State Pension Agencies

Authority

Responsibility

Legislative

House Appropriations
Senate Ways and Means

All Plans

  Hold hearings on pension proposals before the

 Legislature.

 

Office of the State Actuary  /  RCW 44.44.040

All Plans

  Prepare actuarial valuations of the Plans.

  Provide fiscal notes/all pension legislation.

  Advise Legislature/Governor on pension issues.

  Staff the Select Committee on Pension Policy.

  Provide actuarial assistance to:

Department of Retirement Systems.

LEOFF 2 Retirement Board.

 

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Quasi-Legislative

Pension Funding Council  /  RCW 41.45

All Plans, except LEOFF 2

  Adopt economic and demographic assumptions.

  Adopt contribution rates.

  Provide for an actuarial audit of valuation results.

Pension Funding Workgroup /  RCW 41.45.120

All Plans, except LEOFF 2

  Provide support to the Pension Funding Council.

  Seek public input on pension funding issues.

 

Select Committee on Pension Policy / RCW 41.04.281

All Plans

  Study state pension issues-benefits and funding.

  Develop policy and make recommendations to the

 Legislature/Pension Funding Council.

 

State Actuary Appointment Committee  /  RCW 44.44.013

All Plans

  Appoint or remove the state actuary by a 2/3 vote.

  Approve salaries of state actuary personnel  

RCW 44.44.030.

 

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Executive

Office of Financial Management  /  RCW 43.41.110

All Plans

  Advise Governor on benefit funding policy within the

state budget.

 

Department of Retirement Systems  /  RCW 41.50

All Plans

  Collect member/employer contributions.

  Maintain records.

  Pay benefits.

  Communicate benefit information.

  Advise Governor on pension benefits.

 

State Investment Board  /  RCW 43.33A

All Plans

 Invest retirement funds.

 Maintain fund accounting.

 

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Executive / Independent Boards

LEOFF Plan 2 Retirement Board  /  RCW 41.26.717, .720

  Fiduciary responsibility.

  Adopt actuarial assumptions and contribution rates.

  Study LEOFF Plan 2 pension issues-benefits and funding.

  Develop policy and make recommendations to the Legislature
   regarding LEOFF 2.

 

State Board for Volunteer Fire Fighters and Reserve Officers /

RCW 41.24

  Collect contributions.

  Maintain records.

  Pay benefits.

  Communicate benefit information.