S-0834.1 _______________________________________________
SENATE BILL 6038
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State of Washington 56th Legislature 1999 Regular Session
By Senators Prentice, Benton, Winsley, Kline, B. Sheldon, Fairley, Heavey, Goings, Shin, T. Sheldon and Rasmussen
Read first time 02/24/1999. Referred to Committee on Ways & Means.
AN ACT Relating to an actuarial reduction at the time of retirement; amending RCW 41.32.765, 41.35.420, and 41.40.630; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 41.32.765 and 1991 c 343 s 5 are each amended to read as follows:
(1) NORMAL RETIREMENT. Any member with at least five service credit years of service who has attained at least age sixty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.760.
(2) EARLY RETIREMENT. Any member who has completed at least twenty service credit years of service who has attained at least age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.760, except that a member retiring pursuant to this subsection shall have the retirement allowance: (a) Actuarially reduced, if the member is under age sixty; or (b) reduced by two percent, if the member is age sixty or older, to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
Sec. 2. RCW 41.35.420 and 1998 c 341 s 103 are each amended to read as follows:
(1) NORMAL RETIREMENT. Any member with at least five service credit years who has attained at least age sixty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.35.400.
(2) EARLY RETIREMENT. Any member who has completed at least twenty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.35.400, except that a member retiring pursuant to this subsection shall have the retirement allowance: (a) Actuarially reduced, if the member is under age sixty; or (b) reduced by two percent, if the member is age sixty or older, to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
Sec. 3. RCW 41.40.630 and 1991 c 343 s 11 are each amended to read as follows:
(1) NORMAL RETIREMENT. Any member with at least five service credit years who has attained at least age sixty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620.
(2) EARLY RETIREMENT. Any member who has completed at least twenty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620, except that a member retiring pursuant to this subsection shall have the retirement allowance: (a) Actuarially reduced, if the member is under age sixty; or (b) reduced by two percent, if the member is age sixty or older, to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
NEW SECTION. Sec. 4. Section 2 of this act takes effect September 1, 2000.
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