Authority

Responsibility

Legislative

House Appropriations
Senate Ways and Means

All Plans

  • Hold hearings on pension proposals before the Legislature.

 

 

Office of the State Actuary  /  RCW 44.44.040

All Plans

  • Prepare actuarial valuations of the Plans.
  • Provide fiscal notes/all pension legislation.
  • Advise Legislature/Governor on pension issues.
  • Staff the Select Committee on Pension Policy.
  • Provide actuarial assistance to:
    • Department of Retirement Systems.
    • LEOFF 2 Retirement Board.
 

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Quasi-Legislative

Pension Funding Council  /  RCW 41.45

All Plans, except LEOFF 2

  • Adopt economic and demographic assumptions.
  • Adopt contribution rates.
  • Provide for an actuarial audit of valuation results.

 

Pension Funding Workgroup /  RCW 41.45.120

All Plans, except LEOFF 2

  • Provide support to the Pension Funding Council.
  • Seek public input on pension funding issues.

 

 

Select Committee on Pension Policy / RCW 41.04.281

All Plans

  • Study state pension issues-benefits and funding.
  • Develop policy and make recommendations to the Legislature/Pension Funding Council.

 

 

State Actuary Appointment Committee  /  RCW 44.44.013

All Plans

  • Appoint or remove the state actuary by a 2/3 vote.
  • Approve salaries of state actuary personnel  
    RCW 44.44.030.

 

 

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Executive

Office of Financial Management  /  RCW 43.41.110

All Plans

  • Advise Governor on benefit funding policy within the state budget.

 

 

Department of Retirement Systems  /  RCW 41.50

All Plans

  • Collect member/employer contributions.
  • Maintain records.
  • Pay benefits.
  • Communicate benefit information.
  • Advise Governor on pension benefits.

 

 

State Investment Board  /  RCW 43.33A

All Plans

  • Invest retirement funds.
  • Maintain fund accounting.

 

 

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Executive / Independent Boards

LEOFF Plan 2 Retirement Board  /  RCW 41.26.717, .720

  • Fiduciary responsibility.
  • Adopt actuarial assumptions and contribution rates.
  • Study LEOFF Plan 2 pension issues-benefits and funding.
  • Develop policy and make recommendations to the Legislature regarding LEOFF 2.

 

 

State Board for Volunteer Fire Fighters and Reserve Officers  /  RCW 41.24

  • Collect contributions.
  • Maintain records.
  • Pay benefits.
  • Communicate benefit information.

 


Last Reviewed: 11/26/2013

Last Updated: 9/20/2011