H-4796.1          _______________________________________________

                            SUBSTITUTE HOUSE BILL 2693

                  _______________________________________________

State of Washington              52nd Legislature             1992 Regular Session

By House Committee on Appropriations (originally sponsored by Representatives Locke, H. Sommers and Spanel; by request of Governor Gardner)

Read first time 02/11/92.  Adjusting pension contribution rates.

     AN ACT Relating to adjusting pension contribution rates to reflect the state actuary's 1990 valuations; amending RCW 41.45.060; adding a new section to chapter 41.45 RCW; creating a new section; and providing an effective date.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 41.45 RCW to read as follows:

     Beginning September 1, 1992, through June 30, 1993, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system, and the basic employer contribution rates for the public employees' retirement system, the teachers' retirement system, and the Washington state patrol retirement system shall be as follows:

     (1) 7.16% for all members of the public employees' retirement system;

     (2) 11.79% for all members of the teachers' retirement system;

     (3) 11.07% for all members of the law enforcement officers' and fire fighters' retirement system; and

     (4) 17.16% for all members of the Washington state patrol retirement system.

     Sec. 2.  RCW 41.45.060 and 1990 c 18 s 1 are each amended to read as follows:

     Beginning ((September 1, 1991)) July 1, 1993, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system, and the basic employer contribution rates for the public employees' retirement system, the teachers' retirement system, and the Washington state patrol retirement system shall be as follows:

     (1) ((7.47)) 7.33% for all members of the public employees' retirement system;

     (2) ((12.60)) 12.23% for all members of the teachers' retirement system;

     (3) ((16.44)) 14.00% for all members of the law enforcement officers' and fire fighters' retirement system; and

     (4) ((15.53)) 16.27% for all members of the Washington state patrol retirement system.

NEW SECTION. Sec. 3.      The office of the state actuary shall submit a preliminary report to the house of representatives committee on appropriations and the senate committee on ways and means by December 1, 1992, on the fiscal impact to the state and local governments of adjusting the employer contribution rates under section 1 of this act as compared to the fiscal impact estimated in the supplemental biennial operating appropriations act.  The office of the state actuary shall submit a final report on the fiscal impact of this act by December 1, 1993.

NEW SECTION. Sec. 4.        This act shall take effect September 1, 1992.