Recommendations
Contribution Rates
- Calculate and certify contribution rates for the Pension Funding Council (PFC) based on funding policies, methods, and assumptions set in current law.
- PFC also solicits an outside audit to verify OSA results.
- Rates subject to change by the Legislature.
Economic Assumptions
- Recommend economic assumptions to the PFC and Select Committee on Pension Policy based on an experience study produced every two years.
- Assumptions subject to change by Legislature.
Reports
Actuarial Valuations
- Performed for all state funded and/or state sponsored retirement plans based on
funding policies, methods, and assumptions set in current law.
- Subject to statutory requirements and actuarial standards of practice.
- Full actuarial disclosure, including the funded status of the state’s retirement plans; performed annually.
- Required by state law in even-numbered years to calculate and certify contribution rates based on the funding policies, methods, and assumption set in current law for the ensuing biennial state budget.
- Used for informational purposes only in odd-numbered years.
- Usually published in the fall.
Demographic Experience Studies
- Compare actual experience to actuarial assumptions.
- Supports recommended assumption changes.
- Required and published once every six years.
Actuarial Fiscal Notes
- Prepared for pension bills or bills introduced to the Legislature that may alter state retirement plan’s funding status.
- Current law requires any additional costs and impact to contribution rates be calculated accordingly.
Other Duties
Select Committee on Pension Policy
- Staff the committee.
- Provide assistance as needed.
- Maintain the SCPP website.
Legislature and Governor
- Provide actuarial assistance and advice.
Department of Retirement Systems, Law Enforcement Officers’ and Fire Fighters’ Plan 2 Board and the Board for Volunteer Fire Fighters and Reserve Officers
- Perform actuarial services, including studies required by law.
- Provide actuarial assistance.
Guaranteed Education Tuition Program
- Valuations and experience studies.
- Risk and actuarial analysis.
- Price-setting and recommendations.
Institutions of Higher Education
- Valuations and experience studies of supplemental retirement plans.
Education
- Please see our Education page which includes links to videos and presentations covering topics such as the basics of pension system funding, plan design, and governance, as well as more specific education on the state pension systems.
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Legislative Branch
Valuations for all state pension systems; economic and demographic experience studies; calculate and certify contribution rates based on the funding policies, methods, and assumptions set in current law; risk modeling; and recommendations on economic assumptions
Research, policy analysis, bill drafting, proposal pricing, pension education, risk modeling, reporting, publications, and general staffing.
Actuarial fiscal notes for pension-related bills, mandated studies. Actuarial consulting on GET.
Confidential consulting, risk modeling, bill drafting, and proposal pricing.
Updates, reports, education, confidential consulting, budget planning, bill drafting, risk modeling and
proposal pricing.
Executive Branch
Confidential consulting, risk modeling, bill drafting, and proposal pricing.
Support bond prospectus disclosures, presentations to rating agencies, confidential consulting.
Administrative factors, CAFR disclosures, COLA calculations, support with state budgeting (agency
740 calculations).
State CAFR disclosures, confidential consulting, bill drafting, and proposal pricing.
Expert witnesses on actuarial matters.
Boards and Committees
Economic and demographic experience studies, relief and medical valuations, administrative factors,
consulting, and proposal pricing.
Stochastic modeling, cash flow projections.
Valuations; experience studies; calculate and certify contribution rates based on the funding policies,
methods, and assumptions adopted by the board; recommendations for economic assumptions; administrative factors; confidential
consulting; education; and reporting.
Other Post-Employment Benefits (OPEB) valuation and online tool.
Actuarial valuations and experience studies, risk and actuarial analysis, price-setting, and recommendations.
Recommendations around actions necessary to achieve and maintain trust solvency; actuarial valuations.
Institutions of Higher Education
Actuarial valuations and experience studies.
Public
Pension Community
Educational materials, publications, and presentations.
State and Local Government
OPEB valuations, OPEB online tool (LEOFF 1), projected pension contribution rates.
Citizens at Large
OSA and SCPP websites, responses to website inquiries.
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