RCW 41.45.010 Intent—Goals. It is the intent of the legislature to provide a dependable and systematic process for funding the benefits provided to members and retirees of the public employees’ retirement system, chapter 41.40 RCW; the teachers’ retirement system, chapter 41.32 RCW; the law enforcement officers’ and firefighters’ retirement systems, chapter 41.26 RCW; the school […]
RCW 41.45.020 Definitions. As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise. (1) “Council” means the pension funding council created in RCW 41.45.100. (2) “Department” means the department of retirement systems. (3) “Law enforcement officers’ and firefighters’ retirement system plan 1” and “law enforcement officers’ and […]
RCW 41.45.030 State actuary to submit information on the experience and financial condition of each retirement system—Adoption of long-term economic assumptions. (1) Beginning September 1, 2007, and every two years thereafter, the state actuary shall submit to the council information regarding the experience and financial condition of each state retirement system, and make recommendations regarding […]
RCW 41.45.035 Long-term economic assumptions—Investment rate of return assumptions—Asset value smoothing technique. (1) Beginning July 1, 2001, the following long-term economic assumptions shall be used by the state actuary for the purposes of RCW 41.45.030: (a) The growth in inflation assumption shall be 3.5 percent; (b) The growth in salaries assumption, exclusive of merit or […]
RCW 41.45.050 Contributions to be based on rates established in this chapter—Allocation formula for contributions. (1) Employers of members of the public employees’ retirement system, the teachers’ retirement system, the school employees’ retirement system, the public safety employees’ retirement system, the Washington state patrol retirement system, and the higher education retirement plans shall make contributions […]
RCW 41.45.060 Basic state and employer contribution rates—Methods used—Role of council—Role of state actuary. (1) The state actuary shall provide preliminary actuarial valuation results based on the economic assumptions and asset value smoothing technique included in RCW 41.45.035 or adopted under RCW 41.45.030 or 41.45.035. (2) Not later than July 31, 2008, and every two […]
RCW 41.45.0604 Contribution rates—Law enforcement officers’ and firefighters’ retirement system plan 2. (1)(a) Not later than July 31, 2008, and every even-numbered year thereafter, the law enforcement officers’ and firefighters’ plan 2 retirement board shall adopt contribution rates for the law enforcement officers’ and firefighters’ retirement system plan 2 as provided in RCW 41.26.720(1)(a). (b) […]
RCW 41.45.061 Required contribution rates for plan 2 members. (1) The required contribution rate for members of the plan 2 teachers’ retirement system shall be fixed at the rates in effect on July 1, 1996, subject to the following: (a) Beginning September 1, 1997, except as provided in (b) of this subsection, the employee contribution […]
RCW 41.45.062 Annual contribution rate increases—Employer, state, and plan 2 members. The basic employer and state contribution rates and required plan 2 member contribution rates are changed to reflect the 2003 actuarial valuation and actuarial projections of the 2005 actuarial valuation, both of which incorporate the 2002 actuarial experience study conducted by the office of […]
RCW 41.45.0621 Plan 1 unfunded accrued actuarial liabilities—Contributions in addition to RCW 41.45.062—Intent. (1) It is the intent of the legislature to provide for the systematic funding of the plan 1 unfunded accrued actuarial liabilities in a manner that promotes contribution rate adequacy and stability for the affected systems. The rates established in this section […]
RCW 41.45.0631 Washington state patrol retirement system—Contribution rates—Allocation of costs. (1) The allocation of costs between the employer and members of the Washington state patrol retirement system shall be made only after the application of any minimum total contribution rate that may be in effect for the system under subsection (4) of this section. For […]
RCW 41.45.067 Failure of state or employer to make required contribution—Resulting increase in contribution rate borne in full by state or employer—Members’ contribution deducted each payroll period. (1) Any increase in the contribution rate required as the result of a failure of the state or of an employer to make any contribution required by this […]
RCW 41.45.070 Supplemental rate. (1) In addition to the basic employer contribution rate established in RCW 41.45.060 or * 41.45.054, the department shall also charge employers of public employees’ retirement system, teachers’ retirement system, school employees’ retirement system, public safety employees’ retirement system, or Washington state patrol retirement system members an additional supplemental rate to […]
RCW 41.45.080 Additional contributions may be required. In addition to the basic and supplemental employer contributions required by RCW 41.45.060, * 41.45.053, and 41.45.070, the department may also require additional employer contributions as provided by law. [ 2001 2nd sp.s. c 11 § 17; 1989 c 273 § 8.] NOTES: *Reviser’s note: RCW 41.45.053 was […]
RCW 41.45.090 Collection of actuarial data. The department shall collect and keep in convenient form such data as shall be necessary for an actuarial valuation of the assets and liabilities of the state retirement systems, and for making an actuarial investigation into the mortality, service, compensation, and other experience of the members and beneficiaries of […]
RCW 41.45.100 Pension funding council—Created. (1) The pension funding council is hereby created. The council consists of the: (a) Director of the department of retirement systems; (b) Director of the office of financial management; (c) Chair and ranking minority member of the house of representatives appropriations committee; and (d) Chair and ranking minority member of […]
RCW 41.45.110 Pension funding council—Audits required—Select committee on pension policy. The pension funding council shall solicit and administer a biennial actuarial audit of the preliminary and final actuarial valuations used for employer and member rate-setting purposes. This audit will be conducted concurrent with the actuarial valuation performed by the state actuary. At least once in […]
RCW 41.45.120 Pension funding work group. (1) A pension funding work group is hereby created. The work group shall consist of one staff member selected by the executive head or chairperson of each of the following agencies or committees: (a) Department of retirement systems; (b) Office of financial management; (c) State investment board; (d) Ways […]
RCW 41.45.130 Public employees’ retirement system plan 2 assets divided—Assets transferred to school employees’ retirement system. Upon the advice of the state actuary, the state treasurer shall divide the assets in the public employees’ retirement system plan 2 as of September 1, 2000, in such a manner that sufficient assets remain in plan 2 to […]
RCW 41.45.150 Unfunded liabilities—Employer contribution rates. (1) Beginning July 1, 2009, and ending June 30, 2015, maximum annual contribution rates are established for the portion of the employer contribution rate for the public employees’ retirement system and the public safety employees’ retirement system that is used for the sole purpose of amortizing that portion of […]
