Washington State House of Representatives Office of Program Research | BILL ANALYSIS |
Ways & Means Committee |
HB 2206
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
Brief Description: Including costs as authorized expenditures from the OASI revolving fund and OASI contribution account.
Sponsors: Representative Darneille; by request of Department of Retirement Systems.
Brief Summary of Bill |
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Hearing Date: 2/24/09
Staff: David Pringle (786-7310)
Background:
The federal Old-Age and Survivors Insurance (OASI) program is the portion of the federal Social Security program that provides monthly benefits to retired or disabled workers, their spouses and children, and to the survivors of insured workers.
The Employment Security Department operates a OASI Revolving Fund to pay amounts that the state may be obligated to pay to the federal government due to the failure of public agencies to pay contributions, assessments, or interest to the OASI program. The OASI Revolving Fund is used to pay for the contributions and assessments to the OASI program; however, the General Fund-Local is used to pay for the administration of the program. The participating governmental entities contribute to the General Fund on a pro rata basis to support the administrative costs.
Summary of Bill:
The authority to operate OASI program for the state is transferred from the Employment Security Department to the Department of Retirement Systems. The costs of funding the administration of the program are shifted from the General Fund-Local to the OASI Revolving Fund, to which participating entities will contribute on a pro rata basis.
Appropriation: None.
Fiscal Note: Available.
Effective Date: The bill takes effect 90 days after adjournment of the session in which the bill is passed.