H-3447.2  _______________________________________________

                          HOUSE BILL 2788

          _______________________________________________

State of Washington      57th Legislature     2002 Regular Session

By Representatives Linville, Ericksen, Cooper, Lovick, Hunt, O'Brien, Miloscia, Armstrong, Edwards, Barlean and Campbell

Read first time 01/28/2002.  Referred to Committee on Appropriations.

Authorizing liquor control officer members of the public employees' retirement system plan 2 to retire early without reduction to the retirement allowance.

    AN ACT Relating to authorizing liquor control officer members of the public employees' retirement system plan 2, with at least twenty-five years service credit, to retire at age fifty-five without an actuarial reduction to the retirement allowance; and amending RCW 41.40.630.

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

    Sec. 1.  RCW 41.40.630 and 2000 c 247 s 901 are each amended to read as follows:

    (1) NORMAL RETIREMENT.  Except under subsection (4) of this section, any member with at least five service credit years who has attained at least age sixty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620.

    (2) EARLY RETIREMENT.  Except under subsection (4) of this section, any member who has completed at least twenty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620, except that a member retiring pursuant to this subsection shall have the retirement allowance actuarially reduced to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

    (3) ALTERNATE EARLY RETIREMENT.  Except under subsection (4) of this section, any member who has completed at least thirty service credit years and has attained age fifty-five shall be eligible to retire and to receive a retirement allowance computed according to the provisions of RCW 41.40.620, except that a member retiring pursuant to this subsection shall have the retirement allowance reduced by three percent per year to reflect the difference in the number of years between age at retirement and the attainment of age sixty-five.

(4) Any liquor control officer member with at least twenty-five service credit years who has attained at least age fifty-five is eligible to retire and receive a retirement allowance computed under RCW 41.40.620, without an actuarially reduced retirement allowance.

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