SB 5030-S - DIGEST

(DIGEST AS ENACTED)

     Provides that, beginning July 1, 1999, and annually thereafter, the surviving spouse allowance provided in RCW 43.43.270 shall be adjusted by the annual increase amount.  To be eligible, a surviving spouse must have attained at least age sixty-six by July 1st in the calendar year in which the annual increase is provided.

     Requires that, by July 1, 2000, the department of retirement systems shall adopt rules that allow a member to select, in lieu of benefits under RCW 43.43.270, an actuarially equivalent retirement option that pays the member a reduced retirement allowance and upon death shall be continued throughout the life of a lawful surviving spouse.  The continuing allowance to the lawful surviving spouse shall be subject to the yearly increase provided by RCW 43.43.260(5) in lieu of the annual increase provided in this act.