(1) On January 1, 2004, and on January 1st of even-numbered years
thereafter, the member account of a person meeting the
requirements of this section shall be credited by the
extraordinary investment gain amount.
(2) The following persons, hired prior to July 1, 2007,
shall be eligible for the benefit provided in subsection (1) of
this section:
(a) Any member of the teachers' retirement system plan 3,
the Washington school employees' retirement system plan 3, or the
public employees' retirement system plan 3 who earned service
credit during the twelve-month period from September 1st to
August 31st immediately preceding the distribution and had a
balance of at least one thousand dollars in their member account
on August 31st of the year immediately preceding the
distribution; or
(b) Any person in receipt of a benefit pursuant to RCW 41.32.875, 41.35.680, or 41.40.820; or
(c) Any person who is a retiree pursuant to RCW 41.34.020(8)
and who:
(i) Completed ten service credit years; or
(ii) Completed five service credit years, including twelve
service months after attaining age fifty-four; or
(d) Any teacher who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
July 1, 1996, under plan 2 and who transferred to plan 3 under
RCW 41.32.817; or
(e) Any classified employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
September 1, 2000, and who transferred to plan 3 under RCW 41.35.510; or
(f) Any public employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
March 1, 2002, and who transferred to plan 3 under RCW 41.40.795;
or
(g) Any person who had a balance of at least one thousand
dollars in their member account on August 31st of the year
immediately preceding the distribution and who:
(i) Completed ten service credit years; or
(ii) Completed five service credit years, including twelve
service months after attaining age fifty-four; or
(h) Any teacher who had a balance of at least one thousand
dollars in their member account on August 31st of the year
immediately preceding the distribution and who has completed five
service credit years by July 1, 1996, under plan 2 and who
transferred to plan 3 under RCW 41.32.817; or
(i) Any classified employee who had a balance of at least
one thousand dollars in their member account on August 31st of
the year immediately preceding the distribution and who has
completed five service credit years by September 1, 2000, and who
transferred to plan 3 under RCW 41.35.510; or
(j) Any public employee who had a balance of at least one
thousand dollars in their member account on August 31st of the
year immediately preceding the distribution and who has completed
five service credit years by March 1, 2002, and who transferred
to plan 3 under RCW 41.40.795.
(3) The extraordinary investment gain amount shall be
calculated as follows:
(a) One-half of the sum of the value of the net assets held
in trust for pension benefits in the teachers' retirement system
combined plan 2 and 3 fund, the Washington school employees'
retirement system combined plan 2 and 3 fund, and the public
employees' retirement system combined plan 2 and 3 fund at the
close of the previous state fiscal year not including the amount
attributable to member accounts;
(b) Multiplied by the amount which the compound average of
investment returns on those assets over the previous four state
fiscal years exceeds ten percent;
(c) Multiplied by the proportion of:
(i) The sum of the service credit on August 31st of the
previous year of all persons eligible for the benefit provided in
subsection (1) of this section; to
(ii) The sum of the service credit on August 31st of the
previous year of:
(A) All persons eligible for the benefit provided in
subsection (1) of this section;
(B) Any person who earned service credit in the teachers'
retirement system plan 2, the Washington school employees'
retirement system plan 2, or the public employees' retirement
system plan 2 during the twelve-month period from September 1st
to August 31st immediately preceding the distribution;
(C) Any person in receipt of a benefit pursuant to RCW 41.32.765, 41.35.420, or 41.40.630; and
(D) Any person with five or more years of service in the
teachers' retirement system plan 2, the Washington school
employees' retirement system plan 2, or the public employees'
retirement system plan 2;
(d) Divided proportionally among persons eligible for the
benefit provided in subsection (1) of this section on the basis
of their service credit total on August 31st of the previous
year.
(4) The legislature reserves the right to amend or repeal
this section in the future and no member or beneficiary has a
contractual right to receive this distribution not granted prior
to that time.
[2007 c 491 § 1; 2003 c 294 § 4; 2000 c 247 § 408; 1998 c 341 § 312.]
NOTES:
Effective date -- 2007 c 491 §§ 1, 3, and 7: See note following RCW 41.32.835.
Severability -- Conflict with federal requirements -- 2007 c 491: See notes following RCW 41.32.765.
RCW 41.31A.020
Extraordinary investment gain -- Credited to
member accounts -- Persons eligible -- Calculation of
amount -- Contractual right not granted (as amended by 2007 c 492).
(1) On January 1, 2004, and on January 1st of even-numbered years
thereafter, the member account of a person meeting the
requirements of this section shall be credited by the
extraordinary investment gain amount.
