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ERIC Number: ED074908
Record Type: RIE
Publication Date: 1973-Jan
Pages: 35
Abstractor: N/A
Reference Count: 0
Faculty Retirement Systems.
Washington State Legislature, Olympia. Joint Committee on Higher Education.
The purpose of this report is to present findings and recommendations of the Joint Committee on Higher Education in the state of Washington. The specific mandate of the Committee in this instance was to study the retirement programs currently in force at the various state institutions of higher education and to make any necessary recommendations concerning the existing programs, including any legislation necessary to meet the recommendations. Some of the recommendations of the Committee are: (1) The fundamental provisions of the formula which provides retirement benefits for faculty members in all systems of higher education in Washington State should be parallel. (2) A formal retirement goal should be adopted, providing the following: At age 65 and after 25 years of service, a retirement income based on a joint and two-thirds survivor annuity, equivalent to 50% of the average compensation of the highest 2 years' service. (3) That portion of retirement benefits generated by supplementation should be extended to the surviving spouse at actuarially reduced rates. (4) Retirement annuity and supplementation payments should be exempted from the inheritance tax. (Author/HS)
Publication Type: N/A
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: N/A
Authoring Institution: Washington State Legislature, Olympia. Joint Committee on Higher Education.