The office of 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.

     (2) Advise the legislature and the governor regarding pension benefit provisions, and funding policies and investment policies of the state investment board.

     (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 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 the unfunded accrued benefits. An actuarial fiscal note shall also be prepared for all amendments which are offered in committee or on the floor of the house of representatives or the senate to any pension bill. However, a majority of the members present may suspend the requirement for an actuarial fiscal note for amendments offered on the floor of the house of representatives or the senate.

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

     (6) Provide staff and assistance to the committee established under RCW 41.04.276.

     (7) Provide actuarial assistance to the law enforcement officers' and firefighters' plan 2 retirement board as provided in chapter 2, Laws of 2003. Reimbursement for services shall be made to the state actuary under RCW 39.34.130 and section 5(5), chapter 2, Laws of 2003.

[2003 c 295 § 4; 2003 c 92 § 2; 1987 c 25 § 3; 1986 c 317 § 6; 1975-'76 2nd ex.s. c 105 § 22.]

NOTES:

     Reviser's note: This section was amended by 2003 c 92 § 2 and by 2003 c 295 § 4, each without reference to the other. Both amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).

     Severability -- Effective date -- 2003 c 92: See RCW 41.26.905 and 41.26.906.

     Legislative findings -- Intent -- Severability -- 1986 c 317: See notes following RCW 41.40.150.