This bill amends various sections of Washington state retirement system laws to enable supreme court and court of appeals commissioners, as well as judges, to participate in a new judicial benefit multiplier program. It introduces a one-time irrevocable election for members of plans 1, 2, and 3, allowing them to accrue an additional benefit of either 1.5% or 0.6% of their average final compensation for each year of future service credit, depending on their plan, instead of making future contributions to the judicial retirement account. The bill also permits members to apply for increased benefit multipliers for prior service, with detailed provisions for payments and interest rates.

Additionally, the bill establishes provisions for supreme court and court of appeals commissioners to make similar elections and apply for increased benefit multipliers for their prior service. It revises the retirement allowance for participating supreme court justices, court of appeals judges, superior court judges, and appellate court commissioners, setting it at 1.6% of the average final compensation for each year of service earned after the election, with a cap of 37.5% of the average final compensation for total retirement benefits. The bill also clarifies contribution requirements, including a minimum contribution of 7.5% of pay for members who opt into the defined contribution account, and outlines payment methods for purchasing higher benefit multipliers while ensuring compliance with federal tax regulations.

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