Increases defined benefit accrual for years of service beyond 30 in Washington state retirement systems.

Washington HB1790 amends state retirement systems to increase defined benefit accrual for years of service beyond 30. Specifically, it raises the retirement allowance by one-half of one percent for each year of service beyond 30. Additionally, it increases the retirement allowance by twenty-five one-hundredths of one percent, compounded monthly, for members who separate after completing at least twenty service credit years. This applies to various retirement systems, including those for law enforcement officers, firefighters, and state employees.

Increases defined benefit accrual for years of service beyond 30 in Washington state retirement systems.

Washington HB1790 amends state retirement systems to increase defined benefit accrual for years of service beyond 30. Specifically, it raises the retirement allowance by one-half of one percent for each year of service beyond 30. Additionally, it increases the retirement allowance by twenty-five one-hundredths of one percent, compounded monthly, for members who separate after completing at least twenty service credit years. This applies to various retirement systems, including those for law enforcement officers, firefighters, and state employees.