WSR 02-16-084




[ Filed August 7, 2002, 9:29 a.m. ]

Subject of Possible Rule Making: Actuarial rules.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 41.50.050(5), chapter 41.45 RCW.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Department of Retirement Systems (DRS) proposed a number of changes to its actuarial Washington Administrative Code (WAC) on July 23, 2002, (WSR 02-15-154) to implement new actuarial projections from the Office of the State Actuary (OSA). For the first time, those WACs will have explanations and examples on how to read the actuarial tables, and information on how they are used. The expected effective date for those rules is September 1, 2002. DRS is now considering addition enhancements to the actuarial WACs. These additions or amendments would further explain how DRS determines age and cost-of-living adjustments in calculating various benefits for the retirement plans that DRS administers.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: OSA provides the actuarial information to DRS that DRS uses in determining retirement benefits. OSA will have the opportunity to review the proposed rules.

Process for Developing New Rule: Department staff will work on the project, with the assistance of the Office of the Attorney General. The public is invited and encouraged to participate, as described below.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. The Department of Retirement Systems encourages your active participation in the rule-making process. Anyone interested in participating should contact the rules coordinator, below. After the rule(s) is drafted, DRS will file a copy with the Office of the Code Reviser with a notice of proposed rule making, and send a copy to everyone currently on the mailing list and anyone else who requests a copy. For more information on how to participate, please contact Merry A. Kogut, Rules Coordinator, Department of Retirement Systems, Mailstop 48380, P.O. Box 48380, Olympia, WA 98504-8380, voice (360) 664-7291, TTY (360) 586-5450, e-mail, fax (360) 753-3166.

August 6, 2002

Merry A. Kogut

Rules Coordinator

Washington State Code Reviser's Office