H-0188.1 _______________________________________________
HOUSE BILL 1163
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State of Washington 53rd Legislature 1993 Regular Session
By Representatives Jones, Miller, Orr, Kessler, Basich, Kremen, Scott, Holm, Quall, Pruitt, H. Myers, Dellwo, Mielke, Jacobsen, Shin, Karahalios and Roland
Read first time 01/18/93. Referred to Committee on Appropriations.
AN ACT Relating to public pension contributions for members with more than thirty years of service credit; adding a new section to chapter 41.32 RCW; and adding a new section to chapter 41.40 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 41.32 RCW under the subchapter heading "Plan I" to read as follows:
(1) Any member who has accrued more than thirty years of service shall receive payment at the time of retirement of an amount equal to the employee contributions made by the member for all periods of service in excess of thirty years, plus interest as determined under subsection (2) of this section.
(2) The department shall annually adopt by rule the interest rate to be paid on contributions that are subject to subsection (1) of this section. The rate shall reflect current market interest rates for short-term deposits, but in no case shall be below the regular interest rate credited to members for other employee contributions.
(3) The payment of contributions to a retiring member under this section shall not be considered a withdrawal of the member's accumulated contributions for the purposes of RCW 41.32.498(2) and shall not result in the member receiving an actuarially reduced allowance.
NEW SECTION. Sec. 2. A new section is added to chapter 41.40 RCW under the subchapter heading "Plan I" to read as follows:
(1) Any member who receives a benefit calculated under RCW 41.40.185 (1), (2), or (3) and has accrued more than thirty years of service shall receive payment at the time of retirement of an amount equal to the employee contributions made by the member for all periods of service in excess of thirty years, plus interest as determined under subsection (2) of this section.
(2) The department shall annually adopt by rule the interest rate to be paid on contributions that are subject to subsection (1) of this section. The rate shall reflect current market interest rates for short-term deposits, but in no case shall be below the regular interest rate credited to members for other employee contributions.
(3) The payment of contributions to a retiring member under this section shall not result in the member receiving an actuarially reduced allowance.
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