2487-S AMH HUFF GRAH 2

SHB 2487 - H AMDS 993

By Representative Huff

     On page 37, line 21, after A(2)@ insert AAll third-party record keeping costs shall be paid by members in accordance with rules established by the board under 41.50.088.@

     On page 37, line 28, strike Aself-directed@

     On page 56, line 13, strike Ato the self-directed investment fund@ and insert A((to the self-directed investment fund)) to be paid by plan III members for third party record keeping costs, and@

     On page 57, line 26, strike ARCW 41.34.060(2)@ and insert A((RCW 41.34.060(2))) Section 307 of this act@

EFFECT: The amendment requires SERS Plan III members to pay for the costs of the third-party record keeper which administers the defined contribution portion of the plan.  The cost to members, and the savings to the state, will be about $2.2 million a biennium.  Members would pay an average of $30 to $50 each year.