FINAL BILL REPORT

HB 358

                                   C 25 L 87

BYRepresentatives H. Sommers,  Bristow, Holland, B. Williams, Patrick, Sayan, Silver, Braddock, Hine, Fuhrman, C. Smith, Wang, Valle and May

Revising provisions relating to the state actuary and creating a joint committee on pension policy.

House Committe on Ways & Means/Appropriations

Senate Committee on Ways & Means

SYNOPSIS AS ENACTED

BACKGROUND:

The legislature has had numerous interim committees on pensions.  The most recent have been the Joint Committees on Public Retirement appointed during 1984 and 1986.

The office of the state actuary exists within the legislative branch.  The state actuary is appointed by a state actuary committee consisting of three members of the Senate and three members of the House of Representatives.  The actuary is required to be a member of the American Academy of Actuaries.

SUMMARY:

A Joint Committee on Pension Policy is created consisting of eight members of the Senate and eight members of the House of Representatives.  Representation is split evenly between the two major political parties.

The joint committee is required to (1)  study pension funding issues, develop pension and funding policy and make recommendations to the legislature; and (2)  appoint or remove the state actuary by a two- thirds vote of the committee.

The State Actuary Committee is abolished.  The requirement that the actuary be a member of the American Academy of Actuaries is removed.  All actuarial valuation and experience studies must be signed by a member of the academy.

VOTES ON FINAL PASSAGE:

      House 91   0

      Senate    49     0

EFFECTIVE:July 26, 1987