2073.E AMS WEST CUTL 005

EHB 2073 - S AMD - 522

    By Senator West

                                                    PULLED 4/25/99

    On page 1, on line 11, after "least", strike "((twenty)) fifteen" and  insert: "twenty";

    On page 1, on line 16, strike "by two percent each year", and insert "by the reduction factor provided by subsection (3) of this section"

    On page 1, after line 18, insert the following:

"(3) The office of the state actuary shall adopt an adjusted early retirement reduction factor for the retirement system following the approval by the pension funding council of the actuarial valuation study that will be used to establish retirement system contribution rates for the 2001-2003 biennium. The adjusted factor shall be the percentage reduction factor that can be funded from the reduction in retirement system contributions for the 2001-2003 biennium. The early retirement reduction factor shall be adjusted each subsequent biennium to reflect changes in the required contribution rates for the retirement system. An actuarial reduction factor shall continue to be used until the office of the state actuary has adopted an adjusted early retirement factor.  The change provided by this subsection may be adjusted by the legislature in the future for any members who have not previously retired with a benefit calculated pursuant to this section."

    On page 2, beginning on line 8, strike "by two percent per year" and insert ""by the reduction factor provided by RCW 41.26.430(3)"

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EFFECT: Provides that the early retirement reduction factors for members of LEOFF 2 will be adjusted to the level that can be funded by the decrease in LEOFF 2 contribution rates, if any, that occurs in the 2001-2001 biennium, and future bienniums. The legislature reserves the ability to make changes for persons who have not yet retired.