H-4561              _______________________________________________

 

                                          SUBSTITUTE HOUSE BILL NO. 1840

                        _______________________________________________

 

State of Washington                              49th Legislature                              1986 Regular Session

 

By House Committee on Local Government (originally sponsored by Representatives Jacobsen, Patrick and Hine)

 

 

Read first time 2/7/86 and passed to Committee on Rules.

 

 


AN ACT Relating to governmental deferred compensation plans; and adding a new section to chapter 41.04 RCW.

 

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

 

          NEW SECTION.  Sec. 1.  A new section is added to chapter 41.04 RCW to read as follows:

          A county, municipality, or other political subdivision of the state may authorize a plan administrator, a financial institution, or an insurance, annuity, or investment company, or any combination thereof, carrying out a deferred compensation plan authorized by RCW 41.04.250 to make payment of benefits directly to the participant or beneficiary and intergovernmental plan transfers directly to the authorized recipient instead of receiving and depositing the payments into the municipal treasury and then making payment to the participant or beneficiary of the governmental recipient respectively from the municipal treasury by municipal warrant.