SB5835 modifies the threshold for lump sum retirement payments in Washington.

SB5835 amends Washington law to allow the director to pay a lump sum retirement allowance instead of a monthly benefit if the initial monthly benefit is less than $250. This applies to retirees or beneficiaries receiving a service retirement allowance or an earned disability allowance. The lump sum payment is the greater of the actuarial equivalent of the monthly benefits or the individual's accumulated contributions plus accrued interest. Retirees or beneficiaries receiving less than $50 monthly can request a lump sum payment. The $250 threshold will be increased annually.

SB5835 modifies the threshold for lump sum retirement payments in Washington.

SB5835 amends Washington law to allow the director to pay a lump sum retirement allowance instead of a monthly benefit if the initial monthly benefit is less than $250. This applies to retirees or beneficiaries receiving a service retirement allowance or an earned disability allowance. The lump sum payment is the greater of the actuarial equivalent of the monthly benefits or the individual's accumulated contributions plus accrued interest. Retirees or beneficiaries receiving less than $50 monthly can request a lump sum payment. The $250 threshold will be increased annually.