Z-1272.2 _______________________________________________
HOUSE BILL 2332
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State of Washington 54th Legislature 1996 Regular Session
By Representatives Carlson, Sehlin, H. Sommers, Ogden, Dellwo, Lambert, Quall, Murray, Wolfe, D. Sommers, Morris and Silver; by request of Joint Committee on Pension Policy
Read first time 01/10/96. Referred to Committee on Appropriations.
AN ACT Relating to the provision of a one-time adjustment of one and three hundred sixty-six thousands cents to the retirement allowance annual increase; adding a new section to chapter 41.32 RCW; adding a new section to chapter 41.40 RCW; creating a new section; and repealing RCW 41.04.275.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The state treasurer shall transfer from the pension funding account fourteen million one hundred thousand dollars to the public employees' retirement system plan I account and ten million nine hundred thousand dollars to the teachers' retirement system plan I account. These amounts shall provide the full actuarial present value of the one-time increase provided on July 1, 1996, under sections 2 and 3 of this act.
NEW SECTION. Sec. 2. A new section is added to chapter 41.32 RCW under the subchapter heading "Plan I" to read as follows:
On July 1, 1996, a one-time adjustment shall be made by adding one and three hundred sixty-six thousandths cents to the annual increase calculation provided under RCW 41.32.010(47).
NEW SECTION. Sec. 3. A new section is added to chapter 41.40 RCW under the subchapter heading "Plan I" to read as follows:
On July 1, 1996, a one-time adjustment shall be made by adding one and three hundred sixty-six thousandths cents to the annual increase calculation provided under RCW 41.40.010(40).
NEW SECTION. Sec. 4. RCW 41.04.275 and 1994 c 298 s 6 are each repealed.
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