Transcript Highlights:

• We will have a presentation on the 2025 actuarial evaluation report from the state actuary, possible
• valuation report from the Office of State Actuary.
• The dashed line represents the actuarial value.
• Sounds like I’m up. Thank you, Graham.
• And so the motion before us is for the Office of the State Actuary to perform an actuarial evaluation

Summary: The Pension Funding Council met on June 23, 2026, for a work session that began with an overview of the Higher Education Supplemental Retirement Plan (SRP) and a 2025 accounting valuation of that plan. Staff explained that the SRP is a closed defined benefit supplement for higher education employees hired before the 2011 closure, with employer contributions currently pre-funding benefits in institution-specific trusts while institutions still pay benefits on a pay-as-you-go basis. The State Actuary’s office reported that the plan’s accounting position has improved, with combined market assets of about $245 million against $377 million in accrued liability, and that strong market performance since 2022 has increased the asset-to-liability ratio. The office emphasized that this was an educational accounting valuation, not a funding valuation for rate-setting. The council then received the 2025 actuarial valuation report for the state retirement systems. Actuaries reviewed the recent demographic experience study, noting updated assumptions for mortality, retirement, termination, and salary growth, and said the net impact on most plans was small. They reported that most plans’ funded ratios improved, with all plans at least 94% funded and several at or above 100%, and that contribution rates for the 2027–2029 biennium are generally lower than current rates. They also noted that future rates could be affected by market volatility as deferred gains are recognized over the next few years. During public comment, a representative of the Association of Washington Cities urged the council to consider rate reductions to help local governments facing budget pressures. In executive session, the council first approved a motion directing the Office of the State Actuary to perform an actuarial evaluation and analysis of each institution’s Higher Education Supplemental Retirement Plan, including institution-specific contribution rates, asset sufficiency, and funding policy options, due by July 1, 2028. The council then adopted the 2027–2029 pension contribution rates based on the 2025 actuarial valuation report. Both motions passed 5-0, with one member excused. The meeting concluded with no further business.

Transcript Highlights:

• require that our capitation payments to our managed care organizations be actuarially sound.
• </c><00:41:49.400><c> sound</c> help us determine um actuarially sound help us determine um actuarially
• </c><00:42:01.000><c> I</c> organizations be actuarially sound.
• I organizations be actuarially sound.
• >> So, again, CMS requires that our rates be actuarially sound. So, our rates are submitted to CMS.

Keywords: 958, all

Summary: The Medicaid Oversight and Advisory Board met on January 12, 2026, to approve the December 10, 2025 minutes and continue finalizing its findings and recommendations. Members reviewed findings on administrative inefficiencies, Medicaid and workforce participation under HR 1, Medicaid budget growth, rural health transformation fund development, and provider tax/state-directed payment changes. The board approved a motion to change “pilot” to “partnership” in the workforce-related recommendation, and also adopted a technical amendment clarifying overlapping HCBS services by removing reference to adult daycare waiver services and revising the language to focus on reducing duplication, simplifying provider contracting, and standardizing processes across programs. A separate technical correction was noted to change “DMS” to “DPH” in the rural health transformation finding, to be handled in the final edits. Several findings drew discussion but no final substantive vote during the meeting. On the rural health transformation fund, Dr. Berg said Kentucky had done well in federal funding and noted limits on what could be shared publicly, while Commissioner Lee said a public website had been created and recommended the department reference be changed to the Department for Public Health. Finding five prompted extended discussion about provider taxes, state-directed payment reductions under HR 1, and whether the board should address the relationship between actuarial studies, MCO payments, and actual provider reimbursement more directly. Senator Meredith and others argued for a broader, more transparent baseline review of rates across provider groups, while Commissioner Lee said CMS will require certain fee schedule comparisons to Medicare beginning July 1, 2026, and that quarterly expenditure reports already go to LRC. The board did not finish resolving finding five during the meeting and agreed to return to it after staff prepared more explicit language. Members also discussed the possibility of an all-payers claims database as a better way to understand what is being paid across payers and services. No final vote on the full findings package was taken in the portion of the meeting provided, but the board did adopt the noted amendments and continued working through the remaining language.

