Making corrections in the public retirement systems.
Summary
Makes corrections to the state retirement systems laws, including adding omissions and references related to the creation of the Public Safety Employees' Retirement System (PSERS); adding references to the PSERS and the School Employees' Retirement System relating to the tax status of member contributions to the retirement plans and health benefits contribution plans; updating the vesting requirements of the Plan 3 gain-sharing chapter consistent with the 2006 Plan 3 vesting changes; decreasing the Teachers' Retirement System Plan 1 contribution rates for justices and judges; and affirming the 2000 legislative act that suspended employer and member contributions of Plan 1 of the Law Enforcement Officers' and Fire Fighters' (LEOFF) retirement system.
Reduces the creditable service that a Teachers' Retirement System Plan 2 or 3 member must earn before purchasing out-of-state services credit from five years to two years.
Provides that certain Teachers' Retirement System Plan 1 members employed by the Public School Employees of Washington may transfer to the Public Employees' Retirement System Plan 1.
From the Substitute House Bill Report (SSB 5174), written by the Legislature's nonpartisan staff. Read the full report ↗