Washington Code 41.26.080 – Funding total liability of plan 1 system
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(1) Except as set forth under subsection (2) of this section, the total liability of the plan 1 system shall be funded as follows:
Terms Used In Washington Code 41.26.080
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Employee: means any law enforcement officer or firefighter as defined in subsections (17) and (19) of this section. See Washington Code 41.26.030
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means any firefighter, law enforcement officer, or other person as would apply under subsection (17) or (19) of this section whose membership is transferred to the Washington law enforcement officers' and firefighters' retirement system on or after March 1, 1970, and every law enforcement officer and firefighter who is employed in that capacity on or after such date. See Washington Code 41.26.030
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Retirement system: means the "Washington law enforcement officers' and firefighters' retirement system" provided herein. See Washington Code 41.26.030
(a) Every plan 1 member shall have deducted from each payroll a sum equal to six percent of his or her basic salary for each pay period.
(b) Every employer shall contribute monthly a sum equal to six percent of the basic salary of each plan 1 employee who is a member of this retirement system. The employer shall transmit the employee and employer contributions with a copy of the payroll to the retirement system monthly.
(c) The remaining liabilities of the plan 1 system shall be funded as provided in chapter 41.45 RCW.
(d) Every member shall be deemed to consent and agree to the contribution made and provided for herein, and shall receipt in full for his or her salary or compensation. Payment less said contributions shall be a complete discharge of all claims and demands whatsoever for the services rendered by such person during the period covered by such payments, except his or her claim to the benefits to which he or she may be entitled under the provisions of this chapter.
(2) No employer or member contribution is required after June 30, 2000, unless the most recent valuation study for law enforcement officers’ and firefighters’ retirement system plan 1 indicates the plan has unfunded liabilities. The legislature clarifies the enactment of section 907, chapter 1, Laws of 2000 2nd sp. sess. and affirms the suspension of employer and member contributions to plan 1 of the law enforcement officers’ and firefighters’ retirement system, effective June 30, 2000, as provided in this subsection. The legislature intends this 2007 amendment of this subsection to be curative, remedial, and retrospectively applicable to June 30, 2000.
NOTES:
Severability—Effective date—2000 2nd sp.s. c 1: See notes following RCW 41.05.143.
Intent—1991 c 35: See note following RCW 41.26.005.