wa-law.org > bill > 2023-24 > HB 2471 > Original Bill

HB 2471 - Increasing defined benefit accrual for specified years of service in the state retirement systems.

Source

Section 1

  1. A member of the retirement system shall receive a retirement allowance equal to two percent of such member's average final compensation for each year of service.

  2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

Section 2

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    1. A member of the retirement system shall receive a retirement allowance equal to one percent of such member's average final compensation for each service credit year.

    2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

  2. The retirement allowance payable under RCW 41.32.875 to a member who separates after having completed at least twenty service credit years shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date that the retirement allowance commences.

Section 3

  1. A member of the retirement system shall receive a retirement allowance equal to two percent of such member's average final compensation for each service credit year of service.

  2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

Section 4

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    1. A member of the retirement system shall receive a retirement allowance equal to one percent of such member's average final compensation for each service credit year.

    2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

  2. The retirement allowance payable under RCW 41.35.680 to a member who separates after having completed at least twenty service credit years shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date that the retirement allowance commences.

Section 5

  1. A member of the retirement system shall receive a retirement allowance equal to two percent of such member's average final compensation for each service credit year of service.

  2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

Section 6

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    1. A member of the retirement system shall receive a retirement allowance equal to one percent of such member's average final compensation for each service credit year.

    2. For years of service earned after the effective date of this section, a member of the retirement system shall receive an additional one-half of one percent of such member's average final compensation for each year of service beyond 30 years.

  2. The retirement allowance payable under RCW 41.40.820 to a member who separates after having completed at least twenty service credit years shall be increased by twenty-five one-hundredths of one percent, compounded for each month from the date of separation to the date that the retirement allowance commences.

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