0.748
23 0.803 0.891 0.860 0.660 0.795 0.744
24 0.802 0.890 0.858 0.655 0.792 0.740
25 0.800 0.889 0.857 0.651 0.789 0.737
26 0.798 0.888 0.856 0.648 0.786 0.734
27 0.797 0.887 0.855 0.644 0.783 0.731
28 0.796 0.886 0.854 0.640 0.781 0.728
29 0.794 0.885 0.853 0.637 0.778 0.725
30 0.793 0.885 0.852 0.634 0.776 0.722
31 0.792 0.884 0.851 0.631 0.774 0.719
32 0.791 0.883 0.850 0.628 0.771 0.717
33 0.790 0.882 0.849 0.625 0.769 0.714
34 0.789 0.882 0.848 0.622 0.767 0.712
35 0.788 0.881 0.848 0.620 0.765 0.710
36 0.787 0.881 0.847 0.617 0.763 0.708
37 0.786 0.880 0.846 0.615 0.762 0.706
38 0.785 0.880 0.846 0.613 0.760 0.704
39 0.785 0.879 0.845 0.611 0.758 0.702
40 0.784 0.879 0.845 0.609 0.757 0.700

[]

OTS-5836.2


NEW SECTION
WAC 415-103-300   Actuarial tables, schedules, and factors.   See chapter 415-02 WAC starting with WAC 415-02-300 for the tables, schedules, and factors the department uses for calculating optional retirement allowances of members of the Washington state patrol retirement system plan 2.

[]

OTS-5864.2


AMENDATORY SECTION(Amending WSR 96-03-100, filed 1/19/96, effective 2/19/96)

WAC 415-104-108   Actuarial tables, schedules, and factors.   ((This chapter contains)) See chapter 415-02 WAC starting with WAC 415-02-300 for the tables, schedules, and factors ((adopted by the director of the department of retirement systems)) the department uses for calculating optional retirement allowances of members of the Washington state law enforcement officers' and fire fighters' retirement system. ((These tables, schedules, and factors were adopted by the director upon the recommendation of the state actuary based upon the actuary's investigation into the mortality, service, compensation, and other experience of the members and beneficiaries of the law enforcement officers' and fire fighters' retirement system.

     (1) Except as provided in subsection (2) of this section, the tables, schedules, and factors contained in this chapter shall govern the retirement allowances only of members retiring on or after January 1, 1996, until such time as these tables, schedules, and factors are amended by the director following the next actuarial investigation conducted by the state actuary. The retirement allowances of members retiring before January 1, 1996, shall continue to be governed by the tables, schedules, and factors in effect at the time of each member's retirement.

     (2) The early retirement factors govern the retirement allowances of members retiring on or after January 1, 1993.

     (3) Any new tables, schedules, and factors adopted by the director in the future shall govern retirement allowances only of members retiring after the effective date of such new tables, schedules, and factors.


LAW

ENFORCEMENT OFFICERS AND FIRE FIGHTERS RETIREMENT SYSTEM PLAN I

Monthly Benefit per

$1.00 of Accumulation

 LAW

ENFORCEMENT OFFICERS AND FIRE FIGHTERS RETIREMENT SYSTEM

PLAN II

Monthly Benefit per

$1.00 of Accumulation
20 .0025142 20 .0039808
21 .0025304 21 .0039997
22 .0025472 22 .0040196
23 .0025647 23 .0040405
24 .0025828 24 .0040624
25 .0026017 25 .0040855
26 .0026214 26 .0041098
27 .0026418 27 .0041353
28 .0026632 28 .0041622
29 .0026854 29 .0041905
30 .0027086 30 .0042204
31 .0027327 31 .0042518
32 .0027579 32 .0042850
33 .0027842 33 .0043200
34 .0028117 34 .0043569
35 .0028404 35 .0043958
36 .0028704 36 .0044370
37 .0029018 37 .0044805
38 .0029346 38 .0045266
39 .0029690 39 .0045752
40 .0030050 40 .0046267
41 .0030427 41 .0046810
42 .0030823 42 .0047384
43 .0031237 43 .0047988
44 .0031672 44 .0048626
45 .0032128 45 .0049298
46 .0032607 46 .0050007
47 .0033111 47 .0050753
48 .0033640 48 .0051539
49 .0034197 49 .0052369
50 .0034785 50 .0053245
51 .0035404 51 .0054172
52 .0036059 52 .0055155
53 .0036751 53 .0056199
54 .0037485 54 .0057310
55 .0038265 55 .0058496
56 .0039096 56 .0059764
57 .0039981 57 .0061122
58 .0040928 58 .0062578
59 .0041941 59 .0064139
60 .0043026 60 .0065811
61 .0044195 61 .0067600
62 .0045451 62 .0069511
63 .0046805 63 .0071548
64 .0048266 64 .0073714
65 .0049847 65 .0076011
66 .0051560 66 .0078441
67 .0053424 67 .0081009
68 .0055445 68 .0083721
69 .0057645 69 .0086591
70 .0060046 70 .0089634
71 .0062678 71 .0092866
72 .0065554 72 .0096299
73 .0068706 73 .0099940
74 .0072168 74 .0103786
75 .0075947 75 .0107825
76 .0080069 76 .0112040
77 .0084560 77 .0116408
78 .0089449 78 .0120905
79 .0094696 79 .0125511
80 .0100369 80 .0130204
81 .0106372 81 .0134944
82 .0112701 82 .0139758
83 .0119271 83 .0144609
84 .0126119 84 .0149489
85 .0133170 85 .0154388
86 .0140467 86 .0159282
87 .0147922 87 .0164153
88 .0155623 88 .0168983
89 .0163745 89 .0173754
90 .0172295 90 .0178441
91 .0181323 91 .0183008
92 .0190934 92 .0187436
93 .0201303 93 .0191730
94 .0212247 94 .0195820
95 .0223693 95 .0199697
96 .0236226 96 .0203443
97 .0250062 97 .0207038
98 .0265426 98 .0210462
99 .0282645 99 .0213706

