Budget & Taxes (Pensions)

HB 1467 establishes specific funding requirements for Washington state's public pension systems, directly affecting state employees, teachers, law enforcement officers, firefighters, school staff, and public safety workers. It mandates that pension plans be fully funded by set deadlines (e.g., law enforcement/firefighters plan 1 by June 2024) and requires spreading unfunded costs over 10-year or 15-year periods using actuarial methods. The bill details how contribution rates for employers (like the state) must be calculated to cover normal costs, amortize funding gaps, and pay for past benefit changes without exceeding set minimum or maximum rates. These changes apply to multiple systems, including public employees', teachers', and school employees' retirement plans, ensuring predictable long-term funding.