(2) The following persons shall be eligible for the benefit
provided in subsection (1) of this section:
(a) Any member of the teachers' retirement system plan 3,
the Washington school employees' retirement system plan 3, or the
public employees' retirement system plan 3 who earned service
credit during the twelve-month period from September 1st to
August 31st immediately preceding the distribution and had a
balance of at least one thousand dollars in their member account
on August 31st of the year immediately preceding the
distribution; or
(b) Any person in receipt of a benefit pursuant to RCW 41.32.875, 41.35.680, or 41.40.820; or
(c) Any person who is a retiree pursuant to RCW 41.34.020(8)
and who:
(i) Completed ten service credit years; or
(ii) Completed five service credit years, including twelve
service months after attaining age ((fifty-four)) forty-four; or
(d) Any teacher who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
July 1, 1996, under plan 2 and who transferred to plan 3 under
RCW 41.32.817; or
(e) Any classified employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
September 1, 2000, and who transferred to plan 3 under RCW 41.35.510; or
(f) Any public employee who is a retiree pursuant to RCW 41.34.020(8) and who has completed five service credit years by
March 1, 2002, and who transferred to plan 3 under RCW 41.40.795;
or
(g) Any person who had a balance of at least one thousand
dollars in their member account on August 31st of the year
immediately preceding the distribution and who:
(i) Completed ten service credit years; or
(ii) Completed five service credit years, including twelve
service months after attaining age ((fifty-four)) forty-four; or
(h) Any teacher who had a balance of at least one thousand
dollars in their member account on August 31st of the year
immediately preceding the distribution and who has completed five
service credit years by July 1, 1996, under plan 2 and who
transferred to plan 3 under RCW 41.32.817; or
(i) Any classified employee who had a balance of at least
one thousand dollars in their member account on August 31st of
the year immediately preceding the distribution and who has
completed five service credit years by September 1, 2000, and who
transferred to plan 3 under RCW 41.35.510; or
(j) Any public employee who had a balance of at least one
thousand dollars in their member account on August 31st of the
year immediately preceding the distribution and who has completed
five service credit years by March 1, 2002, and who transferred
to plan 3 under RCW 41.40.795.
(3) The extraordinary investment gain amount shall be
calculated as follows:
(a) One-half of the sum of the value of the net assets held
in trust for pension benefits in the teachers' retirement system
combined plan 2 and 3 fund, the Washington school employees'
retirement system combined plan 2 and 3 fund, and the public
employees' retirement system combined plan 2 and 3 fund at the
close of the previous state fiscal year not including the amount
attributable to member accounts;
(b) Multiplied by the amount which the compound average of
investment returns on those assets over the previous four state
fiscal years exceeds ten percent;
(c) Multiplied by the proportion of:
(i) The sum of the service credit on August 31st of the
previous year of all persons eligible for the benefit provided in
subsection (1) of this section; to
(ii) The sum of the service credit on August 31st of the
previous year of:
(A) All persons eligible for the benefit provided in
subsection (1) of this section;
(B) Any person who earned service credit in the teachers'
retirement system plan 2, the Washington school employees'
retirement system plan 2, or the public employees' retirement
system plan 2 during the twelve-month period from September 1st
to August 31st immediately preceding the distribution;
(C) Any person in receipt of a benefit pursuant to RCW 41.32.765, 41.35.420, or 41.40.630; and
(D) Any person with five or more years of service in the
teachers' retirement system plan 2, the Washington school
employees' retirement system plan 2, or the public employees'
retirement system plan 2;
(d) Divided proportionally among persons eligible for the
benefit provided in subsection (1) of this section on the basis
of their service credit total on August 31st of the previous
year.
(4) The legislature reserves the right to amend or repeal
this section in the future and no member or beneficiary has a
contractual right to receive this distribution not granted prior
to that time.
[2007 c 492 § 10; 2003 c 294 § 4; 2000 c 247 § 408; 1998 c 341 § 312.]
NOTES:
Reviser's note: RCW 41.31A.020 was also repealed by 2007 c 491 § 13 without cognizance of its amendment by 2007 c 491 § 1 and 2007 c 492 § 10. For rule of construction concerning sections amended and repealed in the same legislative session, see RCW 1.12.025.
Contingency -- 2007 c 492 § 10: "Section 10 of this act is null and void, if legislation is enacted during 2007 repealing RCW 41.31A.020." [2007 c 492 § 13.]
Effective date -- 2003 c 294 § 4: "Section 4 of this act takes effect January 1, 2004." [2003 c 294 § 17.]
Effective dates -- Subchapter headings not law -- 2000 c 247: See RCW 41.40.931 and 41.40.932.
Effective date -- 1998 c 341: See RCW 41.35.901.
RCW 41.31A.020
Extraordinary investment gain -- Credited to
member accounts -- Persons eligible -- Calculation of
amount -- Contractual right not granted.
[2003 c 294 § 4; 2000 c 247 § 408; 1998 c 341 § 312.]
NOTES:
Reviser's note: RCW 41.31A.020 was also repealed by 2007 c 491 § 13 without cognizance of its amendment by 2007 c 491 § 1 and 2007 c 492 § 10. For rule of construction concerning sections amended and repealed in the same legislative session, see RCW 1.12.025.