Retired Seattle Police Officers Association
 

SB 6201 - DIGEST
(Passed and signed by Senate President - not yet signed by Governor)

Summary of Bill:
Members of LEOFF 2 may purchase an optional actuarially equivalent life annuity from the LEOFF 2 fund with a minimum payment of $25,000. The payment may be made through an eligible or direct rollover, or trustee-to-trustee transfer from a taxqualified plan offered by a governmental employer.

DRS must adopt rules regarding eligible rollovers and transfers to ensure they comply with federal requirements and that the rollovers and transfers are conditioned on the receipt of information needed by DRS to determine their eligibility for tax-free treatment under federal tax law.

See the bill...