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State actuary: retirement systems’ funded ratios at 100% combined but risks remain, actuary says
Summary
The Office of State Actuary told the Select Committee on Pension Policy that Washington’s retirement systems show a combined funded ratio of about 100% at the 2024 measurement date and declining employer contribution rates, while cautioning that investment volatility and demographic change remain key risks.
Luke Maselink, senior actuary with the Office of State Actuary (OSA), told the Select Committee on Pension Policy that Washington’s retirement systems are in strong condition on current measurements, but that ongoing risk monitoring is essential. “This is a report that’s required by statute every 2 years,” Maselink said, opening the informational presentation.
The OSA presented two families of metrics: affordability (contribution-rate levels and the share of the state general fund devoted to pensions) and solvency (program funded ratios). On the solvency side, OSA reported that combined program funded ratios have steadily increased since 2016 and that the combined measurement for 2024 is roughly 100 percent. The office said most open plans (plans that still accept new members) have funded ratios…
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