H-2162              _______________________________________________

                                           SUBSTITUTE HOUSE BILL NO. 376

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State of Washington                              49th Legislature                              1985 Regular Session

By House Committee on Ways & Means (originally sponsored by Representatives Tilly, Sommers, Wang, B. Williams, Grimm, Braddock, Patrick, Silver, Winsley, Addison, Isaacson, Sanders, Padden and Haugen)

Read first time 3/4/85 and passed to Committee on Rules.

AN ACT Relating to the state actuary; and amending RCW 44.44.040.

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

        Sec. 1.  Section 22, chapter 105, Laws of 1975-'76 2nd ex. sess. and RCW 44.44.040 are each amended to read as follows:

          The state actuary shall have the following powers and duties:

          (1) Perform all actuarial services for the department of retirement systems, including all studies required by law.  Reimbursement for such services shall be made to the state actuary pursuant to the provisions of RCW 39.34.130 as now or hereafter amended.

          (2) Advise the legislature and the governor regarding the benefit provisions, funding policies, and investment policies of the department of retirement systems.

          (3) Consult with the legislature and the governor concerning determination of actuarial assumptions used by the department of retirement systems.

          (4) Prepare a report, to be known as the actuarial fiscal note, on each pension bill introduced in the legislature which ((shall)) briefly explains the financial impact of the bill.  The actuarial fiscal note shall include:  (a) The statutorily required contribution for the biennium and the following twenty-five years; (b) the biennial cost of the increased benefits if these exceed the required contribution; and (c) any change in the present value of unfunded accrued benefits.  An actuarial fiscal note shall also be prepared for all amendments which are offered on the floor of the house of representatives or the senate to any pension bills.

          (5) Provide such actuarial services to the legislature as may be requested from time to time.