H-3510.1  _______________________________________________

 

                          HOUSE BILL 2756

          _______________________________________________

 

State of Washington      57th Legislature     2002 Regular Session

 

By Representatives Linville, Cox, Delvin, Conway and Cooper

 

Read first time 01/28/2002.  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 and 41.31.030.

 

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 amount of extraordinary investment gains, 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 two points for each year of retirement;

    (b) The total amount of extraordinary investment gains 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 odd 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.

 

    Sec. 2.  RCW 41.31.030 and 1998 c 340 s 3 are each amended to read as follows:

    The legislature reserves the right to amend or repeal this chapter in the future and no member or beneficiary has a contractual right to receive ((this)) a postretirement adjustment or lump sum payment not granted prior to that amendment or repeal.

 


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