This bill amends several sections of the Washington state retirement system laws to enhance the retirement benefits for members based on their years of service. Specifically, it establishes that members will receive a retirement allowance equal to two percent of their average final compensation for each year of service. Additionally, for years of service earned after the effective date of the bill, members will receive an extra one-half of one percent of their average final compensation for each year of service beyond 30 years. This change is reflected in the amendments to RCW 41.32.760, 41.32.840, 41.35.400, 41.35.620, 41.40.620, and 41.40.790.

The bill also includes provisions for members who separate from service after completing at least twenty service credit years, ensuring that their retirement allowance will be increased by twenty-five one-hundredths of one percent, compounded monthly from the date of separation until the retirement allowance commences. This adjustment aims to provide greater financial security for long-serving members of the retirement system, encouraging continued service and rewarding those who dedicate significant time to their roles.

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