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WAC 415-02-340

 Agency filings affecting this section

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) For TRS Plan 1 only: Reduce the monthly retirement allowance if some or all of the funds in a member's account are taken in a lump sum payment.

     (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

3 The younger a person is, the longer the anticipated lifetime of payments would be, and the greater the sum required to provide for these payments. The amount of monthly lifetime benefit that a present-day dollar buys increases as the remaining life expectancy of the recipient decreases.
     (3)(a) Example:

     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 would 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:

     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 and still receive a monthly allowance). 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 $124,934.00 by 0.0077573, and learns that his monthly retirement allowance will be reduced by $969.15 per month if he withdraws his account balance.

     (4) Table1 - Monthly benefit per $1.00 of accumulation for defined benefit plans:


Age LEOFF 1 LEOFF 2 PERS 1 PERS 2/3 PSERS SERS 2/3 TRS 1 TRS 2/3 WSPRS 2
20 0.0039835 0.0043310 0.0065444 0.0043102 0.0043248 0.0042786 0.0065267 0.0042774 0.0043319
21 0.0039997 0.0043459 0.0065518 0.0043243 0.0043395 0.0042911 0.0065329 0.0042897 0.0043469
22 0.0040168 0.0043615 0.0065598 0.0043390 0.0043549 0.0043042 0.0065396 0.0043027 0.0043626
23 0.0040347 0.0043780 0.0065684 0.0043546 0.0043711 0.0043181 0.0065468 0.0043165 0.0043791
24 0.0040535 0.0043955 0.0065778 0.0043710 0.0043882 0.0043327 0.0065546 0.0043309 0.0043966
25 0.0040734 0.0044139 0.0065878 0.0043884 0.0044063 0.0043481 0.0065630 0.0043462 0.0044150
26 0.0040943 0.0044333 0.0065987 0.0044067 0.0044255 0.0043644 0.0065720 0.0043622 0.0044346
27 0.0041163 0.0044539 0.0066105 0.0044261 0.0044457 0.0043816 0.0065818 0.0043792 0.0044552
28 0.0041396 0.0044757 0.0066232 0.0044466 0.0044671 0.0043997 0.0065924 0.0043971 0.0044771
29 0.0041641 0.0044988 0.0066370 0.0044682 0.0044897 0.0044189 0.0066038 0.0044161 0.0045002
30 0.0041899 0.0045231 0.0066517 0.0044911 0.0045136 0.0044391 0.0066162 0.0044361 0.0045246
31 0.0042171 0.0045488 0.0066676 0.0045152 0.0045388 0.0044605 0.0066295 0.0044572 0.0045503
32 0.0042456 0.0045758 0.0066845 0.0045405 0.0045653 0.0044830 0.0066438 0.0044795 0.0045774
33 0.0042755 0.0046042 0.0067025 0.0045672 0.0045932 0.0045067 0.0066592 0.0045031 0.0046059
34 0.0043069 0.0046340 0.0067217 0.0045952 0.0046225 0.0045316 0.0066756 0.0045278 0.0046358
35 0.0043398 0.0046654 0.0067421 0.0046247 0.0046533 0.0045578 0.0066930 0.0045539 0.0046672
36 0.0043745 0.0046984 0.0067639 0.0046558 0.0046857 0.0045854 0.0067116 0.0045812 0.0047004
37 0.0044109 0.0047333 0.0067873 0.0046886 0.0047200 0.0046145 0.0067315 0.0046101 0.0047353
38 0.0044494 0.0047701 0.0068123 0.0047233 0.0047562 0.0046452 0.0067527 0.0046404 0.0047723
