1981-S AMH SEAQ PRIN 349

SHB 1981 - H AMD 670

By Representative Seaquist

NOT CONSIDERED 04/22/2011

    On page 9, line 5, after "benefit fund." insert "The contributions made by each employer into the higher education retirement plan supplemental benefit fund and the earnings on those contributions  shall be accounted for separately within the fund."

    On page 9, line 11, after "41.45 RCW." insert "If the actuarial valuations of the higher education retirement plans of each institution contributing to the higher education retirement plan supplemental benefit fund suggest that different contribution rates are appropriate for each institution, different rates may be adopted."

EFFECT:   Requires that funds deposited by state higher education institutions into the new Higher Education Retirement Plan Supplemental Benefit Fund, and the earnings made on those funds, be accounted for separately.  The Pension Funding Council is permitted, in response to the actuarial valuations performed on the Higher Education Retirement Plans to adopt different contribution rates for each institution, if appropriate.

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