Signed by Governor Chris Gregoire

Vote Smart's Synopsis:

Vote to pass a bill that amends the state employee pension system for employees who choose to retire before the age of 65.

Highlights:

• Amends the alternative early retirement plan for individuals employed on or after May 1, 2013, who are at least 55 years of age and have 30 years of service years by increasing the benefits reduction rate from 3 percent to 5 percent per year to reflect the difference in the number of years between the age at retirement and the attainment of age 65 (Sec. 1).

• Decreases the assumed investment rate of return of the state's pension system from 8 percent to the following (Sec. 7):
• 7.9 percent starting July 1, 2013;
• 7.8 percent starting July 1, 2015; and
• 7.7 percent starting July 1, 2017.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the state employee pension system for employees who choose to retire before the age of 65.

Highlights:

• Amends the alternative early retirement plan for individuals employed on or after May 1, 2013, who are at least 55 years of age and have 30 years of service years by increasing the benefits reduction rate from 3 percent to 5 percent per year to reflect the difference in the number of years between the age at retirement and the attainment of age 65 (Sec. 1).

• Decreases the assumed investment rate of return of the state's pension system from 8 percent to the following (Sec. 7):
• 7.9 percent starting July 1, 2013;
• 7.8 percent starting July 1, 2015; and
• 7.7 percent starting July 1, 2017.

Full Bill Text