1330 AMS WM SUND 001

HB 1330 - S COMM AMD

By Committee on Ways & Means

ADOPTED 4/5/05

On page 15 after line 12 insert the following:

"Sec. 14. RCW 41.50.088 and 2000 c 247 s 602 are each amended to read as follows:

(1) The board shall adopt rules as necessary and exercise the following powers and duties:

(a) The board shall recommend to the state investment board types of options for member self-directed investment in the teachers' retirement system plan 3, the school employees' retirement system plan 3, and the public employees' retirement system plan 3 as deemed by the board to be reflective of the members' preferences;

(b) By July 1, 2005, subject to favorable tax determination by the Internal Revenue Service, the board shall make optional actuarially equivalent life annuity benefit payment schedules available to members and survivors that may be purchased from the combined plan 2 and plan 3 funds under RCW 41.50.075; and

(c) Determination of the basis for administrative charges to the self-directed investment fund to offset self-directed account expenses;

(2) The board shall recommend to the state investment board types of options for participant self-directed investment in the state deferred compensation plan, as deemed by the board to be reflective of the participants' preferences."

HB 1330 - S COMM AMD

By Committee on Ways & Means

On page 1, on line 6 of the title, after "41.40.197, ", insert "41.50.088, ".

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EFFECT: Conditions the requirement that the Employee Retirement Benefits Board offer an optional annuity benefit to members of Plan 3 of the Public Employees', Teachers', and School Employees' Retirement Systems upon the determination of favorable tax status for such a benefit by the Internal Revenue Service.