6530-S AAS 2/10/00

SSB 6530 - S AMD - 064

    By Senators Fraser and Long

                                                   ADOPTED 2/10/00

    On page 40, after line 29, strike section 508 of the bill and insert the following:

    "NEW SECTION. Sec. 508.   A new section is added to chapter 41.45 RCW to read as follows:

    (1) Beginning May 1, 2000, through June 30, 2001, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system plan 2, and the basic employer contribution rates for the public employees' retirement system, the school employees' retirement system, and the teachers retirement system, shall be as follows:

    (a) 2.16 percent for all plan 2 members of the law enforcement officers' and fire fighters' retirement system;

    (b) 3.58 percent for all members of the public employees' retirement system;

    (c) 3.58 percent for all members of the school employees' retirement system, effective as of the establishment of the new retirement system on September 1, 2000; and

    (d)   6.03 percent for all members of the teachers' retirement system.

    (2) The department shall also adjust employer and member contribution rates for the law enforcement officers and fire fighters retirement system plan 2, on May 1, 2000."

                            --- END ---

EFFECT: Makes technical changes to the section that implements changes to employer and state contribution rates based on the 1998 actuarial valuation studies.