S-1400               _______________________________________________

                                                   SENATE BILL NO. 3758

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Senators McDonald, Hayner, Vognild, Bottiger, Lee and Gaspard

Read first time 2/6/85 and referred to Committee on Ways and Means.

AN ACT Relating to the state actuary; and amending RCW 44.44.040.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 22, chapter 105, Laws of 1975-'76 2nd ex. sess. and RCW 44.44.040 are each amended to read as follows:

          The state actuary shall have the following powers and duties:

          (1) Perform all actuarial services for the department of retirement systems, including all studies required by law.  Reimbursement for such services shall be made to the state actuary pursuant to the provisions of RCW 39.34.130 as now or hereafter amended.

          (2) Advise the legislature and the governor regarding the benefit provisions, funding policies, and investment policies of the department of retirement systems.

          (3) Consult with the legislature and the governor concerning determination of actuarial assumptions used by the department of retirement systems.

          (4) Prepare a report, to be known as the actuarial fiscal note, on each pension bill introduced in the legislature which ((shall)) briefly explains the financial impact of the bill.  The actuarial fiscal note shall include:  (a) The statutorily required contribution for the biennium and the following twenty-five years; (b) the biennial cost of the increased benefits if these exceed the required contribution; and (c) any change in the present value of unfunded accrued benefits.

          (5) Provide such actuarial services to the legislature as may be requested from time to time.