Title 03 Administration and Personnel
Chapter 03.05 Spokane Employees' Retirement System
Accumulated Contributions in Excess of One Thousand Dollars.
Should the service of a member be discontinued, except by death or retirement, and the member has accumulated contributions in excess of one thousand dollars ($1,000), the member may elect to withdraw the member’s accumulated contributions. Such payment shall be made as soon as administratively practical after the board approves the member’s election, which election shall be made not later than six (6) months after the day of discontinuance. The City shall receive credit for the full amount deposited by the City in the retirement fund for such member’s benefit plus contribution interest. If a member’s service is discontinued and the member does not elect to withdraw accumulated contributions from the retirement system, the board may, in its discretion, charge each such member reasonable administrative expenses for maintenance of the accumulated contributions. Upon reaching the age for required distributions under Internal Revenue Code section 401(a)(9), a single lump sum distribution of all contributions plus contribution interest will be made as soon as administratively possible.
Accumulated Contributions of One Thousand Dollars or Less.
Should the service of a member be discontinued, except by reason of death, and the member has accumulated contributions of one thousand dollars ($1,000) or less, the member shall be paid, not later than six (6) months after the day of discontinuance, the member’s entire accumulated contributions.
Any member may redeposit in the retirement fund, within one (1) year of being rehired, an amount equal to that which the member previously withdrew therefrom, or a portion thereof, at the last termination of membership, such redeposit using the current regular interest rate as determined by the board to be paid into the retirement fund in accordance with rules established by the board. In the event such redeposit is made by a member, an amount equal to the accumulated contributions so redeposited shall again be held for the benefit of said member, and shall no longer be included in the amounts available to meet the obligations of the City on account of benefits that have been granted or liabilities that have been assumed on account of prior service of members, and the retirement system shall reinstate the prior service credit, or the portion thereof, for such member, who will rejoin the retirement system pursuant to SMC 3.05.025(B). Effective January 1, 2009, redeposit may also be made by a direct trustee-to-trustee transfer to the retirement fund from a plan qualified under Internal Revenue Code sections 457(b) or 403(b) or by a direct rollover to the retirement fund from an individual retirement account or annuity qualified under Internal Revenue Code section 408. The board may establish rules and procedures for acceptance of such deposits, transfers, or rollovers, including procedures to account for pre-tax transfers and rollovers and after-tax payments.
Date Passed: Monday, January 8, 2018
Effective Date: Wednesday, February 21, 2018
ORD C35574 Section 8