5352 AME APP AMH-33

SB 5352 - H COMM AMD  ADOPTED AS AMENDED 4-17-93

By Committee on Appropriations

    On page 2, after line 6, insert the following:

    "NEW SECTION. Sec. 2.  A new section is added to chapter 41.50 RCW to read as follows:

    Members of the teachers' retirement system who retired prior to January 1, 1993, from service with a community college district whose reported earnable compensation included payments made pursuant to an agreement to terminate or retire, or to provide notice of intent to retire, and whose retirement allowance has been  reduced under RCW 41.50.150 or is reduced after the effective date of this act under section (1) of this act, shall have an opportunity to change the retirement allowance payment option selected by the member under RCW 41.32.530.  Any request for a change shall be made in writing to the department no later than October 31, 1993 and shall apply prospectively only."

SB 5352 - H COMM AMD

By Committee on Appropriations

    On page 2, after line 6, insert the following:

    "NEW SECTION. Sec. 2.  A new section is added to chapter 41.50 RCW to read as follows:

    (1) Retirees whose reported earnable compensation included  payments made pursuant to an agreement to terminate or retire, or to provide notice of intent to retire, shall not be required to repay to the trust funds any overpayments resulting from the employer misreporting, subject to the conditions provided in subsection (2) of this section.  The retirees' allowances shall be prospectively adjusted to reflect the benefits to which the retirees are correctly entitled.

    (2) Subsection (1) of this section shall apply only to members of the teachers' retirement system who retired prior to January 1, 1993, from service with a community college district.

    (3) Any retirees under subsection (2) of this section who, since January 1, 1990, have had their retirement allowances reduced under RCW 41.50.130(1)(b) because of the inclusion of retirement agreement payments in calculating their allowances, shall have their allowances adjusted to reflect the benefits to which the retirees are correctly entitled, but without a reduction to recoup prior overpayments.  The retirees shall be reimbursed by the retirement system for the cumulative amount of the reduction in the retirement allowance that has occurred since January 1, 1990, to recoup prior overpayments.

    (4) Any retirees covered by subsection (2) of this section who, after January 1, 1990, repaid a previous overpayment in a lump sum under RCW 41.50.130(1)(b) because of the inclusion of retirement agreement payments in calculating their allowances, shall be reimbursed by the retirement system for the amount of the lump sum repayment."

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