H-3741.1  _______________________________________________

                          HOUSE BILL 2782

          _______________________________________________

State of Washington      57th Legislature     2002 Regular Session

By Representatives Doumit and Sommers

Read first time 01/28/2002.  Referred to Committee on Appropriations.

Implementing the results of the 1995-2000 actuarial experience study.

    AN ACT Relating to implementing the results of the 1995-2000 actuarial experience study; adding a new section to chapter 41.45 RCW; repealing RCW 41.45.053; providing an effective date; and declaring an emergency.

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:

    The basic employer and state contribution rates and plan 2 member contribution rates are changed to reflect the 2000 actuarial valuation, incorporating the 1995-2000 actuarial experience study conducted by the office of the state actuary.  The results of the 2000 actuarial valuation shall be adjusted to reflect an April 1, 2002, implementation date.

    (1) Beginning April 1, 2002, the following employer contribution rates shall be charged:

    (a) 1.10 percent for the public employees' retirement system; and

    (b) 2.64 percent for the law enforcement officers' and fire fighters' retirement system plan 2.

    (2) Beginning April 1, 2002, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system plan 2 shall be 1.75 percent.

    (3) Beginning April 1, 2002, the following employer contribution rates shall be charged:

    (a) 0.96 percent for the school employees' retirement system; and

    (b) 1.05 percent for the teachers' retirement system.

    (4) Beginning April 1, 2002, the following member contribution rates shall be charged:

    (a) 0.65 percent for the public employees' retirement system plan 2; and

    (b) 4.39 percent for the law enforcement officers' and fire fighters' retirement system plan 2.

    (5) Beginning April 1, 2002, the following member contribution rates shall be charged:

    (a) 0.35 percent for the school employees' retirement system plan 2; and

    (b) 0.15 percent for the teachers' retirement system plan 2.

    (6) The contribution rates in this section shall be collected through June 30, 2003.

NEW SECTION. Sec. 2.  RCW 41.45.053 (Contribution rates--Collected through June 30, 2003) and 2001 2nd sp.s. c 11 s 9 are each repealed.

NEW SECTION. Sec. 3.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect April 1, 2002.

                            --- END ---