WA HB1467

Extends the amortization period for unfunded actuarial accrued liability in PERS Plan 1 and TRS Plan 1 from a rolling 10-year period to a rolling 15-year period, and extends the amortization of benefit improvement costs from 10 years to 15 years

Sets specific employer contribution rates effective July 1, 2025, through June 30, 2026, including 7.91% for PERS, 9.16% for public safety employees, 9.05% for teachers, 9.29% for school employees, and 16.35% for Washington State Patrol

Sets member contribution rates for the same period, including 5.86% for PERS Plan 2, 7.11% for public safety Plan 2, 7.95% for TRS Plan 2, 7.24% for school employees Plan 2, and 8.75% for Washington State Patrol

Establishes zero percent contribution rates for both employers and members in the law enforcement officers' and firefighters' retirement system Plan 1 from July 1, 2025, through June 30, 2026

Declared an emergency measure effective July 1, 2025, revising contribution rates adopted by the Pension Funding Council on July 17, 2024, to reflect updated projections on funded status and phase in changes to actuarial assumptions