BILL REQ. #:  H-0826.1 

Read first time 01/31/2003.   Referred to Committee on Appropriations.

     AN ACT Relating to allowing public safety workers to retire early in the public employees' retirement system, plan 2; amending RCW 41.40.630; and creating a new section.

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

NEW SECTION.  Sec. 1   The legislature recognizes that the responsibilities, training, and ongoing physical requirements of public employees' retirement system plan 2 members working in public safety-related jobs beyond the age of fifty-five may put themselves, coworkers, and the public at risk. Therefore, the legislature intends to provide an alternative retirement option by reducing the financial disincentive to retiring before age sixty-five.

Sec. 2   RCW 41.40.630 and 2000 c 247 s 901 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 actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
     (3) ((ALTERNATE)) ALTERNATIVE EARLY RETIREMENT. Any member who has completed at least thirty 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 reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
     (4) ALTERNATIVE EARLY RETIREMENT. Any member who has completed at least twenty service credit years in public safety-related jobs 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 under this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.