Less Govenment, Lower Taxes and More Freedom - 2014 Legislative - TopicsExpress

Less Govenment, Lower Taxes and More Freedom - 2014 Legislative Session Day 16 In the Appropriations Committee today, we’re hearing testimony on two bills and may take Executive Action on one bill. House Bill 2474 creates the Start Retirement Savings Plan (Start Plan) permitting private employers and employees to participate in retirement plans administered by the Washington State Department of Retirement Systems (DRS); empowers the Washington State Investment Board to invest the funds contributed by participating employers and employees to the Start Plan; requires the Director of DRS to seek IRS approval to operate the Start Plan on a tax deferred basis; and provides for the termination of the plan if it does not reach a sufficient size to be self-supporting based on reasonable administrative fees. House Bill 2577 permits members of Law Enforcement Officers and Fire Fighters Retirement System Plan 2 (LEOFF 2) to purchase actuarially equivalent life annuity benefits from the LEOFF 2 retirement fund and requires annuity purchases to be for a minimum of $25,000, and funds used for the purchase must be from a tax qualified plan offered by a governmental employer. Executive Action may occur on House Bill 1574.

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