FOR IMMEDIATE RELEASE - June 20, 1996

Lowry appoints board members to oversee new teachers retirement plan

OLYMPIA -- Gov. Mike Lowry recently made appointments to the newly created Employee Retirement Benefits Board (ERBB). The ERBB will play a major role in the new Teachers' Retirement System (TRS) Plan 3 and will oversee the state's Deferred Compensation program. The TRS becomes effective July 1, 1996.

The appointments to the eight-member ERBB are:

• Two active TRS members:

Thomas Reardon, Tacoma (three-year term)

Sharon Jayne, Liberty Lake (two-year term)

• One retired TRS member:

Nancy Elves, Arlington (one-year term)

• Two active Public Employees' Retirement System (PERS) members:

Dr. Robert Lenigan, Lakewood (three-year term)

Kathy Whitlock, Yelm (one-year term)

• One retired PERS member:

Gloria Champeaux, Sequim (two-year term)

• Two individuals active in defined contribution plan administration:

Jan Twardowski, Frank Russell Securities, Inc., Tacoma (two-year term)

Al Symington, Simpson Investment, Co., Seattle (three-year term)

Sheryl Wilson, director of the Department of Retirement Systems, will chair the ERBB.

The duties of the ERBB include preselecting options for those TRS members who self-direct investments; establishing additional contribution rate options; selecting optional benefit payment schedules; approving actuarial equivalent annuities purchased from the combined Plan 2 and Plan 3 funds; and determining the basis for administrative charges. The ERBB will also select investment options for the state's Deferred Compensation program.

For more information contact Sheryl Wilson, Department of Retirement Systems,

360-709-4751.