This bill amends the Revised Code of Washington (RCW) to enable supreme court commissioners, deputy commissioners, and court of appeals commissioners to join the public employees' retirement system judicial benefit multiplier program. A key provision allows these members to make a one-time irrevocable election between January 1, 2026, and April 1, 2026, to accrue an additional benefit of 1.5 percent of average final compensation for each year of future service credit. Members who opt for this election can also apply for an increase in their benefit multiplier for prior service, with the total benefit capped at 75 percent of average final compensation. The bill also updates the benefit multipliers for justices and judges, changing the rates from "one and one-half" percent and "three and one-half" percent to 1.5 percent and 3.5 percent, respectively.

Additionally, the bill modifies terms for members of plan 3, allowing them to accrue an additional defined benefit of 0.6 percent for future service and apply for an increase in their benefit multiplier for prior service under similar conditions. It specifies that all payments for purchasing the higher benefit multiplier must be made before retirement and outlines acceptable payment methods, including lump sum payments and rollovers, while ensuring compliance with federal tax regulations. The bill also clarifies retirement contributions and benefits for judicial positions, establishing a minimum contribution of 7.5 percent for members participating in the defined contribution account and setting the retirement allowance for participating justices and judges at 1.6 percent of average final compensation for each year of service after the election, capped at 37.5 percent of average final compensation.

Statutes affected:
Original Bill: 41.40.124, 41.40.767, 41.40.870, 41.40.877