2005 Washington Revised Code RCW 41.45.060: Basic state and employer contribution rates — Role of council.

(1) The state actuary shall provide actuarial valuation results based on the economic assumptions and asset value smoothing technique included in RCW 41.45.035 or adopted by the council under RCW 41.45.030 or 41.45.035.

     (2) Not later than September 30, 2002, and every two years thereafter, consistent with the economic assumptions and asset value smoothing technique included in RCW 41.45.035 or adopted under RCW 41.45.030 or 41.45.035, the council shall adopt and may make changes to:

     (a) A basic state contribution rate for the law enforcement officers' and fire fighters' retirement system plan 1;

     (b) Basic employer contribution rates for the public employees' retirement system, the teachers' retirement system, and the Washington state patrol retirement system to be used in the ensuing biennial period; and

     (c) A basic employer contribution rate for the school employees' retirement system and the public safety employees' retirement system for funding both those systems and the public employees' retirement system plan 1.

     The contribution rates adopted by the council shall be subject to revision by the legislature.

     (3) The employer and state contribution rates adopted by the council shall be the level percentages of pay that are needed:

     (a) To fully amortize the total costs of the public employees' retirement system plan 1, the teachers' retirement system plan 1, and the law enforcement officers' and fire fighters' retirement system plan 1 not later than June 30, 2024; and

     (b) To fully fund the public employees' retirement system plans 2 and 3, the teachers' retirement system plans 2 and 3, the public safety employees' retirement system plan 2, and the school employees' retirement system plans 2 and 3 in accordance with RCW 41.45.061, 41.45.067, and this section.

     (4) The aggregate actuarial cost method shall be used to calculate a combined plan 2 and 3 employer contribution rate and a Washington state patrol retirement system contribution rate.

     (5) The council shall immediately notify the directors of the office of financial management and department of retirement systems of the state and employer contribution rates adopted. The rates shall be effective for the ensuing biennial period, subject to any legislative modifications.

     (6) The director shall collect those rates adopted by the council. The rates established in RCW 41.45.062, or by the council, shall be subject to revision by the legislature.

[2005 c 370 § 2; (2005 c 370 § 1 expired July 1, 2006); 2004 c 242 § 39. Prior: 2003 c 294 § 10; 2003 c 92 § 3; 2002 c 26 § 2; prior: 2001 2nd sp.s. c 11 § 10; 2001 c 329 § 10; 2000 2nd sp.s. c 1 § 905; 2000 c 247 § 504; prior: 1998 c 341 § 404; 1998 c 340 § 11; 1998 c 283 § 6; 1995 c 239 § 309; 1993 c 519 § 19; 1992 c 239 § 2; 1990 c 18 § 1; 1989 c 273 § 6.]

Effective date -- 2005 c 370 §§ 2 and 4: "Sections 2 and 4 of this act take effect July 1, 2006." [2005 c 370 § 8.]      Effective date -- 2005 c 370 §§ 1, 3, and 6: "Sections 1, 3, and 6 of this act are necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and take effect July 1, 2005." [2005 c 370 § 7.]      Expiration date -- 2005 c 370 §§ 1 and 3: "Sections 1 and 3 of this act expire July 1, 2006." [2005 c 370 § 9.]      Effective date -- 2004 c 242: See RCW 41.37.901.      Severability -- Effective date -- 2003 c 92: See RCW 41.26.905 and 41.26.906.      Effective date -- 2001 2nd sp.s. c 11: See note following RCW 41.45.030.      Effective date -- 2001 c 329: See note following RCW 43.43.120.      Severability -- Effective date -- 2000 2nd sp.s. c 1: See notes following RCW 41.05.143.      Effective dates -- Subchapter headings not law -- 2000 c 247: See RCW 41.40.931 and 41.40.932.      Effective date -- 1998 c 341: See note following RCW 41.34.060.      Effective date -- 1998 c 340: See note following RCW 41.31.010.      Intent -- Purpose -- 1995 c 239: See note following RCW 41.32.831.      Effective date -- Part and subchapter headings not law -- 1995 c 239: See notes following RCW 41.32.005.      Part headings not law -- Effective date -- 1993 c 519: See notes following RCW 28A.400.212.      Effective date -- 1992 c 239: "This act shall take effect September 1, 1992." [1992 c 239 § 6.]      Effective date -- 1990 c 18: "This act shall take effect September 1, 1991." [1990 c 18 § 3.] Benefits not contractual right until date specified: RCW 41.34.100.