WA People
BILL · 2007–08 SESSION

SB 5014: Contribution rates

Amending the process for adopting contribution rates for the state retirement systems.

Summary

  • Requires the Pension Funding Council (PFC) to adopt contribution rates by July 31 of even numbered years.
  • Requires the contribution rates that the State Actuary submits to the PFC be considered preliminary prior to PFC action, and that the final valuation and rates be submitted by the State Actuary incorporating any actions taken by the PFC.
  • Requires the PFC to submit preliminary actuarial audit results to the Select Committee on Pension Policy at least 30 days prior to taking action on contribution rates.
  • Permits the PFC to adopt annual contribution rate changes, rather than only a single set of rates for the upcoming biennium.
  • The experience and long-term economic assumptions used by the State Actuary and the Department of Retirement Systems would be evaluated and reviewed by the PFC in the fall of odd-numbered years beginning in 2007.

From the House Bill Report (SB 5014), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 280, Laws of 2007
  1. IntroducedJan 8, 2007
  2. Out of committeeFeb 8, 2007
  3. Passed SenateMar 13, 2007
  4. Passed HouseApr 3, 2007
  5. GovernorMay 2, 2007
  6. LawMay 2, 2007
Prime sponsor
Craig Pridemore (D-49)
Introduced
January 8, 2007 in the Senate
Last action
May 2, 2007
Session law
Chapter 280, Laws of 2007
Requested by
Other
Companion bill
HB 1044
Budget
Has a fiscal note

AN ACT Relating to the process for adopting contribution rates for the actuarial funding of the state retirement systems;

Sponsors

Prime sponsor: Craig Pridemore (D-49)

Votes

Senate · 3rd Reading & Final Passage

Passed March 13, 2007
Version voted on: SB 5014
47 Yea 0 Nay 0 Absent 2 Excused
PartyYeaNayAbsentExcused
Democrat31001
Republican16001
How each member voted

Yea (47)

Excused (2)

Permalink to this vote

House · Final Passage as Amended by the House

Passed April 3, 2007
Version voted on: SB 5014
97 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat63000
Republican34001
How each member voted

Yea (97)

Excused (1)

Permalink to this vote

Senate · Final Passage as Amended by the House

Passed April 16, 2007
Version voted on: SB 5014
47 Yea 0 Nay 1 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat31010
Republican16001
How each member voted

Yea (47)

Absent (1)

Excused (1)

Permalink to this vote

History

  1. Effective date 7/22/2007.
  2. Chapter 280, 2007 Laws.
  3. Governor signed.
  4. Delivered to Governor.
  5. Speaker signed.
  6. President signed.
  7. Passed final passage; yeas, 47; nays, 0; absent, 01; excused, 1.
  8. Senate concurred in House amendments.
  9. Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1.
  10. Rules suspended. Placed on Third Reading.
  11. Committee amendment adopted with no other amendments.
  12. Placed on second reading by Rules Committee.
  13. Passed to Rules Committee for second reading.
  14. APP - Majority; do pass with amendment(s).
  15. APP - Executive action taken by committee.
  16. First reading, referred to Appropriations.
  17. Third reading, passed; yeas, 47; nays, 0; absent, 0; excused, 2.
  18. Rules suspended. Placed on Third Reading.
  19. Placed on second reading by Rules Committee.
  20. WM - Majority; do pass.
  21. Passed to Rules Committee for second reading.
  22. First reading, referred to Ways & Means.
  23. Prefiled for introduction.

SB 5014 in other sessions

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

Report wrong or missing information on this page