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 shall be collected in addition to the rates established pursuant to RCW 41.45.062.
(2) Beginning September 1, 2006, a 1.29 percent contribution is established as part of the basic state and employer contribution rate for the teachers' retirement system, to be used for the sole purpose of amortizing the unfunded accrued actuarial liability in the teachers' retirement system plan 1.
(3) Beginning September 1, 2006, a 0.87 percent contribution is established as part of the basic state and employer contribution rate for the school employees' retirement system, to be used for the sole purpose of amortizing the unfunded accrued actuarial liability in the public employees' retirement system plan 1.
(4) Beginning January 1, 2007, a 1.77 percent contribution is established as part of the basic state and employer contribution rate for the public employees' retirement system and the public safety employees' retirement system, to be used for the sole purpose of amortizing the unfunded accrued actuarial liability in the public employees' retirement system plan 1.
(5) The contribution rates in this section shall be collected through June 30, 2007, for the public employees' retirement system and the public safety employees' retirement system and August 31, 2007, for the teachers' retirement system and the school employees' retirement system.
(6) Upon completion of the 2005 actuarial valuation, the pension funding council and the state actuary shall review the contribution rates for the plan 1 unfunded actuarial accrued liability for fiscal year 2008 and fiscal year 2009 and by September 30, 2006, the pension funding council shall adopt contribution rates to complete the three-year phase-in schedule, adjusted for any material changes in benefits or actuarial assumptions, methods, and experience. The expected present value of projected contributions during the three-year phase-in period shall be the same as the expected present value of projected contributions that would have been collected without the phase-in, as determined by the state actuary and adjusted for any material changes in benefits or actuarial assumptions, methods, or experience.
[ 2006 c 56 § 3.]
NOTES:
Effective dates—2006 c 56: See note following RCW 41.45.230.
Structure Revised Code of Washington
Title 41 - Public Employment, Civil Service, and Pensions
Chapter 41.45 - Actuarial Funding of State Retirement Systems.
41.45.061 - Required contribution rates for plan 2 members.
41.45.062 - Annual contribution rate increases—Employer, state, and plan 2 members.
41.45.0631 - Washington state patrol retirement system—Contribution rates—Allocation of costs.
41.45.070 - Supplemental rate.
41.45.080 - Additional contributions may be required.
41.45.090 - Collection of actuarial data.
41.45.100 - Pension funding council—Created.
41.45.110 - Pension funding council—Audits required—Select committee on pension policy.
41.45.120 - Pension funding work group.
41.45.150 - Unfunded liabilities—Employer contribution rates.
41.45.155 - Certain plans 2 and 3 normal costs—Minimum basic employer contribution rates.
41.45.158 - Certain plans 2 and 3 normal costs—Minimum member contribution rates.
41.45.200 - Contribution rates for certain justices and judges—Public employees' retirement system.
41.45.203 - Contribution rates for certain justices and judges—Teachers' retirement system.