Z-0717.1  _______________________________________________

                          HOUSE BILL 1925

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State of Washington      55th Legislature     1997 Regular Session

By Representatives Clements and Hatfield

Read first time 02/14/97.  Referred to Committee on Appropriations.

Establishing retirement choices for individuals who have earned their thirtieth year of service credit.

    AN ACT Relating to retirement benefits under the teachers' retirement system, plan I; and adding a new section to chapter 41.32 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 41.32 RCW under the subchapter heading "PLAN I" to read as follows:

    During the fiscal year in which a member earns his or her thirtieth year of service credit, a member may make the following irrevocable choice for all subsequent fiscal years:

    (1) To cease making contributions required by RCW 41.32.350;

    (2) To have his or her retirement benefits calculated at the time of retirement using only the earnable compensation before the cessation of contributions under subsection (1) of this section; and

    (3) To cease to accrue additional service credit after the cessation of contributions under subsection (1) of this section.

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