H-4216              _______________________________________________

                                                   HOUSE BILL NO. 1837

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Representatives Hine, Grimm, McMullen and G. Nelson

Read first time 1/23/86 and referred to Committee on Ways & Means.

AN ACT Relating to cost-of-living adjustments for retired teachers; and adding a new section to chapter 41.32 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 41.32 RCW to read as follows:

          (1) Notwithstanding any provision of law to the contrary, effective July 1, 1986, the monthly benefit of each person who has twenty-five or more years of service credit and who commenced receiving a monthly benefit no later than June 30, 1964, under this chapter shall be permanently increased by a post-retirement adjustment of five dollars per month for each year of creditable service the member established with the retirement system.

          (2) Notwithstanding any provision of law to the contrary, effective July 1, 1986, the monthly benefit of each person who has twenty-five or more years of service credit and who commenced receiving a monthly benefit after June 30, 1964, and no later than April 24, 1973, under this chapter shall be permanently increased by a post-retirement adjustment of two dollars per month for each year of creditable service the member established with the retirement system.

          (3) Any fraction of a year of service shall be counted in the computation of the post-retirement adjustment.  These adjustments shall be in lieu of any adjustment provided under RCW 41.32.499 as of July 1, 1986, or July 1, 1987, for the affected persons.

          This section is not applicable to those persons receiving benefits pursuant to RCW 41.32.540 or 41.32.760 through 41.32.825.