2680-S AMH FROM PRIN 037

SHB 2680 - H AMD 934

By Representative Fromhold

ADOPTED 2/14/2006

   Beginning on page 3, line 33, after "member shall pay" strike all material through "method" on page 4, line 12, and insert the following:

   "the actuarial value of the resulting increase in the member's benefit calculated in a manner consistent with the department's method for calculating payments for reestablishing service credit under RCW 41.50.165"

   On page 4, beginning on line 24, after "(5)" strike all material through "section." on line 27

EFFECT: Requires members to pay the full actuarial cost of the increase in their benefits resulting from the purchase of service credit for out-of-state service, consistent with the rules for the reestablishment of service credit. Removes the requirement that employers pay an amount to ensure that contribution rates do not increase as a result of the purchase of service credit, as the formula for determining the member payments is less than the actuarial cost in the substitute bill.