H-0947.2  _______________________________________________

                          HOUSE BILL 2084

          _______________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Representatives Jackley, Edmonds, Linville, Conway, O'Brien, Fromhold, Roach, Cooper, Dunn, Boldt, Armstrong and Santos

Read first time 02/14/2001.  Referred to Committee on Appropriations.

Making an additional payment to certain plan 1 retirees.

    AN ACT Relating to extraordinary investment gain sharing for plan 1; and amending RCW 41.31.010.

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

    Sec. 1.  RCW 41.31.010 and 1998 c 340 s 1 are each amended to read as follows:

(1) Beginning January 1, 2003, and on January 1st of odd-numbered years thereafter, the gain-sharing increase amount, if any, shall be used to provide a lump sum payment to each plan 1 retiree under chapters 41.32 and 41.40 RCW.  The department shall calculate the amount of each payment as follows:

(a) Each plan 1 retiree is awarded one point for each year of service credit and each year of retirement;

(b) The total gain-sharing increase amount under RCW 41.31.020 is divided by the total number of points awarded under (a) of this subsection;

(c) Each retiree's individual point total is then multiplied by the single point value determined under (b) of this subsection and that amount is the even year additional payment.

(2) Beginning July 1, 1998, and on January 1st of even-numbered years thereafter, the annual increase amount as defined in RCW 41.32.010 and 41.40.010 shall be increased by the gain-sharing increase amount, if any.  The monthly retirement allowance of a person in receipt of the benefit provided in RCW 41.32.489 or 41.40.197 shall immediately be adjusted to reflect any increase.

                            --- END ---