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Committee hears fiscal tradeoffs in plan to reduce employer pension contribution rates for one year
Summary
The Appropriations Committee received a staff briefing and public testimony on engrossed substitute Senate Bill 5357, which would reduce employer normal cost contribution rates for several state retirement systems for fiscal year 2026. Staff estimated immediate general‑fund and employer savings but warned costs would shift to future biennia.
The Appropriations Committee heard a staff briefing on engrossed substitute Senate Bill 5357, which reduces employer normal cost contribution rates for several Washington state retirement systems for fiscal year 2026 and correspondingly lowers Plan 2 employer rates for that year.
David Pringle (staff) described the rate reductions and the actuarial framework that governs the calculations. He said the bill lowers employer normal cost contribution rates by specified percentages for multiple systems (examples in testimony: PERS, TRS, SERS, and the Washington State Patrol Retirement System) and noted that the state actuary calculates normal cost rates using the aggregate actuarial cost method, as required by law. Pringle said the reductions reflect a temporary policy choice and that the state actuary had…
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