WA People
BILL · 2023–24 SESSION

HB 1201: Retirement system funding

Concerning actuarial funding of state retirement systems.

Summary

  • Eliminates the minimum contribution rates for amortizing the unfunded liabilities in the Teachers' Retirement System Plan 1 (TRS 1), beginning August 31, 2024, and for the Public Employees' Retirement System Plan 1 (PERS 1), beginning June 30, 2025.
  • Fixes the employer contribution rate for the unfunded liabilities in PERS 1 and TRS 1 at zero until 2029, excluding amounts to amortize benefit improvements made after June 30, 2009.
  • Repeals the scheduled payment of $800 million into the TRS 1 fund scheduled for June 30, 2023.

From the House Bill Report (HB 1201), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the House floor
  1. IntroducedJan 10, 2023
  2. Out of committeeFeb 24, 2023
  3. Passed Housestopped here
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Timm Ormsby (D-3)
Introduced
January 10, 2023 in the House
Last action
January 8, 2024
Requested by
State agency
Companion bill
SB 5294
Budget
Has a fiscal note

AN ACT Relating to actuarial funding of state retirement systems;

Sponsors

Prime sponsor: Timm Ormsby (D-3)

2 co-sponsors (2 Democrats, 0 Republicans)

Nicole Macri D-43Melanie Morgan D-29

Votes

No recorded floor votes.

History

  1. House Rules "X" file.
  2. By resolution, reintroduced and retained in present status.
  3. Referred to Rules 2 Consideration.
  4. Rules Committee relieved of further consideration. Placed on second reading.
  5. Referred to Rules 2 Review.
  6. Minority; without recommendation.
  7. Minority; do not pass.
  8. APP - Majority; do pass.
  9. APP - Executive action taken by committee.
  10. First reading, referred to Appropriations.

HB 1201 in other sessions

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

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