CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 2684

Chapter 33, Laws of 2006

59th Legislature
2006 Regular Session



RETIREMENT SYSTEMS--VESTING REQUIREMENTS



EFFECTIVE DATE: 6/7/06

Passed by the House February 11, 2006
  Yeas 97   Nays 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate February 28, 2006
  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 2684 as passed by the House of Representatives and the Senate on the dates hereon set forth.


RICHARD NAFZIGER
________________________________________    
Chief Clerk
Approved March 14, 2006.








CHRISTINE GREGOIRE
________________________________________    
Governor of the State of Washington
 
FILED
March 14, 2006 - 2:49 p.m.







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE HOUSE BILL 2684
_____________________________________________

Passed Legislature - 2006 Regular Session
State of Washington59th Legislature2006 Regular Session

By House Committee on Appropriations (originally sponsored by Representatives Fromhold, Bailey, Conway, Lovick, Green, Sells, Kenney, Quall, Simpson, Moeller and Morrell; by request of Select Committee on Pension Policy)

READ FIRST TIME 02/08/06.   



     AN ACT Relating to vesting after five years of service in the defined benefit portion of the public employees' retirement system, the school employees' retirement system, and the teachers' retirement system plan 3; and amending RCW 41.32.875, 41.35.680, and 41.40.820.

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

Sec. 1   RCW 41.32.875 and 2000 c 247 s 903 are each amended to read as follows:
     (1) NORMAL RETIREMENT. Any member who is at least age sixty-five and who has:
     (a) Completed ten service credit years; or
     (b) Completed five service credit years, including twelve service credit months after attaining age ((fifty-four)) forty-four; or
     (c) Completed five service credit years by July 1, 1996, under plan 2 and who transferred to plan 3 under RCW 41.32.817;
shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.840.
     (2) EARLY RETIREMENT. Any member who has attained at least age fifty-five and has completed at least ten years of service shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.840, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
     (3) ALTERNATE EARLY RETIREMENT. Any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.32.840, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

Sec. 2   RCW 41.35.680 and 2000 c 247 s 906 are each amended to read as follows:
     (1) NORMAL RETIREMENT. Any member who is at least age sixty-five and who has:
     (a) Completed ten service credit years; or
     (b) Completed five service credit years, including twelve service credit months after attaining age ((fifty-four)) forty-four; or
     (c) Completed five service credit years by September 1, 2000, under the public employees' retirement system plan 2 and who transferred to plan 3 under RCW 41.35.510;
shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.35.620.
     (2) EARLY RETIREMENT. Any member who has attained at least age fifty-five and has completed at least ten years of service shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.35.620, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
     (3) ALTERNATE EARLY RETIREMENT. Any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.35.620, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

Sec. 3   RCW 41.40.820 and 2000 c 247 s 309 are each amended to read as follows:
     (1) NORMAL RETIREMENT. Any member who is at least age sixty-five and who has:
     (a) Completed ten service credit years; or
     (b) Completed five service credit years, including twelve service credit months after attaining age ((fifty-four)) forty-four; or
     (c) Completed five service credit years by the transfer payment date specified in RCW 41.40.795, under the public employees' retirement system plan 2 and who transferred to plan 3 under RCW 41.40.795;
shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790.
     (2) EARLY RETIREMENT. Any member who has attained at least age fifty-five and has completed at least ten years of service shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.
     (3) ALTERNATE EARLY RETIREMENT. Any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.790, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.


         Passed by the House February 11, 2006.
         Passed by the Senate February 28, 2006.
         Approved by the Governor March 14, 2006.
         Filed in Office of Secretary of State March 14, 2006.