| Passed by the Senate February 14, 2014 YEAS 47 ________________________________________ President of the Senate Passed by the House March 6, 2014 YEAS 94 ________________________________________ Speaker of the House of Representatives | I, Hunter G. Goodman, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6201 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 | 63rd Legislature | 2014 Regular Session |
Read first time 01/17/14. Referred to Committee on Ways & Means.
AN ACT Relating to an optional life annuity benefit for plan 2 members of the law enforcement officers' and firefighters' retirement system; and adding a new section to chapter 41.26 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 41.26 RCW
under the subchapter heading "plan 2" to read as follows:
(1) At the time of retirement, plan 2 members may purchase an
optional actuarially equivalent life annuity benefit from the law
enforcement officers' and firefighters' retirement system plan 2
retirement fund established in RCW 41.50.075. A minimum payment of
twenty-five thousand dollars is required.
(2) Subject to rules adopted by the department, a member purchasing
an annuity under this section must pay all of the cost with an eligible
rollover, direct rollover, or trustee-to-trustee transfer from an
eligible retirement plan.
(a) The department shall adopt rules to ensure that all eligible
rollovers and transfers comply with the requirements of the internal
revenue code and regulations adopted by the internal revenue service.
The rules adopted by the department may condition the acceptance of a
rollover or transfer from another plan on the receipt of information
necessary to enable the department to determine the eligibility of any
transferred funds for tax-free rollover treatment or other treatment
under federal income tax law.
(b) "Eligible retirement plan" means a tax qualified plan offered
by a governmental employer.