H-1298              _______________________________________________

                                                    HOUSE BILL NO. 556

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Representatives Appelwick and Jacobsen

Read first time 2/2/87 and referred to Committee on Ways & Means.

AN ACT Relating to teachers retirement; adding new sections to chapter 41.32 RCW; making an appropriation; and declaring an emergency.

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

NEW SECTION. Sec. 1.     "Eligible members" means members of the retirement system as established by chapter 41.32 RCW who are employed by an employer on the effective date of this section.

NEW SECTION. Sec. 2.     (1) From the effective date of this section through November 30, 1988, eligible members of the retirement system may elect special early retirement, such retirement to be effective no later than January 1, 1989, under the following conditions:

          Any eligible member who (a) has attained the age of fifty-five years, with at least five years creditable service, or (b) has at least twenty-five years creditable service, is eligible to retire, and receive a combined pension and annuity service retirement allowance which shall be equal to two percent of the member's average final compensation multiplied by the total years of creditable service established with the retirement system to a maximum of sixty percent of such average earnable compensation.  All options available under RCW 41.32.498(4) shall be available for retirements under this section, subject to the appropriate actuarial adjustments.

          (2) For the purposes of this section:  (a) For eligible members who established membership in the retirement system on or before September 30, 1977, "earnable compensation" has the meaning set forth in RCW 41.32.010(11)(a); and "average final compensation" means the average earnable compensation for the member's two highest compensated consecutive years of service; (b) for eligible members who established membership in the retirement system on or after October 1, 1977, "earnable compensation" and "average final compensation" have the meanings set forth in RCW 41.32.010(11)(b) and 41.32.010(30), respectively.

NEW SECTION. Sec. 3.     There is appropriated from the general fund to the teachers' retirement fund for the biennium ending June 30, 1989, the sum of .......... dollars, or so much thereof as may be necessary, to pay for the costs of the benefits provided under section 2 of this act.

NEW SECTION. Sec. 4.     Sections 1 and 2 of this act are added to chapter 41.32 RCW, but, because of their temporary nature, shall not be codified.

NEW SECTION. Sec. 5.     This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.