1023 AAS 4/7/99 CUTL 001

HB 1023 - S COMM AMD

    By Committee on Ways & Means

                                                    ADOPTED 4/7/99

    On page 2, after line 12, insert the following:

    "Sec. 1.  RCW 41.50.145 and 1998 c 341 s 515 are each amended to read as follows:

    (1) If the department determines that due to employer error a member of plan III has suffered a loss of investment return, the employer shall pay the department for credit to the member's account the amount determined by the department as necessary to correct the error.

    (2) If the department determines that due to departmental error a member of plan III has suffered a loss of investment return, the department shall credit to the member's account from the ((school employees')) appropriate retirement system combined plan II and III fund the amount determined by the department as necessary to correct the error."

    Renumber the sections consecutively and correct any internal references accordingly.

HB 1023 - S COMM AMD

    By Committee on Ways & Means

                                                    ADOPTED 4/7/99

    On page 1, line 2 of the title, strike everything after "plan 3;" and insert "amending RCW 41.50.145; creating new sections; and declaring an emergency."

                            --- END ---

EFFECT: Clarifies that if member of the Teachers Retirement System (TRS) Plan 3 suffers a loss of investment return due to an error by the Department of Retirement Systems (DRS) the department shall credit the member's account with the amount necessary to correct the error. Current statute only refers explicitly to the School Employees Retirement System Plan 3.