Washington legislation · 2025-26 Regular Session
Washington HB2124: Lump sum retirement payments
Status: Signed into law, March 23, 2026
Concerning the threshold for payment of a lump sum retirement allowance in lieu of a monthly benefit.
What the bill says
An act Relating to the threshold for payment of a lump sum retirement allowance in lieu of a monthly benefit; and amending RCW 41.40.625, 41.32.762, 41.35.410, 41.37.200, and 41.26.425.
From the enrolled text:
AN ACT Relating to the threshold for payment of a lump sum retirement allowance in lieu of a monthly benefit; and amending RCW 41.40.625, 41.32.762, 41.35.410, 41.37.200, and 41.26.425. Sec. 1. RCW 41.40.625 and 1994 c 197 s 27 are each amended to read as follows: (1) On or after June 10, 1982, the director may pay a member eligible to receive a retirement allowance or the member's beneficiary, subject to the provisions of subsection (5) of this section, a lump sum payment in lieu of a monthly benefit if the initial monthly benefit computed in accordance with RCW 41.40.620 would be less than ((fifty dollars))$250. This $250 threshold shall be increased annually as determined by the director. The lump sum payment shall be the greater of the actuarial equivalent of the monthly benefits or an amount equal to the individual's accumulated contributions plus accrued interest. (2) A retiree or a beneficiary, subject to the provisions of subsection (5) of this section, who is receiving a regular monthly benefit of less than fifty dollars may request, in writing, to convert from a monthly benefit to a lump sum payment. If the director approves the conversion, the calculation of the actuarial equivalent of the total estimated regular benefit will be computed based on the beneficiary's age at the time the benefit …
Sponsors
- Travis Couture (R) · primary sponsor
- Joe Fitzgibbon (D)
- Rob Chase (R)
- Janice Zahn (D)
- Sharon Wylie (D)
- Brianna Thomas (D)
- Mia Gregerson (D)
- Timm Ormsby (D)
- Daniel Griffey (R)
- Virginia Graham (R)
- Adam Bernbaum (D)
Latest actions
- : Effective date 6/11/2026.
- : Chapter 132, 2026 Laws.
- : Governor signed.
- : Delivered to Governor.
- : President signed.
- : Speaker signed.
- : Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1.
- : Rules suspended. Placed on Third Reading.
- : Placed on second reading by Rules Committee.
- : Passed to Rules Committee for second reading.
Votes
- 3rd Reading & Final Passage (March 5, 2026): 48 yea, 0 nay, passed
- Senate Committee on Ways & Means: Do pass (February 26, 2026): 22 yea, 0 nay, passed
- 3rd Reading & Final Passage (February 16, 2026): 96 yea, 0 nay, passed
- House Committee on Appropriations: Do pass (January 22, 2026): 30 yea, 0 nay, passed
Subjects: RETIREMENT AND PENSIONS
Common questions
- What is HB2124?
- HB2124 is a bill in the Washington Legislature (2025-26 Regular Session): Lump sum retirement payments.
- What does HB2124 do?
- In its own words: An act Relating to the threshold for payment of a lump sum retirement allowance in lieu of a monthly benefit; and amending RCW 41.40.625, 41.32.762, 41.35.410, 41.37.200, and 41.26.425.
- What is the status of HB2124?
- Signed into law as of March 23, 2026. Latest action: Effective date 6/11/2026. (March 23, 2026).
- Who sponsored HB2124?
- Travis Couture (R), with 10 co-sponsors.
- Where is the official record for HB2124?
- On the Washington Legislature website: https://app.leg.wa.gov/billsummary?BillNumber=2124&Year=2025
Source: official Washington record. Tracked by Delilah, AI for legislation across all 50 states and Congress.