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Bailey sponsors bill to
help teachers with their state retirement plans
Legislation signed into law
Rep.
Barbara Bailey sponsored a measure that will help many
teachers with their state retirement plans.
House Bill 3024 was signed into law by the governor yesterday.
House Bill 3024 reduces from five years to two years the service
credit that a member must earn in the Teachers’ Retirement System Plans
2 or 3 (TRS 2/3) before being eligible to purchase out-of-state service
credit at full actuarial cost.
“The five-year waiting period for the purchase of service credit for
out-of-state service was outdated, from a previous version of the
program, and no longer necessary. Now it will be easier for members to
buy this credit if they are allowed to do so earlier in their careers.
This may also reduce the cost for members to purchase service,” said
Bailey, R-Oak Harbor. “We know these retirement plans are popular and we want
to keep them strong, flexible and viable in the future.”
The
TRS 2/3 provide retirement benefits to employees certificated by the
Office of the Superintendent of Public Instruction. Members may make a
one-time purchase of up to seven years of service credit for public
education experience outside Washington’s retirement systems. The
education experience must be covered by a government retirement plan,
and a member now must have earned at least two years of service credit in
the TRS 2/3.
The 2008 legislative session ended on March 13.
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For more information, contact:
John
Handy, Assistant Director: (360) 786-5758
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