CERTIFICATION OF ENROLLMENT

 

                        HOUSE BILL 1023

 

 

                   Chapter 223, Laws of 1999

 

 

                        56th Legislature

                      1999 Regular Session

 

 

TEACHERS' RETIREMENT SYSTEM--EXTRAORDINARY INVESTMENT GAINS

 

 

 

                    EFFECTIVE DATE:  5/10/99

Passed by the House April 19, 1999

  Yeas 97   Nays 0

 

 

             CLYDE BALLARD

Speaker of the House of Representatives

     

 

 

              FRANK CHOPP

Speaker of the House of Representatives

 

 

 

Passed by the Senate April 7, 1999

  Yeas 43   Nays 0

             CERTIFICATE

 

We, Dean R. Foster and Timothy A. Martin, Co-Chief Clerks of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1023  as passed by the House of Representatives and the Senate on the dates hereon set forth.

 

 

 

           DEAN R. FOSTER

                          Chief Clerk

 

 

          TIMOTHY A. MARTIN

                          Chief Clerk

               BRAD OWEN

President of the Senate

 

 

 

Approved May 10, 1999 Place Style On Codes above, and Style Off Codes below.            

                                FILED                

 

             May 10, 1999 - 4:06 p.m.

 

              GARY LOCKE

Governor of the State of Washington

                 Secretary of State

                 State of Washington


          _______________________________________________

 

                          HOUSE BILL 1023

          _______________________________________________

 

                     AS AMENDED BY THE SENATE

 

             Passed Legislature - 1999 Regular Session

 

State of Washington      56th Legislature     1999 Regular Session

 

By Representatives H. Sommers, Lambert, Carlson, Ogden, Conway, D. Sommers, Alexander, Wolfe, Romero, Bush, Thomas, Keiser, Stensen, G. Chandler, DeBolt, Parlette, Talcott, K. Schmidt, D. Schmidt, Murray, Schoesler, Sump and Hurst; by request of Joint Committee on Pension Policy

 

Prefiled 12/31/98.  Read first time 01/11/1999.  Referred to Committee on Appropriations.

Sharing extraordinary investment gains in the teachers' retirement system plan 3.     


    AN ACT Relating to the sharing of extraordinary investment gains in the teachers' retirement system plan 3; amending RCW 41.50.145; creating new sections; and declaring an emergency.

 

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

 

    NEW SECTION.  Sec. 1.  (1) On or before July 1, 1999, the member account of a person meeting the requirements of this section shall be credited by the 1999 retroactive extraordinary investment gain amount.

    (2) The following persons are eligible for the benefit provided in subsection (1) of this section:

    (a) Any member of the teachers' retirement system plan 3 who transferred to plan 3 pursuant to RCW 41.32.817 on or after September 1, 1997, and before February 1, 1998; and

    (b) Had a balance of at least one thousand dollars in contributions and interest credited to their member's individual account pursuant to chapter 41.32 RCW by August 31, 1997; and

    (i) Who earned service credit during the twelve-month period from September 1, 1996, to August 31, 1997; or

    (ii) Who:

    (A) Completed ten service credit years; or

    (B) Completed five service credit years, including twelve service months after attaining age fifty-four; or

    (C) Completed five service credit years by July 1, 1996, under plan 2.

    (3) The 1999 retroactive extraordinary investment gain amount shall be calculated as follows:

    (a) An amount equal to the average benefit per year of service paid to members of the teachers' retirement system plan 3 in 1998, pursuant to section 309, chapter 341, Laws of 1998.

    (b) Distributed to persons eligible for the benefit provided in subsection (1) of this section on the basis of their service credit total on August 31, 1997.

 

    Sec. 2.  RCW 41.50.145 and 1998 c 341 s 515 are each amended to read as follows:

    (1) If the department determines that due to employer error a member of plan 3 has suffered a loss of investment return, the employer shall pay the department for credit to the member's account the amount determined by the department as necessary to correct the error.

    (2) If the department determines that due to departmental error a member of plan 3 has suffered a loss of investment return, the department shall credit to the member's account from the ((school employees')) appropriate retirement system combined plan 2 and 3 fund the amount determined by the department as necessary to correct the error.

 

    NEW SECTION.  Sec. 3.  Section 1 of this act is added to chapter 41.34 RCW, but because of its temporary nature, shall not be codified.

 

    NEW SECTION.  Sec. 4.  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.


    Passed the House April 19, 1999.

    Passed the Senate April 7, 1999.

Approved by the Governor May 10, 1999.

    Filed in Office of Secretary of State May 10, 1999.