| Passed by the House February 11, 2006 Yeas 97 ________________________________________ Speaker of the House of Representatives Passed by the Senate February 28, 2006 Yeas 45 ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2684 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 59th Legislature | 2006 Regular Session |
READ FIRST TIME 02/08/06.
AN ACT Relating to vesting after five years of service in the defined benefit portion of the public employees' retirement system, the school employees' retirement system, and the teachers' retirement system plan 3; and amending RCW 41.32.875, 41.35.680, and 41.40.820.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 41.32.875 and 2000 c 247 s 903 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)) forty-four; or
(c) Completed five service credit years by July 1, 1996, under plan
2 and who transferred to plan 3 under RCW 41.32.817;
shall be eligible to retire and to receive a retirement allowance
computed according to the provisions of RCW 41.32.840.
(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 41.32.840, 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 41.32.840, 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.
Sec. 2 RCW 41.35.680 and 2000 c 247 s 906 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)) forty-four; or
(c) Completed five service credit years by September 1, 2000, under
the public employees' retirement system plan 2 and who transferred to
plan 3 under RCW 41.35.510;
shall be eligible to retire and to receive a retirement allowance
computed according to the provisions of RCW 41.35.620.
(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 41.35.620, 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 41.35.620, 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.
Sec. 3 RCW 41.40.820 and 2000 c 247 s 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)) forty-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.