Closes alternate early retirement benefits to new members of the Public Employees' Retirement System (PERS), the Teachers' Retirement System (TRS), and the School Employees' Retirement System (SERS).
Creates a new subsidized early retirement benefit for members joining PERS, TRS, or SERS Plans 2 and 3 on or after May 1, 2013, that provides a 5 percent per year reduction in benefits from age 65 for members retiring with 30 or more years of service.
Changes the investment rate of return assumption used for calculating contribution rates in the state retirement systems on July 1, 2013, to 7.9 percent, on July 1, 2015, to 7.8 percent, and on July 1, 2017, to 7.7 percent.
Requires the Select Committee on Pension Policy to study risk classifications of employees in the Washington state retirement systems that entail either high degrees of physical or psychological risk.
From the Second Engrossed House Bill Report (2ESB 6378), written by the Legislature's nonpartisan staff. Read the full report ↗
EnactedEnacted · Chapter 7, Laws of 2012, 1st Special Session
AN ACT Relating to benefits and contributions for new members of the public employees' retirement system, the teachers' retirement system, and the school employees' retirement system;