BILL REQ. #: H-4231.1
State of Washington | 59th Legislature | 2006 Regular Session |
Read first time 01/18/2006. Referred to Committee on Appropriations.
AN ACT Relating to creating unfunded liabilities stabilization accounts within the public employees' retirement system plan 1 and teachers' retirement system plan 1 funds; amending RCW 41.50.075 and 41.50.075; providing an effective date; providing an expiration date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 41.50.075 and 2000 c 247 s 601 are each amended to
read as follows:
(1) Two funds are hereby created and established in the state
treasury to be known as the Washington law enforcement officers' and
fire fighters' system plan 1 retirement fund, and the Washington law
enforcement officers' and fire fighters' system plan 2 retirement fund
which shall consist of all moneys paid into them in accordance with the
provisions of this chapter and chapter 41.26 RCW, whether such moneys
take the form of cash, securities, or other assets. The plan 1 fund
shall consist of all moneys paid to finance the benefits provided to
members of the law enforcement officers' and fire fighters' retirement
system plan 1, and the plan 2 fund shall consist of all moneys paid to
finance the benefits provided to members of the law enforcement
officers' and fire fighters' retirement system plan 2.
(2)(a) All of the assets of the Washington state teachers'
retirement system shall be credited according to the purposes for which
they are held, to two funds to be maintained in the state treasury,
namely, the teachers' retirement system plan 1 fund and the teachers'
retirement system combined plan 2 and 3 fund. The plan 1 fund shall
consist of all moneys paid to finance the benefits provided to members
of the Washington state teachers' retirement system plan 1, and the
combined plan 2 and 3 fund shall consist of all moneys paid to finance
the benefits provided to members of the Washington state teachers'
retirement system plan 2 and 3.
(b) Within the teachers' retirement system plan 1 fund an unfunded
liability stabilization account is hereby established. Expenditures
from the account may be used only for the payment of unfunded
liabilities of the teachers' retirement system plan 1 and may not be
used to pay for any new benefit or for any benefit increase that takes
effect after July 1, 2005. An increase that is provided in accordance
with a formula that is in existence on July 1, 2005, is not considered
an increase for this purpose.
(3)(a) There is hereby established in the state treasury two
separate funds, namely the public employees' retirement system plan 1
fund and the public employees' retirement system combined plan 2 and
plan 3 fund. The plan 1 fund shall consist of all moneys paid to
finance the benefits provided to members of the public employees'
retirement system plan 1, and the combined plan 2 and plan 3 fund shall
consist of all moneys paid to finance the benefits provided to members
of the public employees' retirement system plans 2 and 3.
(b) Within the public employees' retirement system plan 1 fund an
unfunded liability stabilization account is hereby established.
Expenditures from the account may be used only for the payment of
unfunded liabilities of the public employees' retirement system plan 1
and may not be used to pay for any new benefit or for any benefit
increase that takes effect after July 1, 2005. An increase that is
provided in accordance with a formula that is in existence on July 1,
2005, is not considered an increase for this purpose.
(4) There is hereby established in the state treasury the school
employees' retirement system combined plan 2 and 3 fund. The combined
plan 2 and 3 fund shall consist of all moneys paid to finance the
benefits provided to members of the school employees' retirement system
plan 2 and plan 3.
Sec. 2 RCW 41.50.075 and 2004 c 242 s 44 are each amended to read
as follows:
(1) Two funds are hereby created and established in the state
treasury to be known as the Washington law enforcement officers' and
fire fighters' system plan 1 retirement fund, and the Washington law
enforcement officers' and fire fighters' system plan 2 retirement fund
which shall consist of all moneys paid into them in accordance with the
provisions of this chapter and chapter 41.26 RCW, whether such moneys
take the form of cash, securities, or other assets. The plan 1 fund
shall consist of all moneys paid to finance the benefits provided to
members of the law enforcement officers' and fire fighters' retirement
system plan 1, and the plan 2 fund shall consist of all moneys paid to
finance the benefits provided to members of the law enforcement
officers' and fire fighters' retirement system plan 2.
(2)(a) All of the assets of the Washington state teachers'
retirement system shall be credited according to the purposes for which
they are held, to two funds to be maintained in the state treasury,
namely, the teachers' retirement system plan 1 fund and the teachers'
retirement system combined plan 2 and 3 fund. The plan 1 fund shall
consist of all moneys paid to finance the benefits provided to members
of the Washington state teachers' retirement system plan 1, and the
combined plan 2 and 3 fund shall consist of all moneys paid to finance
the benefits provided to members of the Washington state teachers'
retirement system plan 2 and 3.
(b) Within the teachers' retirement system plan 1 fund an unfunded
liability stabilization account is hereby established. Expenditures
from the account may be used only for the payment of unfunded
liabilities of the teachers' retirement system plan 1 and may not be
used to pay for any new benefit or for any benefit increase that takes
effect after July 1, 2005. An increase that is provided in accordance
with a formula that is in existence on July 1, 2005, is not considered
an increase for this purpose.
(3)(a) There is hereby established in the state treasury two
separate funds, namely the public employees' retirement system plan 1
fund and the public employees' retirement system combined plan 2 and
plan 3 fund. The plan 1 fund shall consist of all moneys paid to
finance the benefits provided to members of the public employees'
retirement system plan 1, and the combined plan 2 and plan 3 fund shall
consist of all moneys paid to finance the benefits provided to members
of the public employees' retirement system plans 2 and 3.
(b) Within the public employees' retirement system plan 1 fund an
unfunded liability stabilization account is hereby established.
Expenditures from the account may be used only for the payment of
unfunded liabilities of the public employees' retirement system plan 1
and may not be used to pay for any new benefit or for any benefit
increase that takes effect after July 1, 2005. An increase that is
provided in accordance with a formula that is in existence on July 1,
2005, is not considered an increase for this purpose.
(4) There is hereby established in the state treasury the school
employees' retirement system combined plan 2 and 3 fund. The combined
plan 2 and 3 fund shall consist of all moneys paid to finance the
benefits provided to members of the school employees' retirement system
plan 2 and plan 3.
(5) There is hereby established in the state treasury the public
safety employees' retirement system plan 2 fund. The plan 2 fund shall
consist of all moneys paid to finance the benefits provided to members
of the public safety employees' retirement system plan 2.
NEW SECTION. Sec. 3 Section 1 of this act is necessary for the
immediate preservation of the public peace, health, or safety, or
support of the state government and its existing public institutions,
and takes effect immediately.
NEW SECTION. Sec. 4 Section 2 of this act takes effect July 1,
2006.
NEW SECTION. Sec. 5 Section 1 of this act expires July 1, 2006.