§ 41.45.010. Intent -- Findings--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 employees' retirement system, chapter 41.35 RCW; the public safety employees' retirement system, chapter 41.37 RCW; and the Washington state patrol retirement system, chapter 43.43 RCW.
The legislature finds that the funding status of the state retirement systems has improved dramatically since 1989. Because of the big reduction in unfunded pension liabilities, it is now prudent to adjust the long-term economic assumptions that are used in the actuarial studies conducted by the state actuary. The legislature finds that it is reasonable to increase the salary growth assumption in light of Initiative Measure No. 732, to increase the investment return assumption in light of the asset allocation policies and historical returns of the state investment board, and to reestablish June 30, 2024, as the target date to achieve full funding of all liabilities in the public employees' retirement system plan 1, the teachers' retirement system plan 1, and the law enforcement officers' and firefighters' retirement system plan 1.
The funding process established by this chapter is intended to achieve the following goals:
(1) To fully fund the public employees' retirement system plans 2 and 3, the teachers' retirement system plans 2 and 3, the school employees' retirement system plans 2 and 3, the public safety employees' retirement system plan 2, and the law enforcement officers' and firefighters' retirement system plan 2 as provided by law;
(2) To fully amortize the total costs of the public employees' retirement system plan 1, the teachers' retirement system plan 1, and the law enforcement officers' and firefighters' retirement system plan 1, not later than June 30, 2024;
(3) To establish long-term employer contribution rates which will remain a relatively predictable proportion of the future state budgets; and
(4) To fund, to the extent feasible, benefit increases for plan 1 members and all benefits for plan 2 and 3 members over the working lives of those members so that the cost of those benefits are paid by the taxpayers who receive the benefit of those members' service.
[2005 c 370 § 4; (2005 c 370 § 3 expired July 1, 2006); 2004 c 242 § 36; 2002 c 26 § 3; 2001 2nd sp.s. c 11 § 2; (2001 2nd sp.s. c 11 § 1 expired March 1, 2002); 2000 c 247 § 501; 1998 c 341 § 401; 1995 c 239 § 305; 1989 c 273 § 1.]
Notes:
Effective date -- 2005 c 370 § § 2 and 4: See note following RCW 41.45.060.
Effective date -- 2005 c 370 § § 1, 3, and 6: See note following RCW 41.45.060.
Expiration date -- 2005 c 370 § § 1 and 3: See note following RCW 41.45.060.
Effective date -- 2004 c 242: See RCW 41.37.901.
Expiration date -- 2001 2nd sp.s. c 11 § § 1 and 7: "Sections 1, 7, and *18 of this act expire March 1, 2002." [2001 2nd sp.s. c 11 § 20.]
*Reviser's note: Section 18 of this act was vetoed.
Effective date -- 2001 2nd sp.s. c 11: "Sections 2, 3, 4, 8, 13, 14, and 16 of this act take effect March 1, 2002." [2001 2nd sp.s. c 11 § 21.]
Effective date -- 2001 2nd sp.s. c 11: See note following RCW 41.45.030.
Effective dates -- Subchapter headings not law -- 2000 c 247: See RCW 41.40.931 and 41.40.932.
Effective date -- 1998 c 341: See RCW 41.35.901.
Intent -- Purpose -- 1995 c 239: See note following RCW 41.32.831.
Effective date -- Part and subchapter headings not law -- 1995 c 239: See notes following RCW 41.32.005.
Benefits not contractual right until date specified: RCW 41.34.100. Sections: 41.45.010 41.45.020 41.45.030 41.45.035 41.45.050 41.45.060 41.45.0604 41.45.061 41.45.062 41.45.0621 41.45.0631 41.45.0631 41.45.067 41.45.070 41.45.080 Next
Last modified: April 7, 2009