This section adds a new section to an existing chapter 41.26. Here is the modified chapter for context.
Law enforcement officers' and firefighters' plan 1 active members, term-vested members, retirees, and survivors eligible for benefits under the plan 1 provisions of this chapter on the effective date of this section shall be eligible to receive the plan 1 lump sum defined benefit of $100 per service credit month payable by January 31, 2023.
Members who retired for an in the line of duty disability under RCW 41.26.120 shall receive the greater of the lump sum defined benefit of $100 per service credit month or a lump sum defined benefit of $20,000.
A member's beneficiary is eligible for an in the line of duty death benefit under RCW 41.26.048. If there is more than one eligible beneficiary the lump sum defined benefit will be distributed in accordance with RCW 41.26.048.
If the member is deceased the member's survivor beneficiary under RCW 41.26.160 is eligible for this lump sum defined benefit.
If a member is active or term-vested, interest on the lump sum defined benefit as determined by the director of retirement systems shall accumulate from January 1, 2023, until distribution to the participant upon retirement from service or for disability. For the purposes of this section, a "term-vested member" is a member who has rendered five years of service, has not withdrawn his or her member contributions, and who has not applied for retirement.
If a member dies after the effective date of this section but before distribution of the lump sum defined benefit created in this section occurs, the distribution shall be made according to the member's beneficiary designation under this chapter.
The lump sum defined benefit created in this section is subject to RCW 41.26.053.