WA People
BILL · 2005–06 SESSION · LATEST VERSION ESHB 1044

HB 1044: Pension funding methodology

Changing pension funding methodology.

Summary

  • Suspends contributions towards the cost of future gain-sharing benefit distributions in the Public Employees' Retirement System (PERS), the School Employees' Retirement System (SERS), and the Teachers' Retirement System (TRS) for the 2005-2007 biennium.
  • Directs the Select Committee on Pension Policy (SCPP) to study the options available to address the liability associated with future gain-sharing distributions during the 2005 interim, and report the findings and recommendations of the study to the fiscal committees of the Legislature.
  • Suspends contribution rates for the unfunded liabilities in PERS and TRS Plans 1 during the 2005-2007 biennium.
  • Begins a four-year phase-in of annual contribution rates, including establishing basic contribution rates in PERS, SERS, and TRS for the 2005-2007 biennium, and directs the Pension Funding Council to adopt annual contribution rates for the 2007-2009 biennium that complete the four-year phase-in schedule.

From the Substitute House Bill Report (SHB 1044), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 370, Laws of 2005
  1. IntroducedJan 11, 2005
  2. Out of committeeApr 20, 2005
  3. Passed HouseApr 21, 2005
  4. Passed SenateApr 23, 2005
  5. GovernorMay 10, 2005
  6. LawMay 10, 2005
Prime sponsor
Helen Sommers (D-36)
Introduced
January 11, 2005 in the House
Last action
May 10, 2005
Session law
Chapter 370, Laws of 2005
Requested by
State agency
Budget
Has a fiscal note
Versions
HB 1044, ESHB 1044

AN ACT Relating to pension funding methodology;

Sponsors

Prime sponsor: Helen Sommers (D-36)

Votes

House · Final Passage

Passed April 21, 2005
Version voted on: ESHB 1044
55 Yea 42 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat55100
Republican04101
How each member voted

Yea (55)

Excused (1)

Permalink to this vote

Senate · 3rd Reading & Final Passage

Passed April 23, 2005
Version voted on: ESHB 1044
25 Yea 23 Nay 1 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat25100
Republican02210
How each member voted

Absent (1)

Permalink to this vote

History

  1. Effective date 7/24/2005*. (ESHB 1044)
  2. Chapter 370, 2005 Laws. (ESHB 1044)
  3. Governor signed. (ESHB 1044)
  4. Speaker signed. (ESHB 1044)
  5. Delivered to Governor. (ESHB 1044)
  6. President signed. (ESHB 1044)
  7. Third reading, passed; yeas, 25; nays, 23; absent, 1; excused, 0. (ESHB 1044)
  8. Rules suspended. Placed on Third Reading. (ESHB 1044)
  9. Read first time, rules suspended, and placed on second reading calendar. (ESHB 1044)
  10. Third reading, passed; yeas, 55; nays, 42; absent, 0; excused, 1. (ESHB 1044)
  11. Rules suspended. Placed on Third Reading. (ESHB 1044)
  12. Floor amendment(s) adopted. (ESHB 1044)
  13. 1st substitute bill substituted. (ESHB 1044)
  14. 1st substitute bill substituted.
  15. Placed on second reading. (ESHB 1044)
  16. Placed on second reading.
  17. APP - Majority; 1st substitute bill be substituted, do pass. (ESHB 1044)
  18. Minority; do not pass. (ESHB 1044)
  19. Minority; do not pass.
  20. APP - Executive action taken by committee.
  21. APP - Majority; 1st substitute bill be substituted, do pass.
  22. First reading, referred to Appropriations.

HB 1044 in other sessions

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

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