SENATE BILL REPORT

SB 6150

BYSenator Johnson

Changing dates for initial application of supplemental rates for pension systems.

Senate Committee on Ways & Means

Senate Staff:Charles Langen (786-7715)

AS PASSED SENATE, MAY 4, 1989

BACKGROUND:

Substitute Senate Bill No. 5418 of 1989 provided for a revision of the funding for the Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF), Public Employees' Retirement System (PERS), and Teachers' Retirement System (TRS).  Not only was the amortization period changed to a uniform 35 years, but the contribution rates to be contributed by employers and/or the state were stated in statute.  Moreover, the intent to require a supplemental contribution rate for any new benefit established after a specified date was expressed.

When SSB 5418 originally passed, the effective date was July 1, 1990.  Other internal dates within the bill were based on this July date.  Subsequently, the effective date was amended to September 1, 1990, but two of the internal dates were inadvertently misstated.

SUMMARY:

Technical changes are made to the enacted SSB 5418 correcting certain internal dates.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested