Revised Code of Washington

Wash. Rev. Code § 41.50.033 (2026)

Crediting interest to retirement system accounts

✓ current as of May 2026

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*** CHANGE IN 2026 *** (SEE 2034-S2.SL) ***

(1) The director shall determine when interest, if provided by a plan, shall be credited to accounts in the public employees' retirement system, the teachers' retirement system, the school employees' retirement system, the public safety employees' retirement system, the law enforcement officers' and firefighters' retirement system, or the Washington state patrol retirement system. The amounts to be credited and the methods of doing so shall be at the director's discretion, except that if interest is credited, it shall be done at least quarterly.

(2) Interest as determined by the director under this section is "regular interest" as defined in RCW 41.40.010, 41.32.010, 41.35.010, 41.37.010, 41.26.030, and 43.43.120.

(3) The legislature affirms that the authority of the director under RCW 41.40.020 and 41.50.030 includes the authority and responsibility to establish the amount and all conditions for regular interest, if any. The legislature intends chapter 493, Laws of 2007 to be curative, remedial, and retrospectively applicable.

[ 2019 c 64 s 18; 2007 c 493 s 1.]

Notes:

Explanatory statement—2019 c 64: See note following RCW 1.20.110.

Notes of Decisions

Cited in 4 cases (1 in the last 5 years), 2012–2025 · leading case: Probst v. State Dept. of Ret. Sys., 271 P.3d 966 (Wash. Ct. App. 2012).

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Probst v. State Dept. of Ret. Sys., 271 P.3d 966 (Wash. Ct. App. 2012). · cites it 12× “However, in 2007, the legislature passed a new statute, RCW 41.50.033. LAWS OF 2007, ch. 493, § 1.”

Probst ex rel. Class of Similarly Situated Individuals v. Dep't of Ret. Sys., 167 Wash. App. 180 (Wash. Ct. App. 2012). · cites it 12× “However, in 2007, the legislature passed a new statute, RCW 41.50.033. Laws of 2007, ch. 493, § 1.”

Mickey Fowler v. Tracy Guerin, 918 F.3d 644 (9th Cir. 2019). “GUERIN 15 authority ( Wash. Rev. Code § 41.50.033 (3)), the Director has defined the Teachers’ property rights with respect to interest in the Plan II account: “if the amount in your individual account on the last day of a quarter is more than zero dollars, the department will…”

Mickey Fowler, Respondents/cross-appellants V. Dep't Of Ret. Sys. (Wash. Ct. App. 2025). · cites it 6× “The court held that former RCW 41.50.033 abrogated the common law rule that interest accrues daily and did not “require the DRS to pay daily interest on balances transferred from Plan 2 to Plan 3.”

— Wash. Rev. Code § 41.50.033(1) — 3 cases

Probst v. State Dept. of Ret. Sys., 271 P.3d 966 (Wash. Ct. App. 2012). “However, in 2007, the legislature passed a new statute, RCW 41.50.033. LAWS OF 2007, ch. 493, § 1.”

Probst ex rel. Class of Similarly Situated Individuals v. Dep't of Ret. Sys., 167 Wash. App. 180 (Wash. Ct. App. 2012). “However, in 2007, the legislature passed a new statute, RCW 41.50.033. Laws of 2007, ch. 493, § 1.”

Mickey Fowler, Respondents/cross-appellants V. Dep't Of Ret. Sys. (Wash. Ct. App. 2025). “The court held that former RCW 41.50.033 abrogated the common law rule that interest accrues daily and did not “require the DRS to pay daily interest on balances transferred from Plan 2 to Plan 3.”

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