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).



[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.]