39 0.0044900 0.0048091 0.0068393 0.0047600 0.0047945 0.0046777 0.0067754 0.0046725 0.0048114
40 0.0045330 0.0048505 0.0068682 0.0047988 0.0048351 0.0047120 0.0067998 0.0047065 0.0048529
41 0.0045784 0.0048944 0.0068994 0.0048400 0.0048782 0.0047483 0.0068261 0.0047423 0.0048969
42 0.0046266 0.0049409 0.0069329 0.0048837 0.0049239 0.0047868 0.0068543 0.0047803 0.0049436
43 0.0046777 0.0049904 0.0069690 0.0049300 0.0049724 0.0048275 0.0068846 0.0048206 0.0049932
44 0.0047319 0.0050430 0.0070078 0.0049791 0.0050240 0.0048706 0.0069172 0.0048632 0.0050460
45 0.0047894 0.0050989 0.0070495 0.0050312 0.0050787 0.0049163 0.0069523 0.0049084 0.0051021
46 0.0048504 0.0051584 0.0070945 0.0050866 0.0051370 0.0049647 0.0069900 0.0049562 0.0051617
47 0.0049153 0.0052218 0.0071429 0.0051455 0.0051990 0.0050161 0.0070305 0.0050070 0.0052253
48 0.0049844 0.0052894 0.0071953 0.0052082 0.0052652 0.0050707 0.0070740 0.0050609 0.0052932
49 0.0050581 0.0053617 0.0072519 0.0052752 0.0053358 0.0051287 0.0071210 0.0051183 0.0053657
50 0.0051368 0.0054390 0.0073132 0.0053466 0.0054114 0.0051905 0.0071717 0.0051793 0.0054432
51 0.0052210 0.0055218 0.0073796 0.0054231 0.0054923 0.0052564 0.0072265 0.0052444 0.0055264
52 0.0053104 0.0056098 0.0074510 0.0055044 0.0055783 0.0053265 0.0072858 0.0053139 0.0056147
53 0.0054060 0.0057042 0.0075283 0.0055914 0.0056704 0.0054014 0.0073500 0.0053881 0.0057094
54 0.0055084 0.0058054 0.0076121 0.0056846 0.0057692 0.0054813 0.0074191 0.0054671 0.0058110
55 0.0056182 0.0059141 0.0077029 0.0057845 0.0058752 0.0055668 0.0074939 0.0055515 0.0059201
56 0.0057354 0.0060302 0.0078008 0.0058912 0.0059885 0.0056581 0.0075749 0.0056420 0.0060367
57 0.0058601 0.0061539 0.0079058 0.0060049 0.0061091 0.0057557 0.0076627 0.0057388 0.0061608
58 0.0059937 0.0062865 0.0080192 0.0061265 0.0062384 0.0058600 0.0077573 0.0058422 0.0062940
59 0.0061368 0.0064287 0.0081415 0.0062566 0.0063769 0.0059712 0.0078589 0.0059524 0.0064368
60 0.0062900 0.0065812 0.0082732 0.0063959 0.0065253 0.0060901 0.0079685 0.0060703 0.0065898
61 0.0064540 0.0067444 0.0084149 0.0065448 0.0066842 0.0062172 0.0080866 0.0061963 0.0067538
62 0.0066294 0.0069191 0.0085668 0.0067036 0.0068540 0.0063529 0.0082138 0.0063311 0.0069292
63 0.0068167 0.0071058 0.0087294 0.0068729 0.0070354 0.0064976 0.0083506 0.0064751 0.0071168
64 0.0070165 0.0073050 0.0089030 0.0070531 0.0072287 0.0066517 0.0084970 0.0066285 0.0073169
65 0.0072307 0.0075186 0.0090893 0.0072458 0.0074359 0.0068158 0.0086537 0.0067919 0.0075315
66 0.0074600 0.0077474 0.0092891 0.0074517 0.0076576 0.0069903 0.0088208 0.0069657 0.0077614
67 0.0077052 0.0079921 0.0095028 0.0076715 0.0078946 0.0071765 0.0090000 0.0071514 0.0080073
68 0.0079692 0.0082556 0.0097332 0.0079076 0.0081496 0.0073755 0.0091921 0.0073497 0.0082721
69 0.0082539 0.0085400 0.0099823 0.0081620 0.0084247 0.0075879 0.0093974 0.0075612 0.0085580
70 0.0085622 0.0088479 0.0102523 0.0084366 0.0087223 0.0078162 0.0096186 0.0077883 0.0088676
