This bill aims to enhance the retirement benefits for members of the state retirement systems by increasing the defined benefit accrual for specified years of service. It amends several sections of the Revised Code of Washington (RCW), specifically RCW 41.32.760, 41.32.840, 41.35.400, 41.35.620, 41.40.620, and 41.40.790. The key changes include the introduction of a provision that allows members to receive an additional one-half of one percent of their average final compensation for each year of service beyond 30 years, effective from the date of the bill's enactment.

The bill maintains the existing retirement allowance structure, which provides a base percentage of two percent for each year of service for certain members, while others will continue to receive one percent per service credit year. The amendments ensure that long-serving members are rewarded with increased benefits, thereby incentivizing continued service in the state retirement systems. Overall, the bill seeks to improve the financial security of state employees upon retirement.

Statutes affected:
Original Bill: 41.32.760, 41.32.840, 41.35.400, 41.35.620, 41.40.620, 41.40.790