CERTIFICATION OF ENROLLMENT

HOUSE BILL 3053

Chapter 117, Laws of 1998

55th Legislature

1998 Regular Session

DISTRIBUTION OPTIONS UNDER TEACHERS' RETIREMENT SYSTEM, PLAN III

EFFECTIVE DATE: 3/23/98

Passed by the House February 16, 1998 Yeas 98 Nays 0

CLYDE BALLARD

Speaker of the

House of Representatives

Passed by the Senate March 4, 1998

Yeas 42 Nays 0

CERTIFICATE

I, Timothy A. Martin, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 3053 as passed by the House of Representatives and the Senate on the dates hereon set forth.

BRAD OWEN

President of the Senate

TIMOTHY A. MARTIN

Chief Clerk

Approved March 23, 1998

FILED

March 23, 1998 - 4:31 p.m.

GARY LOCKE

Governor of the State of Washington

Secretary of State

State of Washington

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HOUSE BILL 3053

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Passed Legislature - 1998 Regular Session

State of Washington 55th Legislature 1998 Regular Session

By Representatives Clements and Skinner

Read first time 01/28/98. Referred to Committee on Appropriations.

AN ACT Relating to distribution options for members of teachers' retirement system, plan III; amending RCW 41.34.070; and declaring an emergency.

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

Sec. 1. RCW 41.34.070 and 1995 c 239 s 207 are each amended to read as follows:

(1) If the member retires, becomes disabled, or otherwise terminates employment, the balance in the member's account may be distributed in accordance with an option selected by the member either as a lump sum or pursuant to other options authorized by the board.

(2) If the member dies while in service, the balance of the member's account may be distributed in accordance with an option selected by the member either as a lump sum or pursuant to other options authorized by the board. The distribution shall be made to such person or persons as the member shall have nominated by written designation duly executed and filed with the department. If there be no such designated person or persons still living at the time of the member's death, the balance of the member's account in the retirement system, less any amount identified as owing to an obligee upon withdrawal of such account balance pursuant to a court order filed under RCW 41.50.670, shall be paid to the member's surviving spouse as if in fact such spouse had been nominated by written designation, or if there is no surviving spouse, then to such person or persons, trust, or organization as the member shall have nominated by written designation duly executed and filed with the department.

(3) If a member has a terminal illness and terminates from employment, the member may choose to have the balance in the member's account distributed as a lump sum payment based on the most recent valuation in order to expedite the distribution. The department shall make this payment within ten working days after receipt of notice of termination of employment, documentation verifying the terminal illness, and an application for payment.

(4) The distribution under subsections (1) ((or)), (2), or (3) of this section shall be less any amount identified as owing to an obligee upon withdrawal pursuant to a court order filed under RCW 41.50.670.

NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.