Actuarial valuations are technical reports providing full disclosure of the financial and funding status of public retirement systems administered by the Department of Retirement Systems. Valuations for odd-numbered years are also used to set contribution rates for the ensuing biennium. For those valuations, the Pension Funding Council oversees an actuarial audit of the results by an outside actuary.
OSA also performs annual valuations of the Volunteer Fire Fighters’ and Reserve Officers’ Relief and Pension Fund Act (RCW 41.24), which is administered by the
Board for Volunteer Fire Fighters and Reserve Officers. Its valuation is published separately.
California Research Bureau (CRB) provides a plain language primer that summarizes and explains the actuarial methods and practices used by OSA when preparing the annual actuarial valuations.
Here is a link to the report PDF.
Please note the impacts of COVID-19 are generally not reflected in the 2020 Actuarial Valuation with the exception of investment performance, salary and system growth impacts during fiscal year 2020. More information can be found on our dedicated webpage,
COVID-19 and its Impacts to the Washington State Retirement Systems.