HB 1201 — Concerning actuarial funding of state retirement systems.

What this bill does

Eliminates the minimum contribution rates for amortizing the unfunded liabilities in the Teachers' Retirement System Plan 1 (TRS 1), beginning August 31, 2024, and for the Public Employees' Retirement System Plan 1 (PERS 1), beginning June 30, 2025. Fixes the employer contribution rate for the unfunded liabilities in PERS 1 and TRS 1 at zero until 2029, excluding amounts to amortize benefit improvements made after June 30, 2009. Repeals the scheduled payment of $800 million into the TRS 1 fund scheduled for June 30, 2023.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

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Other bills sponsored by Ormsby

• SHB 1140 — Making 2023-2025 fiscal biennium operating appropriations and 2021-2023 fiscal biennium second supplemental operating appropriations.
• HB 1202 — Eliminating accounts.
• ESHB 1203 — Improving the fiscal process by updating accounts administered by the office of financial management, creating new accounts including one for the opioid litigation settlement and one for the receipt of federal funds, and reenacting accounts created in the supplemental budget bill.
• SHB 1318 — Concerning retail sales tax exemptions for certain aircraft maintenance and repair.
• SHB 1548 — Safeguarding the public safety by protecting railroad workers.