Frequently Asked Questions

 

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What are contribution rates?

The State Actuary calculates and certifies contribution rates based on the funding polices, methods, and assumptions set in current law to determine how much employees and employers should pay (as a percent of total pay) to prefund the benefits of the systems.  OSA also studies the experience and financial condition of the Washington State retirement systems.

We perform these calculations for the:

  •  Law Enforcement Officers’ and Fire Fighters’ Plan 2 (LEOFF 2) Retirement Board.

  • Select Committee on Pension Policy (SCPP).

  • Pension Funding Council (PFC). 

The SCPP forwards recommendations for all plans, except LEOFF Plan 2, to the PFC and the Legislature. The LEOFF 2 Board adopts contribution rates for LEOFF Plan 2, which are then subject to change by the Legislature.

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What are the current and future contribution rates?

The Office of the State Actuary calculates and certifies current contribution rates based on the funding policies, methods, and assumptions set in current law, and projects future contribution rates. This information can be found on the Contribution Rate Projection webpage.

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How do I verify whether or not someone is a credentialed actuary?

There are several agencies you may contact to verify actuarial credentials.

Joint Board for the Enrollment of Actuaries Internal Revenue Service (JBEA)  

OPR

1111 Constitution Avenue NW

Washington, DC  20224

Phone: 202.622.8229

Fax: 202.622.8300 

The JBEA regulates the credentialing of actuaries practicing in the pension field and issues pension actuaries' enrollment numbers.  Enrolled Actuaries may use the initials EA.

American Academy of Actuaries

1100 17th Street NW 7th Floor

Washington, DC  20036

Phone: 202.223.8196

Fax: 202.872.1948

The American Academy of Actuaries is a professional organization of actuaries practicing mainly in the United States and Canada. Members may use the initials MAAA (Member, American Academy of Actuaries).

Society of Actuaries

475 North Martingale #600

Schaumburg, Illinois 60173

Phone: 847.706.3500

Fax: 847.706.3599

The Society of Actuaries (SOA) administers examinations that lead to professional designation of Associate or Fellow of the SOA (ASA or FSA).

Conference of Consulting Actuaries

388 Salem Lake Drive, Suite H

Long Grove, Illinois  60047-6400

Phone: 847.719.6500

Fax: 847.719.6506

Members of the Conference of Consulting Actuaries are also designated as either a Fellow (FCA) or Associate (ACA).

 

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What is the Select Committee on Pension Policy (SCPP)?

The SCPP studies issues and policies affecting the state's public employee retirement systems. The Committee studies benefits, plan design, eligibility requirements and pension funding methods, and makes recommendations to the Legislature. Visit the SCPP website for more information.

 

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What is the LEOFF 2 Retirement Board?

The Washington State Law Enforcement Officers' and Fire Fighters' Plan 2 Retirement Board (LEOFF 2) was created by Initiative 790 in November 2002. Board members are appointed by the Governor. The LEOFF 2 Retirement Board studies pension issues, sets contribution rates, and recommends pension policy to the Legislature in the interest of LEOFF 2 members.