BILL REQ. #:  S-0054.1 

Read first time 01/09/2007.   Referred to Committee on Ways & Means.

     AN ACT Relating to membership in plan 1 of the public employees' retirement system; adding a new section to chapter 41.40 RCW; providing an effective date; 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 41.40 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.

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 July 1, 2007.