HOUSE BILL NO. 1885
C 139 L 89
State of Washington 51st Legislature 1989 Regular Session
By Representatives Hine, Silver, H. Sommers and Sayan
Read first time 2/10/89 and referred to Committee on Appropriations.
AN ACT Relating to technical clarifications of the judicial retirement system; amending RCW 2.14.080; and creating new sections.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The amendment to RCW 2.10.140(1) in section 7(1), chapter 109, Laws of 1988 shall apply on a retroactive basis to the surviving spouse of any judge who retired before July 1, 1988, if the surviving spouse had not remarried before July 1, 1988.
NEW SECTION. Sec. 2. Section 28, chapter 109, Laws of 1988 shall apply on a retroactive basis to all income earned after July 1, 1988 by judges who retired before July 1, 1988 and by the surviving spouses of such judges.
Sec. 3. Section 19, chapter 109, Laws of 1988 and RCW 2.14.080 are each amended to read as follows:
(1) The administrator for the courts shall:
(a) Deposit or invest the contributions under RCW 2.14.090 in a credit union, savings and loan association, bank, or mutual savings bank;
(b) Purchase life insurance, shares of an investment company, or fixed and/or variable annuity contracts from any insurance company or investment company licensed to contract business in this state; or
(c) Invest in any of the class of investments described in RCW 43.84.150.
(2) The state investment board or the committee for deferred compensation, at the request of the administrator for the courts, may invest moneys in the principal account. Moneys invested by the investment board shall be invested in accordance with RCW 43.84.150. Moneys invested by the committee for deferred compensation shall be invested in accordance with RCW 41.04.250. Except as provided in RCW 43.33A.160 or as necessary to pay a pro rata share of expenses incurred by the committee for deferred compensation, one hundred percent of all earnings from these investments shall accrue directly to the principal account. The earnings on any surplus balances in the principal account shall be credited to the principal account, notwithstanding RCW 43.84.090.