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SENATE BILL 5294
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Passed Legislature - 1995 Regular Session
State of Washington 54th Legislature 1995
Regular Session
By
Read first time 01/18/95.
Referred to Committee on Government Operations.
Paying for fire
fighters' retirement provisions.
AN ACT Relating to
retirement provisions for municipal fire fighters; and amending RCW 41.24.030.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 41.24.030 and 1992 c
97 s 1 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:
(a) All bequests, fees,
gifts, emoluments, or donations given or paid to the fund.
(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 provided in this chapter as follows:
(i) Ten dollars for
each volunteer or part-paid member of its fire department;
(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.
(c) Where a municipal
corporation has elected to make available to the members of its fire department
the retirement provisions as provided in this chapter, an annual fee of sixty
dollars for each of its fire fighters electing to enroll therein, thirty
dollars of which shall be paid by the municipality and thirty dollars of which
shall be paid by the fire fighter. However, nothing in this section
prohibits any municipality from voluntarily paying the fire fighters' share of
the retirement provision.
(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.
(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.
(f) All bonds or other
obligations purchased according to (e) of this 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.
