RCW 41.45.150
Unfunded liabilities--Minimum basic state and
employer contribution rates. (Effective July 1, 2009.)
(1)
Beginning July 1, 2009, a minimum 2.68 percent contribution is
established as part of the basic state and employer contribution
rate for the public employees' retirement system and the public
safety employees' retirement system, to be used for the sole
purpose of amortizing the unfunded actuarial accrued liability in
the public employees' retirement system plan 1. This minimum
contribution rate shall remain effective until the actuarial
value of assets in plan 1 of the public employees' retirement
system equals one hundred twenty-five percent of the actuarial
accrued liability or June 30, 2024, whichever comes first.
(2) Beginning September 1, 2009, a minimum 2.68 percent
contribution is established as part of the basic state and
employer contribution rate for the school employees' retirement
system, to be used for the sole purpose of amortizing the
unfunded actuarial accrued liability in the public employees'
retirement system plan 1. This minimum contribution rate shall
remain effective until the actuarial value of assets in plan 1 of
the public employees' retirement system equals one hundred
twenty-five percent of the actuarial accrued liability or June
30, 2024, whichever comes first.
(3) Beginning September 1, 2009, a minimum 4.71 percent
contribution is established as part of the basic state and
employer contribution rate for the teachers' retirement system,
to be used for the sole purpose of amortizing the unfunded
actuarial accrued liability in the teachers' retirement system
plan 1. This minimum contribution rate shall remain effective
until the actuarial value of assets in plan 1 of the teachers'
retirement system equals one hundred twenty-five percent of the
actuarial accrued liability or June 30, 2024, whichever comes
first.
(4) Upon completion of each biennial actuarial valuation,
the state actuary shall review the appropriateness of these
minimum contribution rates and recommend to the legislature any
adjustments as may be needed due to material changes in benefits
or actuarial assumptions, methods, or experience.
[2006 c 365 § 2.]
NOTES:
Effective date -- 2006 c 365: See note following RCW 41.45.020.