| Passed by the Senate February 10, 2006 YEAS 45 ________________________________________ President of the Senate Passed by the House March 3, 2006 YEAS 95 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6453 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 59th Legislature | 2006 Regular Session |
Read first time 01/12/2006. Referred to Committee on Ways & Means.
AN ACT Relating to a one thousand dollar minimum monthly benefit for plan 1 members of the public employees' retirement system and plan 1 members of the teachers' retirement system; amending RCW 41.32.4851 and 41.40.1984; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 41.32.4851 and 2004 c 85 s 1 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.)) On July 1, 2006, and each year
thereafter, the minimum benefit in this subsection shall be increased
by three percent, rounded to the nearest cent.
(6) Beginning July 1, 2006, 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
years of service and who has been retired at least twenty-five years
shall be one thousand dollars per month. On July 1, 2006, and each
year thereafter, the minimum benefit in this subsection shall be
increased by three percent, rounded to the nearest cent.
Sec. 2 RCW 41.40.1984 and 2004 c 85 s 2 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.)) On July 1, 2006, and each year
thereafter, the minimum benefit in this subsection shall be increased
by three percent, rounded to the nearest cent.
(7) Beginning July 1, 2006, 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
years of service and who has been retired at least twenty-five years
shall be one thousand dollars per month. On July 1, 2006, and each
year thereafter, the minimum benefit in this subsection shall be
increased by three percent, rounded to the nearest cent.
NEW SECTION. Sec. 3 This act takes effect July 1, 2006.