WA People
BILL · 2023–24 SESSION · LATEST VERSION ESSB 5294

SB 5294: Retirement system funding

Concerning actuarial funding of state retirement systems.

Summary

  • Reduces the minimum contribution rates for the Plan 1 Unfunded Actuarial Accrued Liability (UAAL) in the Public Employees' and Teachers' Retirement System Plans 1 (PERS 1 and TRS 1) to 0.5 percent.
  • Sets UAAL rates for PERS 1 and TRS 1 for fiscal years 2024 through 2027.
  • Reduces the scheduled payment of $800 million into the TRS 1 fund to $250 million.

From the Engrossed Substitute House Bill Report (ESSB 5294), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 396, Laws of 2023
  1. IntroducedJan 11, 2023
  2. Out of committeeFeb 21, 2023
  3. Passed SenateFeb 27, 2023
  4. Passed HouseApr 5, 2023
  5. GovernorMay 9, 2023
  6. LawMay 9, 2023
Prime sponsor
Christine Rolfes (D-23)
Introduced
January 11, 2023 in the Senate
Last action
May 9, 2023
Session law
Chapter 396, Laws of 2023
Requested by
State agency
Companion bill
HB 1201
Budget
Has a fiscal note
Versions
SB 5294, ESSB 5294

AN ACT Relating to actuarial funding of state retirement systems;

Sponsors

Prime sponsor: Christine Rolfes (D-23)

1 co-sponsor (1 Democrat, 0 Republicans)

Kevin Van De Wege D-24

Votes

Senate · 3rd Reading & Final Passage

Passed February 27, 2023
Version voted on: ESSB 5294
48 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat28001
Republican20000
How each member voted

Yea (48)

Excused (1)

Permalink to this vote

House · Final Passage as Amended by the House

Passed April 5, 2023
Version voted on: ESSB 5294
98 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat58000
Republican40000
How each member voted

Yea (98)

Permalink to this vote

House · Final Passage

Passed April 18, 2023
Version voted on: ESSB 5294
97 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat57001
Republican40000
How each member voted

Yea (97)

Excused (1)

Permalink to this vote

History

  1. Effective date 6/30/2023. (ESSB 5294)
  2. Chapter 396, 2023 Laws. (ESSB 5294)
  3. Governor signed. (ESSB 5294)
  4. Delivered to Governor. (ESSB 5294)
  5. Speaker signed. (ESSB 5294)
  6. President signed. (ESSB 5294)
  7. House receded from amendments. (ESSB 5294)
  8. Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1. (ESSB 5294)
  9. Senate refuses to concur in House amendments. Asks House to recede from amendments. (ESSB 5294)
  10. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0. (ESSB 5294)
  11. Rules suspended. Placed on Third Reading. (ESSB 5294)
  12. Committee amendment(s) adopted with no other amendments. (ESSB 5294)
  13. Placed on second reading by Rules Committee. (ESSB 5294)
  14. Referred to Rules 2 Review. (ESSB 5294)
  15. APP - Executive action taken by committee. (ESSB 5294)
  16. APP - Majority; do pass with amendment(s) by Appropriations. (ESSB 5294)
  17. First reading, referred to Appropriations. (ESSB 5294)
  18. Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1. (ESSB 5294)
  19. Rules suspended. Placed on Third Reading. (ESSB 5294)
  20. Floor amendment(s) adopted. (ESSB 5294)
  21. 1st substitute bill substituted. (ESSB 5294)
  22. 1st substitute bill substituted.
  23. Placed on second reading by Rules Committee. (ESSB 5294)
  24. Placed on second reading by Rules Committee.
  25. Passed to Rules Committee for second reading. (ESSB 5294)
  26. Passed to Rules Committee for second reading.
  27. WM - Majority; 1st substitute bill be substituted, do pass. (ESSB 5294)
  28. Minority; without recommendation. (ESSB 5294)
  29. Minority; without recommendation.
  30. WM - Majority; 1st substitute bill be substituted, do pass.
  31. First reading, referred to Ways & Means.

SB 5294 in other sessions

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

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