| Passed by the House February 12, 2003 Yeas 97 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 14, 2003 Yeas 47 ________________________________________ President of the Senate | I, Cynthia Zehnder, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1206 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 58th Legislature | 2003 Regular Session |
Read first time 01/21/2003. Referred to Committee on Appropriations.
AN ACT Relating to public employees', teachers', and school employees' retirement systems plan 3 member contribution rates; and amending RCW 41.34.040.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 41.34.040 and 2000 c 247 s 403 are each amended to
read as follows:
(1) A member shall contribute from his or her compensation
according to one of the following rate structures in addition to the
mandatory minimum five percent:
Option A Contribution Rate
All Ages ((5.0%)) 0.0% fixed
Option B
Up to Age 35 ((5.0%)) 0.0%
Age 35 to 44 ((6.0%)) 1.0%
Age 45 and above ((7.5%)) 2.5%
Option C
Up to Age 35 ((6.0%)) 1.0%
Age 35 to 44 ((7.5%)) 2.5%
Age 45 and above ((8.5%)) 3.5%
Option D
All Ages 2.0%
Option E
All Ages 5.0%
Option F
All Ages 10.0%
(2) The board shall have the right to offer contribution rate
options in addition to those listed in subsection (1) of this section,
provided that no significant additional administrative costs are
created. All options offered by the board shall conform to the
requirements stated in subsections (3) and (((4))) (5) of this section.
(3)(a) For members of the teachers' retirement system entering plan
3 under RCW 41.32.835 or members of the school employees' retirement
system entering plan 3 under RCW 41.35.610, within ninety days of
becoming a member he or she has an ((irrevocable)) option to choose one
of the above contribution rate structures. If the member does not
select an option within the ninety-day period, he or she shall be
assigned option A. ((Such assignment shall be irrevocable.))
(b) For members of the public employees' retirement system entering
plan 3 under RCW 41.40.785, within the ninety days described in RCW
41.40.785 an employee who irrevocably chooses plan 3 shall select one
of the above contribution rate structures. If the member does not
select an option within the ninety-day period, he or she shall be
assigned option A. ((Such assignment shall be irrevocable.))
(c) For members of the teachers' retirement system transferring to
plan 3 under RCW 41.32.817, members of the school employees' retirement
system transferring to plan 3 under RCW 41.35.510, or members of the
public employees' retirement system transferring to plan 3 under RCW
41.40.795, upon election to plan 3 he or she must ((irrevocably))
choose one of the above contribution rate structures.
(d) Within ninety days of the date that an employee changes
employers, he or she has an ((irrevocable)) option to choose one of the
above contribution rate structures. If the member does not select an
option within this ninety-day period, he or she shall be assigned
option A. ((Such assignment shall be irrevocable.))
(4) Each year, members may change their contribution rate option by
notifying their employer in writing during the month of January.
(5) Contributions shall begin the first day of the pay cycle in
which the rate option is made, or the first day of the pay cycle in
which the end of the ninety-day period occurs.