Authorizing the purchase of an increased benefit multiplier for past judicial service for judges in the public employees' retirement system and the teachers' retirement system.
Summary
Reduces the cost of an individual judge's cost to purchasing an improvement in the multiplier for up to 70 percent of the judge's past years of judicial service for purchases made before December 31, 2007, in the Public Employees' Retirement System or the Teachers' Retirement System.
Provides that purchases before December 31, 2007, be reduced from full actuarial cost to 5 percent of the salary earned for each month of service being purchased for a member of Plan 1 or Plan 2, or 2.5 percent of the salary earned for Plan 3 plus interest as determined by the Director of the Department of Retirement Systems (Director).
Requires for purchases made after December 31, 2007, the judge to pay the actuarial equivalent of the increase in the member's benefit, as determined by the Director.
Permits judges who purchased the increased multiplier at higher costs before July 1, 2007, to apply between the effective date of the act and December 31, 2007, to have the difference in cost under the new formula recalculated, and have the difference reimbursed.
From the Substitute House Bill Report (SHB 1649), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to purchasing an increased benefit multiplier for past judicial service for judges in the public employees' retirement system and the teachers' retirement system;