Transcript Highlights:

• But do we have an expert actuary on the board? No, we don't.
• I will say one thing about actuaries.
• So again, back to the actuaries.
• The superintendent cannot charge less than the actuary.
• Would appoint learned actuaries and so forth.

Keywords: 996, all

Transcript Highlights:

• It will have the OIC look at the actuarial report.
• Sounds good. Tell us all about it. Good morning.
• The bill directs our office to review actuarial analysis... House Bill 2384.
• Okay, sounds good.
• Sounds like the common sense amendment. I support it. Please vote yes.

Summary: The committee held public hearings on several health-related bills. House Bill 2384 would require continuing care retirement communities that offer life care contracts to submit actuarial analyses every other registration cycle for review by the Office of the Insurance Commissioner, with the Department of Social and Health Services using the review in registration decisions. The bill sponsor and residents’ advocates said it would improve transparency and protect seniors’ prepaid care promises, while the CCRC industry supported the goal but raised concerns about scope, cost, and implementation details. House Bill 2505 would exempt certain foster family homes and child-specific foster care homes from adult family home licensure when former foster youth remain in the home as adults and certain safety conditions are met; DSHS supported the narrow exemption as a way to avoid displacing vulnerable young adults. House Bill 2402 would phase out DEHP and other orthophthalates in IV solution containers and later IV tubing, with exemptions for certain blood and cell therapy products; supporters cited health and environmental risks and the availability of safer alternatives, while manufacturers and hospitals supported the goal but asked for longer timelines, supply-chain protections, and implementation assistance. In executive session, the committee took action on a series of bills. It adopted an amendment and passed House Bill 1904, which prohibits cat declawing, on a 13-3 vote. It passed a proposed substitute for House Bill 2145 on the 340B drug program on an 11-5 vote after debate over reporting requirements and the state’s authority. It rejected several amendments to House Bill 2182 on abortion medications held by the Department of Corrections, adopted an Indian health care provider priority amendment, and passed the bill on a 10-6 vote. House Bill 2211 on medically tailored meals passed 15-1. The committee also passed Substitute House Bill 2247 on veterinarian-client-patient relationships, Substitute House Bill 2329 on midwives and lactation consultants, and Substitute House Bill 2339 on nurse licensing, each with technical amendments and broad support.

Transcript Highlights:

• Or future actuarials, right? And Mr.
• But do we have an expert actuary on the board? No, we don't.
• And I think it has to be what the actuary says.
• It couldn't be anything less than the actuary for the board.
• But I guess, to not be sounding so pompous about it, sometimes the... ...to not be sounding so pompous

Summary: The committee first took up House Bill 61, which would raise aggravated battery on a peace officer from a third-degree to a second-degree felony in cases involving great bodily harm or a deadly weapon. The sponsor and supporters said the bill fixes an inconsistency in current law, where aggravated assault on an officer can be punished more severely than aggravated battery causing serious injury. Law enforcement representatives, the Chiefs Association, CBRC, and chamber representatives testified in support, and the New Mexico Sentencing Commission was noted as having endorsed the bill by a 6-3-4 vote. After questions about proportionality and plea bargaining, the committee voted due pass on HB 61 without objection. The committee then returned to House Bill 99, a medical malpractice reform bill, and several members made conflict-of-interest disclosures before debating amendments. The discussion focused heavily on the patient compensation fund, surcharge setting, and whether an advisory board or the superintendent should control rates. Amendments to segregate future fund money, require surcharges no lower than the advisory board’s recommendation, and create a commission with more actuarial and financial expertise were debated at length; the committee rejected the first two amendments. Members and witnesses argued over whether past undercharging of hospitals and doctors led to insolvency and taxpayer bailouts, and whether the bill should require more transparency and oversight. The committee also debated amendments on punitive damages. One proposal would have delayed punitive damage claims until after substantial discovery; opponents said it would conflict with civil procedure, prolong litigation, and likely be struck down. Another would have tied punitive damages to a multiple of compensatory damages or a percentage of net worth; supporters said that would better deter harmful conduct, while opponents said it would create uncertainty and more discovery. That amendment also failed. A final punitive-damages amendment would have removed caps in cases involving sexual assault or intoxication by a health care provider and protected the first $5 million of an independent provider’s personal assets; it too was rejected after members said it would shield egregious misconduct and go beyond the bill’s purpose.

