CERTIFICATION OF ENROLLMENT
SUBSTITUTE SENATE BILL 6340
Chapter 151, Laws of 2018
65th Legislature
2018 Regular Session
RETIREMENT SYSTEMS--PERS 1 AND TRS 1--BENEFIT INCREASE
EFFECTIVE DATE: July 1, 2018
SUBSTITUTE SENATE BILL 6340
AS AMENDED BY THE HOUSE
Passed Legislature - 2018 Regular Session
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State of Washington | 65th Legislature | 2018 Regular Session |
By Senate Ways & Means (originally sponsored by Senators Conway, Bailey, Hobbs, Walsh, Hasegawa, Hunt, Mullet, Keiser, Palumbo, and Saldaña; by request of Select Committee on Pension Policy)
READ FIRST TIME 02/06/18.
AN ACT Relating to providing a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1; adding a new section to chapter
41.32 RCW; adding a new section to chapter
41.40 RCW; and providing an effective date.
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 under the subchapter heading "plan 1" to read as follows:
(1) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2017, shall receive, effective July 1, 2018, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) This section does not apply to those receiving benefits pursuant to RCW
41.32.489 or
41.32.540.
NEW SECTION. Sec. 2. A new section is added to chapter 41.40 RCW under the subchapter heading "plan 1" to read as follows:
(1) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2017, shall receive, effective July 1, 2018, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) This section does not apply to those receiving benefits pursuant to RCW
41.40.1984.
NEW SECTION. Sec. 3. This act takes effect July 1, 2018.
Passed by the Senate March 8, 2018.
Passed by the House March 7, 2018.
Approved by the Governor March 21, 2018.
Filed in Office of Secretary of State March 23, 2018.
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