S-1035.1  _______________________________________________

                         SENATE BILL 5440

          _______________________________________________

State of Washington      52nd Legislature     1991 Regular Session

By Senators Roach, Vognild, Conner and Skratek.

Read first time January 31, 1991.  Referred to Committee on Ways & Means.Modifying the retirement allowance reduction for early retirement of law enforcement officers and fire fighters.

    AN ACT Relating to service retirement of law enforcement officers and fire fighters; and amending RCW 41.26.430.

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 and has attained 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.