5029-S AMH CONW H2765.1

5029-S AMH CONW H2765.1

SSB 5029 - H AMD 0233 WITHDRAWN 04/16/99

By Representative Conway

On page 6, after line 29, insert the following:

"NEW SECTION. Sec. 4. (1) The public employees' retirement system plan 2 gain-sharing fund is created within the public employees' retirement system plan 2 fund.

(2) On September 1, 1999, the public employees' retirement system plan 2 gain-sharing fund created in subsection (1) of this section shall be credited with the 1999 extraordinary investment gain amount. The 1999 extraordinary investment gain amount shall be determined as follows:

(a) One-half of the sum of the value of the net assets held in trust for pension benefits in the public employees' retirement system plan 2 fund at the close of the previous state fiscal year;

(b) Multiplied by the amount which the compound average of investment returns on those assets over the previous four state fiscal years exceeds ten percent.

(3) The joint committee on pension policy shall study options for distributing funds in the public employees' retirement system plan 2 gain-sharing account created in subsection (1) of this section and report to the legislature by January 15, 2000.

(4) A supplemental rate under RCW 41.45.070 shall not be charged to pay for establishing the public employees' retirement system plan 2 gain-sharing account pursuant to subsection (1) of this section.

(5) The member and employer contribution rates under RCW 41.40.650 shall not be increased as a result of establishing the public employees' retirement system plan 2 gain-sharing fund pursuant to subsection (1) of this section."

Correct the title.