BILL REQ. #:  Z-1035.1 

Read first time 01/10/2006.   Referred to Committee on Appropriations.

     AN ACT Relating to creating the pension funding stabilization account; adding a new section to chapter 41.45 RCW; and declaring an emergency.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 41.45 RCW to read as follows:
     The pension funding stabilization account is created in the state treasury. Moneys in the account may be spent only after appropriation. Expenditures from the account may be used only for payment of unfunded liabilities of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 in existence on July 1, 2005, as employer contributions for members of the public employees' retirement system, the teachers' retirement system, the school employees' retirement system, or the public safety employees' retirement system. The account may not be used to pay for any new benefit or for any benefit increase that takes effect after July 1, 2005. An increase that is provided in accordance with a formula that is in existence on July 1, 2005, is not considered a benefit increase for this purpose.

NEW SECTION.  Sec. 2   This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.