WA People
BILL · 2001–02 SESSION

HB 2236: Public pension systems

Modifying the process through which economic assumptions, contribution rates, and valuation methodologies are established for the public pension systems.

Summary

  • $ Legislative intent regarding the state's pension funding processes is modified in recognition of the improvement in the funding status of the state retirement systems since 1989.
  • $ New long-term economic assumptions and a new asset value smoothing technique are adopted for use in state retirement system actuarial studies.
  • $ New employer, state, and Plan 2 member contribution rates are adopted for the 2001-2003 biennium for the Public Employees Retirement System (PERS), the Teachers Retirement System (TRS), the School Employees Retirement System, and the Law Enforcement Officers and Fire Fighters Retirement System.
  • $ The target date for fully funding all PERS 1 and TRS 1 liabilities is moved from December 31, 2016, to June 30, 2024.
  • $ The roles of the Pension Funding Council and the Legislature in adopting economic assumptions, asset value smoothing techniques, and contribution rates are clarified.

From the House Bill Analysis (HB 2236), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedApr 9, 2001
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Barry Sehlin (R-10)
Introduced
April 9, 2001 in the House
Last action
January 14, 2002
Budget
Has a fiscal note

AN ACT Relating to modifying the process through which economic assumptions, contribution rates, and valuation methodologies are established for the public pension systems;

Sponsors

Prime sponsor: Barry Sehlin (R-10)

1 co-sponsor (1 Democrat, 0 Republicans)

Helen Sommers D-36

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status.
  2. By resolution, reintroduced and retained in present status.
  3. First reading, referred to Appropriations.

HB 2236 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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