Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Select Committee adopts OSA package raising inflation and salary assumptions; votes recorded
Summary
The Select Committee on Pension Policy voted to recommend OSA’s updated long-term assumptions—inflation to 3.0% and general salary growth to 3.5%—and retained the investment rate of return at 7.25%; votes were recorded by roll call.
The Select Committee on Pension Policy voted to adopt a package of economic assumptions recommended by the Office of State Actuary (OSA). Matt Smith, state actuary, introduced the recommendation and emphasized that assumptions are long-term averages used for funding and not short-term forecasts. Frank Serra (OSA) walked the committee through the supporting analysis.
Key recommendation elements the committee adopted: inflation (Seattle–Tacoma–Bellevue regional) 3.0 percent, up 25 basis points from the previous assumption; general salary growth 3.5 percent, up 25 basis points; membership growth left unchanged at 1.0 percent for the population…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
