6167-S AMS CARL CUTL 004

                                                                 

SB 6167 - S AMD 185

    By Senator Carlson

                                              NOT ADOPTED 03/30/01

 

    On page 19, after line 24, insert the following:

 

    Sec. 20.  RCW 41.40.197 and 1995 c 345 s 5 are each amended to read as follows:

    (1) Beginning July 1, 1995, and annually thereafter, the retirement allowance of a person meeting the requirements of this section shall be increased by the annual increase amount.

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

    (a) A beneficiary who has received a retirement allowance for at least one year by July 1st in the calendar year in which the annual increase is given and has attained at least age sixty-six by ((July 1st)) December 31st in the calendar year in which the annual increase is given; or

    (b) A beneficiary whose retirement allowance is lower than the minimum benefit provided under RCW 41.40.1984.

    (3) The following persons shall also be eligible for the benefit provided in subsection (1) of this section:

    (a) A beneficiary receiving the minimum benefit on June 30, 1995, under RCW 41.40.198; or

    (b) A recipient of a survivor benefit on June 30, 1995, which has been increased by RCW 41.40.325.

    (4) If otherwise eligible, those receiving an annual adjustment under RCW 41.40.188(1)(c) shall be eligible for the annual increase adjustment in addition to the benefit that would have been received absent this section.

    (5) Those receiving a benefit under RCW 41.40.220(1), or a survivor of a disabled member under RCW 41.44.170(5) shall be eligible for the benefit provided by this section.

    (6) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this postretirement adjustment not granted prior to that time.

    (7)   Effective July 1, 2001, the actuarial calculation for the computation of the increases provided by this section shall be based on the economic assumptions included in section six of this act.

 

    Sec. 21.  RCW 41.32.489 and 1995 c 345 s 2 are each amended to read as follows:

    (1) Beginning July 1, 1995, and annually thereafter, the retirement allowance of a person meeting the requirements of this section shall be increased by the annual increase amount.

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

    (a) A beneficiary who has received a retirement allowance for at least one year by July 1st in the calendar year in which the annual increase is given and has attained at least age sixty-six by ((July 1st)) December 31st in the calendar year in which the annual increase is given; or

    (b) A beneficiary whose retirement allowance is lower than the minimum benefit provided under RCW 41.32.4851.

    (3) The following persons shall also be eligible for the benefit provided in subsection (1) of this section:

    (a) A beneficiary receiving the minimum benefit on June 30, 1995, under RCW 41.32.485; or

    (b) A recipient of a survivor benefit on June 30, 1995, which has been increased by RCW 41.32.575.

    (4) If otherwise eligible, those receiving an annual adjustment under RCW 41.32.530(1)(d) shall be eligible for the annual increase adjustment in addition to the benefit that would have been received absent this section.

    (5) Those receiving a temporary disability benefit under RCW 41.32.540 shall not be eligible for the benefit provided by this section.

    (6) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this postretirement adjustment not granted prior to that time.

    (7)   Effective July 1, 2001, the actuarial calculation for the computation of the increases provided by this section shall be based on the economic assumptions included in section six of this act. "

 

 

 

 

    Renumber the sections consecutively and correct any internal references accordingly.

 


                             C END C

 

 

 

 

 

 

EFFECT: Provides that the uniform cola in pers 1 and trs 1 shall be calculated using the new economic assumptions contained in section six of the bill, and that the uniform cola shall be paid to retirees on July 1st of the year that they turn age 66, rather than  on the July 1st after they have already reached age 66.  This means those retirees whose birthdays are from July 2nd through December 31st will not have to wait an extra year for the first COLA payment.