S-0218.2/91       _______________________________________________

                                 SENATE BILL 5359

                  _______________________________________________

State of Washington              52nd Legislature             1991 Regular Session

By Senators Craswell, Conner, Rinehart, Gaspard, Murray, Bailey and Bauer.

Read first time January 29, 1991.  Referred to Committee on Education.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; and adding a new section to chapter 41.32 RCW.

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:

     Any active teacher who has qualified for credit in any out-of-state teacher retirement plan may petition the retirement system for permission to have those credits applied toward the computation of membership service. Permission shall be contingent on the following provisions:

     (1) The teacher shall agree in writing to pay all costs, including:

     (a) All administrative and clerical costs; and

     (b) An annuity fund contribution based on the present value of the out-of-state retirement credits as determined by the retirement system actuary; and

     (2) The time limitations for exercising the option in this section shall be strictly adhered to and are as follows:

     (a) All current members must petition the retirement system within two years of the effective date of this section; and

     (b) All active teachers, not currently members, must petition the retirement system within two years of first becoming employed in Washington state.