Z-0556.2                   _______________________________________________

                                                      HOUSE BILL 1523

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Representatives Locke, Silver and Valle; by request of Office of Financial Management

Read first time 01/29/93.  Referred to Committee on Appropriations.

Adjusting pension contribution rates to reflect the state actuary's 1991 valuations.

          AN ACT Relating to adjusting pension contribution rates to reflect the state actuary's 1991 valuations; amending RCW 41.45.0601 and 41.45.060; providing an effective date; and declaring an emergency.

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

        Sec. 1.  RCW 41.45.0601 and 1992 c 239 s 1 are each amended to read as follows:

          Beginning September 1, 1992, through ((June 30)) August 31, 1993, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system, and the basic employer contribution rates for the public employees' retirement system, the teachers' retirement system, and the Washington state patrol retirement system shall be as follows:

          (1) 7.27% for all members of the public employees' retirement system;

          (2) 12.08% for all members of the teachers' retirement system;

          (3) 12.99% for all members of the law enforcement officers' and fire fighters' retirement system; and

          (4) 17.16% for all members of the Washington state patrol retirement system.

        Sec. 2.  RCW 41.45.060 and 1992 c 239 s 2 are each amended to read as follows:

          Beginning ((July)) September 1, 1993, the basic state contribution rate for the law enforcement officers' and fire fighters' retirement system, and the basic employer contribution rates for the public employees' retirement system, the teachers' retirement system, and the Washington state patrol retirement system shall be as follows:

          (1) ((7.47)) 7.19% for all members of the public employees' retirement system;

          (2) ((12.60)) 12.43% for all members of the teachers' retirement system;

          (3) ((16.44)) 13.54% for all members of the law enforcement officers' and fire fighters' retirement system; and

          (4) ((15.53)) 16.02% for all members of the Washington state patrol retirement system.

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 shall take effect July 1, 1993.

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