Z-1230.2  _______________________________________________

                         SENATE BILL 6215

          _______________________________________________

State of Washington      54th Legislature     1996 Regular Session

By Senators Bauer, Long, Fraser and Winsley; by request of Joint Committee on Pension Policy

Read first time 01/09/96.  Referred to Committee on Ways & Means.

Increasing the retirement allowance annual increase.

    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  RCW 41.04.275 and 1994 c 298 s 6 are each repealed.

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