What are the benefit options for Plan 2 and 3 members?
Upon retirement for service under RCW 41.32.765 or 41.32.875, or disability under RCW 415-112-790 or 415-112-880, you must choose to have the defined benefit portion of your retirement allowance paid to you by one of the options described in this section. (1) Which option will pay my beneficiary a monthly allowance after my death? Options described in subsection (2)(c) and (d) of this section include a survivor feature. The person you name at the time of retirement to receive a monthly allowance after your death is referred to as your “survivor beneficiary.” Upon your death your survivor beneficiary will be entitled to receive a monthly allowance for the duration of his or her life. Your monthly retirement allowance will be actuarially reduced to offset the cost of the survivor feature. The factors used to determine the amount of the reduction are in WAC 415-02-380. (2) What are my benefit options? (a) Option one: Standard allowance for service retirement (no survivor feature). The dep
