ESSB 5294 — Concerning actuarial funding of state retirement systems.

What this bill does

Reduces the minimum contribution rates for the Plan 1 Unfunded Actuarial Accrued Liability (UAAL) in the Public Employees' and Teachers' Retirement System Plans 1 (PERS 1 and TRS 1) to 0.5 percent. Sets UAAL rates for PERS 1 and TRS 1 for fiscal years 2024 through 2027. Reduces the scheduled payment of $800 million into the TRS 1 fund to $250 million.

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

Floor votes

• House — Final Passage as Amended by the House · April 5, 2023
  98 yea · 0 nay
• House — Final Passage · April 18, 2023
  97 yea · 0 nay · 1 not voting
• Senate — 3rd Reading & Final Passage · February 27, 2023
  48 yea · 0 nay · 1 not voting

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Other bills sponsored by Rolfes

• SSB 5093 — Improving climate resilience through updates to the state's integrated climate response strategy.
• SSB 5094 — Adding a climate resilience element to water system plans.
• ESSB 5187 — Making 2023-2025 fiscal biennium operating appropriations and 2021-2023 fiscal biennium second supplemental operating appropriations.
• ESSB 5293 — Concerning accounts.
• SSB 5490 — Concerning health care coverage for retired or disabled employees denied coverage for failure to timely notify the authority of their intent to defer coverage.