Bill > HB1467

This bill concerns actuarial funding of various public employee pension systems in Washington state, including the public employees', teachers', law enforcement, school employees', public safety employees', and Washington state patrol retirement systems. The key provisions include modifying the amortization period for unfunded actuarial accrued liabilities and benefit improvements from 10 to 15 years, updating contribution rates for employers and members across different retirement systems for the fiscal year 2025-2026, and establishing a new approach to funding pension systems. The bill aims to create a more predictable and systematic funding process that balances benefit security, contribution rate stability, and affordability. Specifically, it sets new contribution rates for various retirement systems, with some systems like the law enforcement officers' and firefighters' retirement system plan 1 having a zero percent contribution rate. The bill also seeks to fully fund plan 2 and 3 retirement systems and amortize unfunded liabilities in plan 1 systems over a longer period, with the goal of making pension funding more sustainable and predictable for state budgets.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1467&Year=2025&Initiative=false