BILL REQ. #:  H-2372.2 

Read first time 04/09/11.   Referred to Committee on Ways & Means.

     AN ACT Relating to setting law enforcement officers' and firefighters' plan 2 contribution rates for the 2011-2013 fiscal biennium at the actuarially required rates; amending RCW 41.45.0604; providing an effective date; and declaring an emergency.

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

Sec. 1   RCW 41.45.0604 and 2007 c 280 s 3 are each amended to read as follows:
     (1) Not later than July 31, 2008, and every even-numbered year thereafter, the law enforcement officers' and firefighters' plan 2 retirement board shall adopt contribution rates for the law enforcement officers' and firefighters' retirement system plan 2 as provided in RCW 41.26.720(1)(a).
     (2) The law enforcement officers' and firefighters' plan 2 retirement board shall immediately notify the directors of the office of financial management and department of retirement systems of the state, employer, and employee rates adopted. Thereafter, the director shall collect those rates adopted by the board. The rates shall be effective for the ensuing biennial period, subject to any legislative modifications.
     (3) Beginning July 1, 2011, and until June 30, 2013, the following contribution rates are established consistent with the contribution rates determined in the 2009 actuarial valuation, a 7.40 percent employee contribution rate, a 4.44 percent employer contribution rate, and a 2.96 percent state contribution rate.

NEW SECTION.  Sec. 2   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 July 1, 2011.