S-2006.1          _______________________________________________

                            SUBSTITUTE SENATE BILL 5359

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State of Washington              52nd Legislature             1991 Regular Session

By Senate Committee on Ways & Means (originally sponsored by Senators Craswell, Conner, Rinehart, Gaspard, Murray, Bailey and Bauer).

Read first time March 11, 1991.Allowing the transfer of certain retirement credits from out-of-state teacher retirement plans.

     AN ACT Relating to the transfer of credits from out-of-state teacher retirement plans; adding new sections to chapter 41.32 RCW; and declaring an emergency.

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:

     A member may elect under this section to apply service credit earned in an out-of-state retirement system that covers teachers in public schools solely for the purpose of determining the time at which the member may retire.  The benefit shall be actuarially reduced to recognize the difference between the age a member would have first been able to retire based on service in the state of Washington and the member's retirement age.

NEW SECTION. Sec. 2.  A new section is added to chapter 41.32 RCW to read as follows:

     A member may purchase additional benefits subject to the following:

     (1) The member shall pay all reasonable administrative and clerical costs; and

     (2) The member shall make an annuity fund contribution to be actuarially converted to a monthly benefit at the time of retirement.

NEW SECTION. Sec. 3.      This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.