CERTIFICATION OF ENROLLMENT

SENATE BILL 6167



60th Legislature
2007 Regular Session

Passed by the Senate April 11, 2007
  YEAS 47   NAYS 0


________________________________________    
President of the Senate
Passed by the House April 19, 2007
  YEAS 98   NAYS 0


________________________________________    
Speaker of the House of Representatives


CERTIFICATE

I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6167 as passed by the Senate and the House of Representatives on the dates hereon set forth.


________________________________________    
Secretary
Approved 









________________________________________    
Governor of the State of Washington
FILED







Secretary of State
State of Washington


_____________________________________________ 

SENATE BILL 6167
_____________________________________________

Passed Legislature - 2007 Regular Session
State of Washington60th Legislature2007 Regular Session

By Senators Pridemore, Zarelli and Prentice; by request of Department of Retirement Systems

Read first time 03/26/2007.   Referred to Committee on Ways & Means.



     AN ACT Relating to clarifying the director's authority to determine interest in certain public retirement systems; and adding a new section to chapter 41.50 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 41.50 RCW to read as follows:
     (1) The director shall determine when interest, if provided by a plan, shall be credited to accounts in the public employees' retirement system, the teachers' retirement system, the school employees' retirement system, the public safety employees' retirement system, the law enforcement officers' and firefighters' retirement system, or the Washington state patrol retirement system. The amounts to be credited and the methods of doing so shall be at the director's discretion, except that if interest is credited, it shall be done at least quarterly.
     (2) Interest as determined by the director under this section is "regular interest" as defined in RCW 41.40.010(15), 41.32.010(23), 41.35.010(12), 41.37.010(12), 41.26.030(23), and 43.43.120(8).
     (3) The legislature affirms that the authority of the director under RCW 41.40.020 and 41.50.030 includes the authority and responsibility to establish the amount and all conditions for regular interest, if any. The legislature intends this act to be curative, remedial, and retrospectively applicable.

--- END ---