S-0692.1 _______________________________________________
SENATE BILL 5215
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State of Washington 54th Legislature 1995 Regular Session
By Senators Deccio, Newhouse, Haugen and Loveland
Read first time 01/16/95. Referred to Committee on Ways & Means.
AN ACT Relating to members with service in the teachers' retirement system plan I and the public employees' retirement system plan II; and amending RCW 41.54.030.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 41.54.030 and 1990 c 192 s 2 are each amended to read as follows:
(1) A dual member's service in all systems may be combined for the sole purpose of determining the member's eligibility to receive a service retirement allowance.
(2) A dual member who is eligible to retire under any system may elect to retire from all the member's systems and to receive service retirement allowances calculated as provided in this section. Each system shall calculate the allowance using its own criteria except that the member shall be allowed to substitute the member's base salary from any system as the compensation used in calculating the allowance.
(3) Except as provided in subsection (4) of this section, the service retirement allowances from a system which, but for this section, would not be allowed to be paid at this date based on the dual member's age shall be either actuarially adjusted from the earliest age upon which the combined service would have made such dual member eligible in that system, or the dual member may choose to defer the benefit until fully eligible.
(4) A dual member who has more than fifteen years' service in both the teachers' retirement system plan I, and the public employees' retirement system plan II, and who is eligible for a service retirement from the teachers' retirement system plan I shall be eligible to receive a service retirement allowance from the public employees' retirement system, calculated without an actuarial reduction for early retirement.
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