The bill amends RCW 41.26.555 to clarify eligibility for the tiered multiplier and alternative lump sum benefits within the law enforcement officers and firefighters' retirement system plan 2. It establishes that members who retired before February 1, 2021, will receive a one-time lump sum defined benefit of $100 per service credit month, payable by January 31, 2023. Additionally, members who retired due to in-the-line-of-duty disabilities will receive either the lump sum or a minimum of $20,000. The bill also specifies that active members after January 31, 2021, must choose irrevocably between the tiered multiplier benefit or the lump sum at retirement.

Furthermore, the bill outlines that inactive members or those who retired on February 1, 2021, who later return to membership must also make an irrevocable choice at retirement between the tiered multiplier and the lump sum defined benefit. It clarifies that members who receive a refund of contributions are ineligible for the lump sum benefit, which is exempt from judicial process and taxes. Lastly, any member who receives the lump sum defined benefit will not be eligible for the tiered multiplier benefit.

Statutes affected:
Original bill: 41.26.555