AN ACT
Relating to the volunteer fire fighters' relief and pension fund; amending RCW
41.24.030 and 41.24.170; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
Sec.
1. RCW
41.24.030 and 1991 1st sp.s. c 13 s 98 are each amended to read as follows:
(1)
There is created in the state treasury a trust fund for the benefit of the fire
fighters of the state covered by this chapter, which shall be designated the
volunteer fire fighters' relief and pension principal fund and shall
consist of:
(((1)))
(a) All bequests, fees, gifts, emoluments, or donations given or paid to
the fund.
(((2)))
(b) An annual fee for each member of its fire department to be paid by
each municipal corporation for the purpose of affording the members of its fire
department with protection from death or disability as ((herein))
provided in this chapter as follows:
(((a)))
(i) Ten dollars for each volunteer or part-paid member of its fire
department;
(((b)))
(ii) A sum equal to one and one-half of one percent of the annual salary
attached to the rank of each full-paid member of its fire department, prorated
for 1970 on the basis of services prior to March 1, 1970.
(((3)))
(c) Where a municipal corporation has elected to make available to the
members of its fire department the retirement provisions as ((herein))
provided in this chapter, an annual fee of ((thirty)) sixty
dollars for each of its fire fighters electing to enroll therein, ((ten))
thirty dollars of which shall be paid by the municipality and ((twenty))
thirty dollars of which shall be paid by the fire fighter.
(((4)))
(d) Forty percent of all moneys received by the state from taxes on fire
insurance premiums shall be paid into the state treasury and credited to the administrative
fund created in subsection (2) of this section.
(((5)))
(e) The state investment board, upon request of the state treasurer
shall have full power to invest or reinvest such portion of the amounts
credited to the principal fund as is not, in the judgment of the
treasurer, required to meet current withdrawals. Such investments shall be
made in the manner prescribed by RCW 43.84.150 and not otherwise.
(((6)))
(f) All bonds or other obligations purchased according to ((subsection
(5))) (e) of this ((section)) subsection shall be
forthwith placed in the custody of the state treasurer, and he or she
shall collect the principal thereof and interest thereon when due.
The
state investment board may sell any of the bonds or obligations so acquired and
the proceeds thereof shall be paid to the state treasurer.
The
interest and proceeds from the sale and redemption of any bonds or other
obligations held by the fund and invested by the state investment board shall
be credited to and form a part of the principal fund, less the
allocation to the state investment board expense account pursuant to RCW 43.33A.160.
All
amounts credited to the principal fund shall be available for making the
benefit payments required by this chapter.
The
state treasurer shall make an annual report showing the condition of the fund.
(2)
The volunteer fire fighters' relief and pension administrative fund is hereby
created in the state treasury. Moneys in the account, including unanticipated
revenues under RCW 43.79.270, may be spent only after appropriation, and may be
used only for operating expenses of the volunteer fire fighters' relief and
pension principal fund, the operating expenses of the volunteer fire fighters'
relief and pension administrative fund, or for transfer from the administrative
fund to the principal fund.
(a)
The state board shall compute a percentage of the amounts credited to the
administrative fund to be paid into the principal fund.
(b)
For the purpose of providing amounts to be used to defray the cost of
administration of the principal and administrative funds, the state board shall
ascertain at the beginning of each biennium and request from the legislature an
appropriation from the administrative fund sufficient to cover estimated
expenses for the biennium.
Sec.
2. RCW 41.24.170
and 1989 c 91 s 4 are each amended to read as follows:
Whenever
any fire fighter has been a member and served honorably for a period of ten
years or more as an active member in any capacity, of any regularly organized
volunteer fire department of any municipality in this state, and which
municipality and fire fighter are enrolled under the retirement provisions, and
the fire fighter has reached the age of sixty-five years, the board of trustees
shall order and direct that he or she be retired and be paid a monthly
pension as provided in this section.
Whenever
a fire fighter has been a member, and served honorably for a period of
twenty-five years or more as an active member in any capacity, of any regularly
organized volunteer fire department of any municipality in this state, and he
or she has reached the age of sixty-five years, and the annual retirement fee
has been paid for a period of twenty-five years, the board of trustees shall
order and direct that he or she be retired and such fire fighter be paid a
monthly pension of two hundred twenty-five dollars from the fund for the
balance of that fire fighter's life.
Whenever
any fire fighter has been a member, and served honorably for a period of
twenty-five years or more as an active member in any capacity, of any regularly
organized volunteer fire department of any municipality in this state, and the
fire fighter has reached the age of sixty-five years, and the annual retirement
fee has been paid for a period of less than twenty-five years, the board of
trustees shall order and direct that he or she be retired and that such fire
fighter shall receive a minimum monthly pension of twenty-five dollars
increased by the sum of ((seven)) eight dollars each month for
each year the annual fee has been paid, but not to exceed the maximum monthly
pension ((herein)) provided in this section, for the balance of
the fire fighter's life.
No
pension ((herein)) provided in this section may become payable
before the sixty-fifth birthday of the fire fighter, nor for any service less
than twenty-five years: PROVIDED, HOWEVER, That:
(1)
Any fire fighter, upon completion of twenty-five years' service and attainment
of age sixty, may irrevocably elect, in lieu of the pension to which that fire
fighter would be entitled ((hereunder)) under this section at age
sixty-five, to receive for the balance of his or her life a monthly pension
equal to sixty percent of such pension.
(2)
Any fire fighter, upon completion of twenty-five years' service and attainment
of age sixty-two, may irrevocably elect, in lieu of the pension to which that
fire fighter would be entitled ((hereunder)) under this section
at age sixty-five, to receive for the balance of his or her life a monthly
pension equal to seventy-five percent of such pension.
(3)
Any fire fighter, upon completion of less than twenty-five years of service
shall receive the applicable reduced pension provided ((below)) in
this subsection, according to the age at which that fire fighter elects to
begin to receive the pension. If receipt of the benefits begins at age
sixty-five the fire fighter shall receive one hundred percent of the reduced
benefit; at age sixty-two the fire fighter shall receive seventy-five percent
of the reduced benefit; and at age sixty the fire fighter shall receive sixty
percent of the reduced benefit. The reduced benefit shall be computed as
follows:
(a)
Upon completion of ten years, but less than fifteen years of service, a monthly
pension equal to fifteen percent of such pension as the fire fighter would have
been entitled to receive at age sixty-five after twenty-five years of service;
(b)
Upon completion of fifteen years, but less than twenty years of service, a
monthly pension equal to thirty percent of such pension as the fire fighter
would have been entitled to receive at age sixty-five after twenty-five years
of service; and
(c)
Upon completion of twenty years, but less than twenty-five years of service, a
monthly pension equal to sixty percent of such pension as the fire fighter
would have been entitled to receive at age sixty-five after twenty-five years
of service.
NEW
SECTION. Sec. 3. This
act shall take effect July 1, 1992.
