Washington 2023-2024 Regular Session

Washington Senate Bill SB5294

Introduced
1/11/23  
Refer
1/11/23  
Report Pass
2/20/23  
Engrossed
2/27/23  
Refer
3/1/23  
Report Pass
3/23/23  
Refer
3/28/23  
Enrolled
4/21/23  
Chaptered
5/9/23  

Caption

Concerning actuarial funding of state retirement systems.

Impact

The introduction of SB5294 is expected to amend various statutes related to state retirement systems, ensuring that funding methodologies align with actuarial best practices. By instituting a requirement for regular reviews and accountability measures, this bill aims to provide a framework for sustainable funding levels and projections. It underscores a commitment to safeguarding public retiree benefits while also addressing growing concerns about the sustainability of state pension funds amid economic fluctuations.

Summary

SB5294 addresses the actuarial funding of state retirement systems, focusing on ensuring that pension plans are financially viable and can meet future obligations to retirees. This bill emphasizes the importance of sound financial practices in the management of state pension funds, advocating for regular actuarial reviews and adjustments to funding strategies. It is intended to enhance the long-term security of retirement benefits provided to public employees, which in turn impacts the financial responsibility of state governments in meeting these obligations.

Sentiment

The sentiment surrounding SB5294 appears to be largely positive, particularly among proponents who view it as a proactive step in the direction of fiscal responsibility and long-term planning. Stakeholders, including public employees and advocacy groups, have expressed support for the measures proposed in the bill as a means to fortify the financial health of state pensions. However, there are some concerns regarding the potential impact on funding levels and the implications for state budgets, especially during fiscal constraints.

Contention

While SB5294 generally received broad support, there are some notable points of contention regarding the implications of the bill on funding distributions. Critics argue that the bill could lead to increased contributions from employees if stricter funding metrics are enforced. Additionally, some stakeholders are concerned about the variations in how different pension plans across the state might be affected by uniform actuarial standards, fearing that smaller or local systems may struggle to adapt to mandated changes.

Companion Bills

WA HB1201

Crossfiled Concerning actuarial funding of state retirement systems.

Previously Filed As

WA HB1201

Concerning actuarial funding of state retirement systems.

WA SB5357

Concerning actuarial funding of pension systems.

WA HB1467

Concerning actuarial funding of pension systems.

WA HB1007

Concerning interruptive military service credit for members of the state retirement systems.

WA SB5296

Concerning interruptive military service credit for members of the state retirement systems.

WA SB6000

Concerning interruptive military service credit for members of the state retirement systems.

WA SB6315

Concerning benefits available to retirees of the state's retirement systems.

WA HB1356

Concerning K-12 funding.

WA LB645

Change provisions relating to school retirement systems and the Nebraska State Patrol Retirement System

WA LB43

State findings related to school funding

Similar Bills

No similar bills found.