CERTIFICATION OF ENROLLMENT

SENATE BILL 6201



63rd Legislature
2014 Regular Session

Passed by the Senate February 14, 2014
  YEAS 47   NAYS 0


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President of the Senate
Passed by the House March 6, 2014
  YEAS 94   NAYS 0


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Speaker of the House of Representatives


CERTIFICATE

I, Hunter G. Goodman, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6201 as passed by the Senate and the House of Representatives on the dates hereon set forth.


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Secretary
Approved 









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Governor of the State of Washington
FILED







Secretary of State
State of Washington


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SENATE BILL 6201
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Passed Legislature - 2014 Regular Session
State of Washington63rd Legislature2014 Regular Session

By Senators Hasegawa, Kohl-Welles, Chase, and Conway; by request of LEOFF Plan 2 Retirement Board

Read first time 01/17/14.   Referred to Committee on Ways & Means.



     AN ACT Relating to an optional life annuity benefit for plan 2 members of the law enforcement officers' and firefighters' retirement system; and adding a new section to chapter 41.26 RCW.

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) At the time of retirement, plan 2 members may purchase an optional actuarially equivalent life annuity benefit from the law enforcement officers' and firefighters' retirement system plan 2 retirement fund established in RCW 41.50.075. A minimum payment of twenty-five thousand dollars is required.
     (2) Subject to rules adopted by the department, a member purchasing an annuity under this section must pay all of the cost with an eligible rollover, direct rollover, or trustee-to-trustee transfer from an eligible retirement plan.
     (a) The department shall adopt rules to ensure that all eligible 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.
     (b) "Eligible retirement plan" means a tax qualified plan offered by a governmental employer.

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