S-4559.1  _______________________________________________

                         SENATE BILL 6568

          _______________________________________________

State of Washington      53rd Legislature     1994 Regular Session

By Senators Bauer and Skratek

Read first time 01/28/94.  Referred to Committee on Ways & Means.

Creating the pension improvement account.

    AN ACT Relating to creation of the pension improvement account; adding a new section to chapter 41.04 RCW; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 41.04 RCW to read as follows:

    The pension improvement account is created in the state treasury.  Moneys in the account may be spent only after appropriation.  Expenditures from the account may be used only for the continuing costs of any state retirement system benefits.

NEW SECTION. Sec. 2.  On July 1, 1995, the state treasurer shall transfer twenty-five million dollars from the budget stabilization account to the pension improvement account created under section 1 of this act.

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