SB5357 amends pension system funding in Washington, setting contribution rates and amortizing costs over 15 years.

SB5357 revises pension system funding in Washington, establishing specific contribution rates for various retirement systems. It sets member and employer contribution rates for public employees, teachers, and public safety personnel, effective from July 1, 2025, to June 30, 2026. The bill aims to amortize benefit improvement costs over a 15-year period, ensuring predictable employer contributions and affordability. It also mandates the state actuary to prepare final valuation results based on adopted economic assumptions and contribution rates.

SB5357 amends pension system funding in Washington, setting contribution rates and amortizing costs over 15 years.

SB5357 revises pension system funding in Washington, establishing specific contribution rates for various retirement systems. It sets member and employer contribution rates for public employees, teachers, and public safety personnel, effective from July 1, 2025, to June 30, 2026. The bill aims to amortize benefit improvement costs over a 15-year period, ensuring predictable employer contributions and affordability. It also mandates the state actuary to prepare final valuation results based on adopted economic assumptions and contribution rates.