S-1236               _______________________________________________

                                                   SENATE BILL NO. 5684

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senator Conner

Read first time 2/2/89 and referred to Committee on Ways & Means.

AN ACT Relating to the transfer of credits from out-of-state teacher retirement plans; and adding a new section to chapter 41.32 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 41.32 RCW to read as follows:

          Any active teacher who has qualified for credit in any out-of-state teacher retirement plan may petition the retirement system for permission to have those credits applied toward the computation of membership service.  Permission shall be contingent on the following provisions:

          (1) The teacher shall agree in writing to pay all costs, including:

          (a) All administrative and clerical costs; and

          (b) An annuity fund contribution based on the present value of the out-of-state retirement credits as determined by the retirement system actuary; and

          (2) The time limitations for exercising the option in this section shall be strictly adhered to and are as follows:

          (a) All current members must petition the retirement system within two years of the effective date of this section; and

          (b) All active teachers, not currently members, must petition the retirement system within two years of the date they become vested in the retirement system.