(1) A member of the retirement system shall receive a retirement allowance equal to one percent of such member's average final compensation for each service credit year.
(2) The retirement allowance payable under RCW 41.32.875 to a member who separates after having completed at least twenty service credit years shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date that the retirement allowance commences.
[ 1996 c 39 s 4; 1995 c 239 s 106.]
Notes:
Effective dates—1996 c 39: See note following RCW 41.32.010.
Intent—Purpose—1995 c 239: See note following RCW 41.32.831.
Effective date—Part and subchapter headings not law—1995 c 239: See notes following RCW 41.32.005.
Benefits not contractual right until date specified: RCW 41.34.100.