5971 AMS FRAS BUCH 001

SB 5971 - S AMD 190

By Senators Fraser and Winsley

3/14/03 NOT ADOPTED

On page 2, after "Sec. 3." on line 29, insert the following:

"RCW 41.40.820 and 2000 c 247 sec 309 are each amended to read as follows:

(1) NORMAL RETIREMENT. Any member who is at least age sixty-five and who has:

(a) Completed ten service credit years; or

(b) Completed five service credit years, including twelve service credit months after attaining age fifty-four; or

(c) Completed five service credit years by the transfer payment date specified in RCW 41.40.795, under the public employees' retirement system plan 2 and who transferred to plan 3 under RCW 41.40.795;

shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790.

(2) EARLY RETIREMENT. Any member who has attained at least age fifty-five and has completed at least ten years of service shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

(3) ALTERNATE EARLY RETIREMENT. Any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

(4) ALTERNATE EARLY RETIREMENT. Any member who has completed at least twenty service credit years in public employment, was employed at Fircrest School after January 1, 2003, and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620, except that a member retiring under this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five."

Renumber the sections consecutively and correct any internal references accordingly.

SB 5971 - S AMD

By Senator ....

On page 1, on line 2 of the title, after "28A.190.020,", insert "41.40.820,".

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EFFECT: Provides early retirement options for Fircrest employees.