H-0763.1 _______________________________________________
HOUSE BILL 2128
_______________________________________________
State of Washington 53rd Legislature 1993 Regular Session
By Representatives Locke, Karahalios, Sommers, J. Kohl and Cothern
Read first time 04/09/93. Referred to Committee on Appropriations.
AN ACT Relating to providing a postretirement adjustment based on years of service for plan I of the teachers' retirement system and the public employees' retirement system; adding a new section to chapter 41.32 RCW; adding a new section to chapter 41.40 RCW; creating new sections; providing an effective date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature recognizes that, although certain retired members of plan I of the teachers' retirement system and public employees' retirement system receive automatic, annual cost of living adjustments, the remaining members still ineligible for these adjustments are also affected by inflation. Therefore the purpose of this act is to provide a measure of relief to some of these retired members based on their years of public service.
NEW SECTION. Sec. 2. A new section is added to chapter 41.32 RCW under the subchapter heading "Plan I" to read as follows:
(1) Beginning July 1, 1993, the monthly benefit of each retired member or beneficiary, subject to the limitations in subsection (2) of this section, shall be permanently increased by a postretirement adjustment of one dollar per month for each service credit year creditable to the person whose service is the basis of the benefit. Portions of a service credit year shall be treated as fractions of a year and the decimal equivalent shall be multiplied by one dollar.
(2) The postretirement adjustment in subsection (1) of this section shall be granted to each retired member or beneficiary who as of the effective date of this act:
(a) Has attained the age of seventy;
(b) Has been retired or been a beneficiary for at least five years;
(c) Is not receiving the minimum retirement allowance under RCW 41.32.485; and
(d) Is not receiving a cost of living adjustment under RCW 41.32.575.
NEW SECTION. Sec. 3. A new section is added to chapter 41.40 RCW under the subchapter heading "Plan I" to read as follows:
(1) Beginning July 1, 1993, the monthly benefit of each retired member or beneficiary, subject to the limitations in subsection (2) of this section, shall be permanently increased by a postretirement adjustment of one dollar per month for each service credit year creditable to the person whose service is the basis of the benefit. Portions of a service credit year shall be treated as fractions of a year and the decimal equivalent shall be multiplied by one dollar.
(2) The postretirement adjustment in subsection (1) of this section shall be granted to each retired member or beneficiary who as of the effective date of this act:
(a) Has attained the age of seventy;
(b) Has been retired or been a beneficiary for at least five years;
(c) Is not receiving the minimum retirement allowance under RCW 41.40.198; and
(d) Is not receiving a cost of living adjustment under RCW 41.40.325.
NEW SECTION. Sec. 4. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect July 1, 1993.
NEW SECTION. Sec. 5. If specific funding for the purposes of this act, referencing this act by bill number, is not provided by June 30, 1993, in the omnibus appropriations act, this act shall be null and void.
--- END ---