_______________________________________________
HOUSE
CONCURRENT RESOLUTION 4422
_______________________________________________
AS
AMENDED BY THE SENATE
Passed
Legislature - 1991 1st Special Session
State
of Washington 52nd Legislature 1991 1st Special Session
Read first time June 21, 1991. Resolving that the joint committee on pension policy
continue to review pension options.
WHEREAS,
The Teachers Retirement System, Plan I, and the Public Employees Retirement
System, Plan I, were not designed nor funded to provide postretirement cost of
living adjustments; and
WHEREAS,
The Teachers Retirement System, Plan I, and the Public Employees Retirement
System, Plan I, were designed so that members who have thirty years of service
may retire at any age, but may not include any additional years of service to
increase the size of their retirement benefit; and
WHEREAS,
Persons who retire in their fiftys may receive benefits for over thirty years,
and inflation can greatly reduce the purchasing power of the initial benefit
over that length of time; and
WHEREAS,
Many Teachers Retirement System, Plan I, and the Public Employees Retirement
System, Plan I, members retire as soon as they have earned thirty years of
service, and some would be willing to work longer if the additional years of
service would earn them a larger retirement benefit; and
WHEREAS,
Many teachers and public employees want to plan ahead and are willing to take
personal responsibility for ensuring that they will have a financially secure
retirement;
NOW,
THEREFORE, BE IT RESOLVED, By the House of Representatives of the State of
Washington, the Senate concurring, That the Joint Committee on Pension Policy
continue its review of the various options that may be available for active
members of the Teachers Retirement System, Plan I, and the Public Employees
Retirement System, Plan I, to help provide themselves with postretirement cost
of living adjustments. The Joint Committee on Pension Policy is requested to
include a review of options that allow members to:
(1)
Credit their member contributions to a "COLA Fund" for all years worked
in excess of thirty;
(2)
Transfer, subject to reasonable conditions, to either the Teachers Retirement
System, Plan II, and the Public Employees Retirement System, Plan II; and
(3)
Fund a cost of living adjustment by delaying the receipt of the initial
retirement allowance.
