Washington HB2124 modifies the threshold for lump sum retirement allowance payments, allowing retirees with monthly benefits under $50 to request a.

Washington HB2124 amends the state's retirement laws to allow retirees or beneficiaries receiving a monthly benefit of less than $50 to request a lump sum payment instead. The lump sum is calculated as the greater of the actuarial equivalent of the monthly benefits or the individual's accumulated contributions plus accrued interest. The $250 threshold for lump sum payments is subject to annual increases by the director. Retirees can reinstate previous service by depositing the lump sum payment within two years of returning to service or before re-retiring.

Washington HB2124 modifies the threshold for lump sum retirement allowance payments, allowing retirees with monthly benefits under $50 to request a.

Washington HB2124 amends the state's retirement laws to allow retirees or beneficiaries receiving a monthly benefit of less than $50 to request a lump sum payment instead. The lump sum is calculated as the greater of the actuarial equivalent of the monthly benefits or the individual's accumulated contributions plus accrued interest. The $250 threshold for lump sum payments is subject to annual increases by the director. Retirees can reinstate previous service by depositing the lump sum payment within two years of returning to service or before re-retiring.