CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 2538

Chapter 85, Laws of 2004

58th Legislature
2004 Regular Session



PERS--TERS--MINIMUM BENEFIT



EFFECTIVE DATE: 6/10/04

Passed by the House February 11, 2004
  Yeas 95   Nays 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate March 3, 2004
  Yeas 45   Nays 0


BRAD OWEN
________________________________________    
President of the Senate
 
CERTIFICATE

I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2538 as passed by the House of Representatives and the Senate on the dates hereon set forth.


RICHARD NAFZIGER
________________________________________    
Chief Clerk
Approved March 22, 2004.








GARY F. LOCKE
________________________________________    
Governor of the State of Washington
 
FILED
March 22, 2004 - 5:31 p.m.







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE HOUSE BILL 2538
_____________________________________________

Passed Legislature - 2004 Regular Session
State of Washington58th Legislature2004 Regular Session

By House Committee on Appropriations (originally sponsored by Representatives Conway, Fromhold, Alexander, Rockefeller, Upthegrove, Simpson, G., Moeller, Chase, Bush and Armstrong; by request of Select Committee on Pension Policy)

READ FIRST TIME 01/28/04.   



     AN ACT Relating to establishing a one thousand dollar minimum monthly benefit for public employees' retirement system plan 1 members and teachers' retirement system plan 1 members who have at least twenty-five years of service and who have been retired at least twenty years; and amending RCW 41.32.4851 and 41.40.1984.

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

Sec. 1   RCW 41.32.4851 and 1995 c 345 s 3 are each amended to read as follows:
     (1) No one who becomes a beneficiary after June 30, 1995, shall receive a monthly retirement allowance of less than twenty-four dollars and twenty-two cents times the number of years of service creditable to the person whose service is the basis of such retirement allowance.
     (2) If the retirement allowance payable was adjusted at the time benefit payments to the beneficiary commenced, the minimum allowance provided in this section shall be adjusted in a manner consistent with that adjustment.
     (3) Beginning July 1, 1996, the minimum benefit set forth in subsection (1) of this section shall be adjusted annually by the annual increase.
     (4) Those receiving a temporary disability benefit under RCW 41.32.540 shall not be eligible for the benefit provided by this section.
     (5) Beginning July 1, 2004, the minimum benefit set forth in subsection (1) of this section, prior to adjustments set forth in subsection (2) of this section, for a beneficiary with at least twenty-five years of service and who has been retired at least twenty years shall be one thousand dollars per month. The minimum benefit in this subsection shall not be adjusted by the annual increase provided in subsection (3) of this section.

Sec. 2   RCW 41.40.1984 and 1995 c 345 s 7 are each amended to read as follows:
     (1) Except as provided in subsections (4) and (5) of this section, no one who becomes a beneficiary after June 30, 1995, shall receive a monthly retirement allowance of less than twenty-four dollars and twenty-two cents times the number of years of service creditable to the person whose service is the basis of such retirement allowance.
     (2) Where the retirement allowance payable was adjusted at the time benefit payments to the beneficiary commenced, the minimum allowance provided in this section shall be adjusted in a manner consistent with that adjustment.
     (3) Beginning July 1, 1996, the minimum benefit set forth in subsection (1) of this section shall be adjusted annually by the annual increase.
     (4) Those receiving a benefit under RCW 41.40.220(1) or under RCW 41.44.170 (3) and (5) shall not be eligible for the benefit provided by this section.
     (5) For persons who served as elected officials and whose accumulated employee contributions and credited interest was less than seven hundred fifty dollars at the time of retirement, the minimum benefit under subsection (1) of this section shall be ten dollars per month per each year of creditable service.
     (6) Beginning July 1, 2004, the minimum benefit set forth in subsection (1) of this section, prior to adjustments set forth in subsection (2) of this section, for a beneficiary with at least twenty-five years of service and who has been retired at least twenty years shall be one thousand dollars per month. The minimum benefit in this subsection shall not be adjusted by the annual increase provided in subsection (3) of this section.


         Passed by the House February 11, 2004.
         Passed by the Senate March 3, 2004.
         Approved by the Governor March 22, 2004.
         Filed in Office of Secretary of State March 22, 2004.