H-0222.1  _______________________________________________

                          HOUSE BILL 1384

          _______________________________________________

State of Washington      52nd Legislature     1991 Regular Session

By Representatives Ebersole, Winsley, R. Meyers, Kremen, Hargrove, Jones, Basich, Riley and Orr.

Read first time January 28, 1991.  Referred to Committee on Appropriations.Reducing the retirement allowance for early retirement.

    AN ACT Relating to retirement for service; and amending RCW 41.26.430, 41.32.765, and 41.40.630.

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

    Sec. 1.  RCW 41.26.430 and 1977 ex.s. c 294 s 4 are each amended to read as follows:

    (1) NORMAL RETIREMENT.    Any member with at least five years of service who has attained at least age fifty-eight shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.26.420.

    (2) EARLY RETIREMENT.  Any member who has completed at least twenty years of service who has attained at least age fifty shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.26.420, except that a member retiring pursuant to this subsection shall have the retirement allowance ((actuarially)) reduced one percent per year to reflect the difference in the number of years between age at retirement and the attainment of age fifty-eight.

    Sec. 2.  RCW 41.32.765 and 1977 ex.s. c 293 s 4 are each amended to read as follows:

    (1) NORMAL RETIREMENT.    Any member with at least five years of service who has attained at least age sixty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.760.

    (2) EARLY RETIREMENT.  Any member who has completed at least twenty years of service and who has attained at least age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.760, except that a member retiring pursuant to this subsection shall have the retirement allowance ((actuarially)) reduced one 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 41.40.630 and 1977 ex.s. c 295 s 4 are each amended to read as follows:

    (1) NORMAL RETIREMENT.    Any member with at least five years of service who has attained at least age fifty-eight shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620.

    (2) EARLY RETIREMENT.  Any member who has completed at least twenty years of service and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620, except that a member retiring pursuant to this subsection shall have the retirement allowance ((actuarially)) reduced one percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.