In addition to the exhibits in the actuarial valuation report, we provide reports that allow you to select from a variety of inputs to create your own reports. We call these “interactive reports.”

We provide links to three interactive reports below: funded status, projected benefit payments, and contribution rates.

The below interactive reports are based off of the 2016 Valuation. These reports will be updated to reflect the 2017 Valuation by the end of August.

Funded Status Report

On the interactive report page, select information from three inputs to create a customized Funded Status report.

  1. Valuation Year.
    Sets the measurement or valuation date of the assets and accrued pension obligations when calculating the funded status.

  2. Asset Valuation Method.
    Determines whether the market value or the actuarial value of assets is used when calculating the funded status.  The market value represents the fair value of the assets at the measurement date.  The actuarial value of assets represents the “smoothed” value of assets at the measurement date where a portion of prior annual investment gains or losses are deferred over a certain number of years consistent with the actuarial asset method.

  3. Discount Rate.
    Represents the interest rate used to determine the present value of future pension payments that have been accrued under the actuarial cost method at the measurement date. Four discount rate choices are available.

A. Statutory rate used for funding or determining contribution rates (i.e., 7.7 percent).

B. Statutory rate used for funding less 1 percent (i.e., 6.7 percent).

C. Statutory rate used for funding plus 1 percent (i.e., 8.7 percent).

D. Five percent; (2 percent above the assumed rate of inflation used to determine future pension benefits).

Go to the interactive report page. Select your inputs, then click on "View Report" button to see the results. Please select the  button in the menu bar to download the results of the scenario you defined.

See the state’s Comprehensive Annual Financial Report (CAFR) for the plan funded status reported under the Governmental Accounting Standards Board (GASB) accounting requirements.

 

Projected Benefit Payments

This interactive report displays both the Present Value and Future Value of the projected benefit payments for current members only (excludes new entrants for the open plans).  From there, on the interactive report page, select from 4 tabs to view the Present Value of the projected benefits under four discount rate choices.

  1. Discount Rate.
    Represents the interest rate used to determine the present value of future pension payments at the measurement date. Four discount rate choices are available.

A. Statutory rate used for funding or determining contribution rates (i.e., 7.7 percent).

B. Statutory rate used for funding less 1 percent (i.e., 6.7 percent).

C. Statutory rate used for funding plus 1 percent (i.e., 8.7 percent).

D. Five percent; (2 percent above the assumed rate of inflation used to determine future pension benefits).

You may also copy and paste the Future Value of the projected benefit payments into a spreadsheet to develop your own Present Value. OSA claims no responsibility for calculations performed outside of the four discount rate options presented online.

Go to the interactive report page to view the embedded webpage. Please select the   button at the bottom right of the webpage to download the spreadsheet. 

Contribution Rates

This interactive report calculates member and employer contribution rates that vary based on the asset valuation method and discount rate you select. The state’s funding policy, defined under Chapter 41.45 RCW, does not vary based on your selections. The rates in this report may not match current contribution rates. See the Department of Retirement Systems’ website for current contribution rates.

On the interactive report page, select information from the following two inputs to create customized Contribution Rates:

  1. Asset Valuation Method.
    Determines whether the market value or the actuarial value of assets is used when calculating contribution rates. See the description of the asset valuation method under Funded Status Report for additional details.

  2. Discount Rate.
    Represents the interest rate used to determine contribution rates under current state funding policy. Three discount rate choices are available.

A. Statutory rate used for funding or determining contribution rates (i.e., 7.7 percent).

B. Statutory rate used for funding less 1 percent (i.e., 6.7 percent).

C. Statutory rate used for funding plus 1 percent (i.e., 8.7 percent).

Go to the interactive report page. Select your inputs, then click on "View Report" button to see the results. Please select the  button in the menu bar to download the results of the scenario you defined.

We do not provide a contribution rate calculation under a 5 percent discount rate selection because we don’t believe the current state funding policy would continue under this assumption. If we calculated expected long-term contribution rates using a 5 percent discount rate instead of the statutory rate used for funding currently, the expected long-term contribution rates would approximately double for each system assuming equal cost sharing between members and employers.

 

We collaborated with the staff of the Legislative Evaluation and Accountability Program (LEAP) Committee to create these interactive reports.


Last Reviewed: 09/07/2017

Last Updated: 09/07/2017