S-0481.1

SENATE BILL 5168

BySenator Robinson

AN ACT Relating to the appointment, removal, and salary of the state actuary; amending RCW 41.04.281 and 44.44.030; adding a new section to chapter 41.45 RCW; and repealing RCW 44.44.013.

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

Sec. 1. RCW 41.04.281 and 2003 c 295 s 5 are each amended to read as follows:

The select committee on pension policy has the following powers and duties:

(1) Study pension issues, develop pension policies for public employees in state retirement systems, and make recommendations to the legislature;

(2) Study the financial condition of the state pension systems, develop funding policies, and make recommendations to the legislature;

(3) ((Consult with the chair and vice chair on appointing members to the state actuary appointment committee upon the convening of the state actuary appointment committee established under RCW 44.44.013))Make recommendations to the pension funding council related to the appointment, removal, and salary setting of the state actuary under section 2 of this act; and

(4) Receive the results of the actuarial audits of the actuarial valuations and experience studies administered by the pension funding council pursuant to RCW 41.45.110. The select committee on pension policy shall study and make recommendations on changes to assumptions or contribution rates to the pension funding council prior to adoption of changes under RCW 41.45.030, 41.45.035, or 41.45.060.

NEW SECTION.  Sec. 2. A new section is added to chapter 41.45 RCW to read as follows:

Subject to RCW 44.44.030, the council shall appoint, remove, and set the salary of the state actuary. When considering the appointment, removal, and salary setting of the state actuary, the council shall consider recommendations from the executive committee of the select committee on pension policy.

Sec. 3. RCW 44.44.030 and 2003 c 295 s 14 are each amended to read as follows:

(1) Subject to RCW 44.04.260, the state actuary shall have the authority to select and employ such research, technical, clerical personnel, and consultants as the actuary deems necessary, whose salaries shall be fixed by the actuary and approved by the ((state actuary appointment committee))pension funding council, and who shall be exempt from the provisions of the state civil service law, chapter 41.06 RCW.

(2) All actuarial valuations and experience studies performed by the office of the state actuary shall be signed by a member of the American academy of actuaries. If the state actuary is not such a member, the state actuary, after approval by the select committee, shall contract for a period not to exceed two years with a member of the American academy of actuaries to assist in developing actuarial valuations and experience studies.

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