SENATE BILL REPORT
SB 5579
BYSenators McDermott and Lee
Revising provisions relating to unfunded retirement system liability.
Senate Committee on Ways & Means
Senate Hearing Date(s):February 9, 1987; March 3, 1987
Majority Report: Do pass.
Signed by Senators McDermott, Chairman; Craswell, Fleming, Kreidler, Lee, Moore, Rasmussen, Rinehart, Saling, Talmadge, Williams, Wojahn.
Senate Staff:Charles Langen (786-7715)
March 19, 1987
AS PASSED SENATE, MARCH 18, 1987
BACKGROUND:
The amortization periods for the unfunded actuarial accrued liability are:
Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF): 40 years beginning July 1, 1970, and ending June 30, 2010;
Public Employees' Retirement System (PERS): 40 years beginning July 1, 1986, and ending June 30, 2026; and
Teachers' Retirement System (TRS): 50 years beginning July 1, 1965, and ending June 30, 2014.
SUMMARY:
The amortization periods of the unfunded actuarial accrued liability for LEOFF, PERS and TRS are revised to a uniform 40 years beginning July 1, 1987, and ending on June 30, 2027.
Fiscal Note: requested
Effective Date:The bill contains an emergency clause and takes effect immediately.
Senate Committee - Testified: Jerry Allard, Acting State Actuary