71 0.0088938 0.0091793 0.0105419 0.0087308 0.0090421 0.0080615 0.0098577 0.0080327 0.0092008
72 0.0092539 0.0095393 0.0108558 0.0090487 0.0093889 0.0083261 0.0101166 0.0082964 0.0095628
73 0.0096446 0.0099300 0.0111955 0.0093919 0.0097647 0.0086093 0.0103939 0.0085784 0.0099559
74 0.0100684 0.0103538 0.0115628 0.0097624 0.0101717 0.0089142 0.0106939 0.0088826 0.0103824
75 0.0105280 0.0108135 0.0119604 0.0101627 0.0106127 0.0092422 0.0110180 0.0092104 0.0108451
76 0.0110267 0.0113124 0.0123914 0.0105960 0.0110908 0.0095951 0.0113678 0.0095637 0.0113472
77 0.0115688 0.0118547 0.0128599 0.0110662 0.0116103 0.0099757 0.0117460 0.0099450 0.0118933
78 0.0121597 0.0124460 0.0133705 0.0115778 0.0121762 0.0103875 0.0121558 0.0103575 0.0124885
79 0.0128051 0.0130919 0.0139278 0.0121352 0.0127939 0.0108344 0.0126012 0.0108049 0.0131389
80 0.0135111 0.0137984 0.0145368 0.0127433 0.0134689 0.0113202 0.0130863 0.0112914 0.0138505
81 0.0142843 0.0145725 0.0152030 0.0134074 0.0142077 0.0118492 0.0136157 0.0118211 0.0146303
82 0.0151240 0.0154130 0.0159279 0.0141293 0.0150101 0.0124242 0.0141938 0.0123986 0.0154769
83 0.0160353 0.0163252 0.0167162 0.0149136 0.0158811 0.0130497 0.0148256 0.0130286 0.0163958
84 0.0170241 0.0173149 0.0175726 0.0157650 0.0168262 0.0137302 0.0155137 0.0137139 0.0173927
85 0.0180966 0.0183884 0.0185016 0.0166876 0.0178509 0.0144701 0.0162628 0.0144589 0.0184740
86 0.0192583 0.0195513 0.0195059 0.0176841 0.0189598 0.0152736 0.0170771 0.0152680 0.0196456
87 0.0205119 0.0208062 0.0205851 0.0187541 0.0201546 0.0161432 0.0179605 0.0161446 0.0209102
88 0.0218550 0.0221507 0.0217347 0.0198932 0.0214321 0.0170791 0.0189147 0.0170905 0.0222656
89 0.0232781 0.0235752 0.0229444 0.0210916 0.0227826 0.0180779 0.0199388 0.0181048 0.0237021
90 0.0247625 0.0250609 0.0241977 0.0223336 0.0241882 0.0191323 0.0210275 0.0191823 0.0252008
91 0.0262789 0.0265782 0.0254717 0.0235975 0.0256220 0.0202301 0.0221705 0.0203134 0.0267317
92 0.0278427 0.0281429 0.0267640 0.0248804 0.0270932 0.0213620 0.0233525 0.0214834 0.0283116
93 0.0294384 0.0297392 0.0280581 0.0261661 0.0285859 0.0225126 0.0245532 0.0226729 0.0299249
94 0.0310505 0.0313517 0.0293389 0.0274402 0.0300847 0.0236656 0.0257646 0.0238739 0.0315562
95 0.0326651 0.0329665 0.0305940 0.0286908 0.0315762 0.0248057 0.0269704 0.0250708 0.0331914
96 0.0342704 0.0345719 0.0318149 0.0299099 0.0330499 0.0259197 0.0281559 0.0262493 0.0348186
97 0.0358572 0.0361585 0.0329987 0.0310951 0.0344988 0.0269980 0.0293096 0.0273986 0.0364281
98 0.0374173 0.0377185 0.0341503 0.0322517 0.0359196 0.0280348 0.0304239 0.0285118 0.0380114
99 0.0389423 0.0392433 0.0352857 0.0333956 0.0373129 0.0290309 0.0314979 0.0295884 0.0395582


1This table is based on the 1995-2000 actuarial experience study monthly benefit per $1.00 of accumulation defined benefit (DB) single life pension.



[Statutory Authority: RCW 41.50.050(5), chapter 41.45 RCW. 06-18-009, § 415-02-340, filed 8/24/06, effective 9/24/06; 02-18-048, § 415-02-340, filed 8/28/02, effective 9/1/02.]