This bill amends the Washington state retirement code to expand participation in the public employees' retirement system judicial benefit multiplier program to supreme court commissioners, deputy commissioners, and court of appeals commissioners. It allows these members to make a one-time irrevocable election to accrue an additional benefit of 1.5 percent of their average final compensation for each year of service credit earned between January 1, 2026, and April 1, 2026. Furthermore, it permits members to apply for an increase in their benefit multiplier by 1.5 percent for each year of prior judicial service, with specific payment terms provided.

Additionally, the bill updates the retirement allowance calculations for justices and judges, changing the percentage from "three and one-half" to "3.5" percent, and ensures that total retirement benefits do not exceed 75 percent of average final compensation. For members of plan 3, the defined benefit is revised from "six-tenths" to "0.6" percent. The bill also clarifies that the department may condition the acceptance of rollovers or transfers based on the necessary information for tax-free rollover eligibility and establishes a minimum contribution of 7.5 percent for members participating in the defined contribution plan. Overall, these amendments aim to enhance retirement benefits for judicial members while ensuring compliance with federal tax regulations and maintaining fiscal responsibility.

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