LAW ENFORCEMENT OFFICERS AND FIRE

FIGHTERS RETIREMENT SYSTEM PLAN II

Early Retirement Factors

by Year and Month
0 0 1.000
1 .9921
2 .9843
3 .9764
4 .9686
5 .9607
6 .9529
7 .9450
8 .9372
9 .9293
10 .9215
11 .9136
1 0 .9058
1 .8988
2 .8918
3 .8847
4 .8777
5 .8707
6 .8637
7 .8567
8 .8496
9 .8426
10 .8356
11 .8286
2 0 .8216
1 .8153
2 .8090
3 .8027
4 .7964
5 .7902
6 .7839
7 .7776
8 .7713
9 .7650
10 .7587
11 .7524
3 0 .7462
1 .7405
2 .7349
3 .7292
4 .7236
5 .7180
6 .7123
7 .7067
8 .7011
9 .6954
10 .6898
11 .6841
4 0 .6785
1 .6734
2 .6684
3 .6633
4 .6582
5 .6532
6 .6481
7 .6430
8 .6379
9 .6329
10 .6278
11 .6227
5 0 .6177
1 .6131
2 .6085
3 .6040
4 .5994
5 .5949
6 .5903
7 .5857
8 .5812
9 .5766
10 .5720
11 .5675
6 0 .5629
1 .5588
2 .5547
3 .5506
4 .5465
5 .5423
6 .5382
7 .5341
8 .5300
9 .5259
10 .5218
11 .5177
7 0 .5135
1 .5098
2 .5061
3 .5024
4 .4987
5 .4950
6 .4912
7 .4875
8 .4838
9 .4801
10 .4764
11 .4727
8 0 .4689
1 .4656
2 .4622
3 .4589
4 .4555
5 .4521
6 .4488
7 .4454
8 .4421
9 .4387
10 .4353
11 .4320
9 0 .4286
1 .4256
2 .4225
3 .4195
4 .4164
5 .4134
6 .4104
7 .4073
8 .4043
9 .4012
10 .3982
11 .3951
10 0 .3921
1 .3893
2 .3866
3 .3838
4 .3811
5 .3783
6 .3755
7 .3728
8 .3700
9 .3673
10 .3645
11 .3617
11 0 .3590
1 .3565
2 .3540
3 .3515
4 .3490
5 .3465
6 .3439
7 .3414
8 .3389
9 .3364
10 .3339
11 .3314
12 0 .3289
1 .3266
2 .3244
3 .3221
4 .3198
5 .3175
6 .3153
7 .3130
8 .3107
9 .3084
10 .3061
11 .3039
13 0 .3016
1 .2995
2 .2975
3 .2954
4 .2933
5 .2912
6 .2892
7 .2871
8 .2850
9 .2830
10 .2809
11 .2788
14 0 .2767
1 .2748
2 .2730
3 .2711
4 .2692
5 .2673
6 .2654
7 .2635
8 .2616
9 .2598
10 .2579
11 .2560
15 0 .2541
1 .2524
2 .2507
3 .2489
4 .2472
5 .2455
6 .2438
7 .2420
8 .2403
9 .2386
10 .2369
11 .2352
16 0 .2334
1 .2319
2 .2303
3 .2287
4 .2272
5 .2256
6 .2240
7 .2225
8 .2209
9 .2193
10 .2177
11 .2162
17 0 .2146
1 .2132
2 .2117
3 .2103
4 .2089
5 .2074
6 .2060
7 .2046
8 .2031
9 .2017
10 .2003
11 .1988
18 0 .1974
1 .1961
2 .1948
3 .1935
4 .1922
5 .1908
6 .1895
7 .1882
8 .1869
9 .1856
10 .1843
11 .1830
19 0 .1817
1 .1805
2 .1793
3 .1781
4 .1769
5 .1757
6 .1745
7 .1733
8 .1721
9 .1709
10 .1697
11 .1685
20 0 .1673
1 .1662
2 .1651
3 .1640
4 .1629
5 .1618
6 .1607
7 .1596
8 .1585
9 .1574
10 .1563
11 .1552
21 0 .1541
1 .1531
2 .1521
3 .1511
4 .1501
5 .1491
6 .1481
7 .1470
8 .1460
9 .1450
10 .1440
11 .1430
22 0 .1420
1 .1411
2 .1402
3 .1392
4 .1383
5 .1374
6 .1365
7 .1356
8 .1346
9 .1337
10 .1328
11 .1319
23 0 .1309
1 .1301
2 .1292
3 .1284
4 .1276
5 .1267
6 .1259
7 .1250
8 .1242
9 .1233
10 .1225
11 .1216
24 0 .1208
1 .1200
2 .1192
3 .1184
4 .1177
5 .1169
6 .1161
7 .1153
8 .1146
9 .1138
10 .1130
11 .1122
25 0 .1115
1 .1107
2 .1100
3 .1093
4 .1086
5 .1079
6 .1072
7 .1065
8 .1057
9 .1050
10 .1043
11 .1036
26 0 .1029
1 .1022
2 .1016
3 .1009
4 .1003<