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Intent of Pension Funding
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The intent of public pension funding in Washington state is to
provide a dependable and systematic process for financing the
benefits provided by the retirement systems. The six goals of
this process are contained in
RCW 41.45.010.
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Continue to fully fund all retirement Plans 2 and 3 as provided by law.
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Fully amortize the total costs of LEOFF 1 unfunded liabilities no later than June 30, 2024.
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Fully amortize the total costs of PERS 1 and TRS 1 unfunded
liabilities within a rolling ten-year period.
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Establish long-term employer contribution rates, which will remain a relatively predictable proportion of the future state budgets.
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Fund benefit increases for PERS 1 and TRS 1 over a fixed ten-year
period.
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Fund, to the extent feasible, all benefits for Plan 2 and 3 members over the working lives of those members, so that the cost of
those benefits are paid by the taxpayers who receive the benefit of those members' service.
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