| Passed by the House February 28, 2005 Yeas 89 FRANK CHOPP ________________________________________ Speaker of the House of Representatives Passed by the Senate April 5, 2005 Yeas 47 BRAD OWEN ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1269 as passed by the House of Representatives and the Senate on the dates hereon set forth. RICHARD NAFZIGER ________________________________________ Chief Clerk | |
| Approved April 12, 2005. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | April 12, 2005 - 12:16 p.m. Secretary of State State of Washington |
| State of Washington | 59th Legislature | 2005 Regular Session |
Read first time 01/19/2005. Referred to Committee on Appropriations.
AN ACT Relating to permitting members of the law enforcement officers' and fire fighters' retirement system plan 2 to make a one-time purchase of additional service credit; adding a new section to chapter 41.26 RCW; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 41.26 RCW
under the subchapter heading "plan 2" to read as follows:
(1) A member eligible to retire under RCW 41.26.430 may, at the
time of filing a written application for retirement with the
department, apply to the department to make a one-time purchase of up
to five years of additional service credit.
(2) To purchase additional service credit under this section, a
member shall pay the actuarial equivalent value of the resulting
increase in the member's benefit.
(3) Subject to rules adopted by the department, a member purchasing
additional service credit under this section may pay all or part of the
cost with a lump sum payment, eligible rollover, direct rollover, or
trustee-to-trustee transfer from an eligible retirement plan. The
department shall adopt rules to ensure that all lump sum payments,
rollovers, and transfers comply with the requirements of the internal
revenue code and regulations adopted by the internal revenue service.
The rules adopted by the department may condition the acceptance of a
rollover or transfer from another plan on the receipt of information
necessary to enable the department to determine the eligibility of any
transferred funds for tax-free rollover treatment or other treatment
under federal income tax law.
NEW SECTION. Sec. 2 This act takes effect July 1, 2006.