5174-S AMH HAIG PRIN 054

SSB 5174 - H AMD 516

By Representative Haigh

ADOPTED 4/4/2007

   On page 18, after line 3, insert the following:

   "NEW SECTION. Sec. 1. A new section is added to chapter 41.40 RCW under the subchapter heading "plan 1" to read as follows:

   (1) Beginning July 1, 2007, and ending September 30, 2007, an eligible member of plan 1 of the teachers' retirement system may make a one-time irrevocable election, filed in writing with the department, to leave any service credit earned as a member of plan 1 of the teachers' retirement system in that system and join plan 1 of the public employees' retirement system. An eligible member who makes such an election may, upon satisfying the requirements of chapter 41.54 RCW, become a dual member of the two systems in order to combine service in each system for the purpose of determining benefit eligibility.

   (2) For the purpose of this section, an "eligible member" means a member of plan 1 of the teachers' retirement system who, at the time of election, has at least ten and not more than twenty years of service credit in that system and who is employed by the public school employees of Washington."

   Correct the title.

EFFECT: Permits individuals employed by the Public School Employees of Washington, are members of the Teachers' Retirement System Plan 1 based on previous employment, and had earned between 10 and 20 years of service credit in their TRS-covered employment, to transfer to the Public Employees' Retirement System Plan 1 for future years of service.