2333 AMS WOOD S5692.1

HB 2333 - S AMD - 216

By Senator Wood

                                                 WITHDRAWN 2/28/96

    On page 1, after line 15, insert the following:

    "NEW SECTION. Sec. 1.  A new section is added to chapter 2.12 RCW to read as follows:

    (1) As used in this section "annual increase" means, initially, fifty-nine cents per month per year of service which amount shall be increased each July 1st by three percent, rounded to the nearest cent.

    (2) Beginning July 1, 1996, and annually thereafter, the retirement allowance of a person meeting the requirements of this section shall be increased by the annual increase amount.

    (3) The following persons shall be eligible for the benefit provided in subsection (1) of this section:

    (a) A beneficiary who has received a retirement allowance for at least one year and has attained at least age sixty-six by July 1st in the calendar year in which the annual increase is given;

    (b) A beneficiary whose retirement allowance is lower than the minimum benefit provided under section 3 of this act;

    (c) A beneficiary receiving the minimum benefit on June 30, 1996, under RCW 2.12.045(1); or

    (d) A beneficiary under RCW 2.12.020.

    (4) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this postretirement adjustment not granted prior to that time.

NEW SECTION. Sec. 2.  A new section is added to chapter 2.12 RCW to read as follows:

    (1) No one who becomes a beneficiary after June 30, 1996, shall receive a monthly retirement allowance of less than twenty-four dollars and twenty-two cents times the number of years of service creditable to the person whose service is the basis of such retirement allowance.

    (2) Where the retirement allowance payable was adjusted at the time benefit payments to the beneficiary commenced, the minimum allowance provided in this section shall be adjusted in a manner consistent with that adjustment.

    (3) Beginning July 1, 1997, the minimum benefit set forth in subsection (1) of this section shall be adjusted annually by the annual increase.

NEW SECTION. Sec. 3.  The following acts or parts of acts are each repealed:

(1) RCW 2.12.037 and 1970 ex.s. c 96 s 1;

(2) RCW 2.12.045 and 1979 ex.s. c 96 s 4; and

(3) RCW 2.12.046 and 1983 1st ex.s. c 56 s 1."

HB 2333 - S AMD - 216

By Senator Wood

                                                 WITHDRAWN 2/28/96

    On page 1, line 1 of the title, after "retirement;" strike the remainder of the title and insert "amending RCW 2.14.110; adding new sections to chapter 2.12 RCW; and repealing RCW 2.12.037, 2.12.045, and 2.12.046."

                            --- END ---