Transcript Highlights:

• Actually, I love— Actuarial update. Michael. Michael Harbour: Thank you, Mr.
• Yeah, I see that we have only the item preliminary 2025 actuarial valuation review results.
• But I think what she suggested putting on the agenda going forward sounded good to me.
• But I think what she suggested putting on the agenda going forward sounded good to me.
• Okay, sounds like a good plan. Anybody else have any comments on this? I don't.

Keywords: 904, all

Transcript Highlights:

• c><01:41:46.360><c> shopping</c><01:41:46.760><c> I</c> actuary so if I go actuary shopping I actuary
• American Society of Actuaries, as our actuary is, so we really would have to take it back to our actuaries
• American Society of Actuaries, as our actuary is.
• actuary to perform degree the actuary actuary to perform that<02:02:33.400><c> audit</c><02:02:33.840
• Specifically, the Supreme Court dictated that reserve levels must be set with actuarially sound methodologies

Keywords: 1191, senate, all

Transcript Highlights:

• for the actuarial services that they needed.
• Just over half of our staff are actuaries.
• There are a few states that have that hire an actuary, but that actuary still gets most of the work done
• For the record, Michael Harbor, actuary for OSA.
• It's an actuarial reduction.

Keywords: 904, all

Transcript Highlights:

• , do this tremendous, Actuary, do this tremendous impact on their workflow?
• So I'm looking at the practical aspect of the actuarial review.
• The actuarial review.
• I would hope, too, that the actuarial actuaries, I,...
• I would hope, too, that the actuarial actuaries, I guess, would have conversations and be in communication

Keywords: 996, all

Transcript Highlights:

• in it that I read as making our teacher retirement system actuarially unsound the language where it
• to 32 years following the passage of the bill, and then it says the TRS statute defines actuarial soundness
• sound this for TRS, which, by the way, that language is not in House Bill 3 from. 2019.
• Actuarial consultant said that the fund is already well outside of actuarially sound. standards and when
• But these actuaries are conservative and the state law says 31 years. years, when the actuarial recommendation

Bills: HB2, HB2

Keywords: public education, teacher compensation, certification, funding, school finance, educator rights, education funding, charter schools, staff compensation, state aid, retention allotment, disaster preparedness, emergency management, flooding, mass fatality, mass casualty, fatality tracking, body recovery, autopsy, justice of the peace

Transcript Highlights:

• One of them was that it needed to be actuarially sound and reimbursement-based.
• Now, with the actuaries, there is a threshold. The term is credibility.
• We discussed it with the actuaries.
• We've talked about a lot of very actuarially sound data that you're collecting...
• We've talked about a lot of very actuarially sound data that you're collecting, but there are so many

Summary: The committee heard a presentation from Dr. Kelly O’Dare on first responder behavioral health access, peer support, and suicide prevention. She described UCF Restores, the Second Alarm Project, and related partnerships that provide culturally competent treatment, peer training, clinician education, disaster response support, and behavioral health navigation. She cited survey and state data showing significant rates of sleep problems, anxiety, depression, substance use, and suicide among Florida first responders, and said evidence-based treatment has helped many patients recover, including a reported 76% who no longer met PTSD diagnostic criteria after treatment. Senators asked about measuring outcomes, peer support standards, and whether the state should create more consistent statewide requirements; O’Dare said peer support training must be specialized, linked to higher levels of care, and supported by sustainable funding and statewide coordination. The committee also heard from a public commenter who supported the work and emphasized the need for adequate resources and peer support infrastructure. The committee then received a Department of Children and Families presentation from Casey Penn on the proposed funding methodology for community-based care lead agencies under HB 7089. Penn explained that the new model is intended to be actuarially based, reimbursement-oriented, and more transparent than prior funding approaches, using historical expenditures, standardized reporting, and two main tiers: Tier 1 for largely fixed administrative and operational costs, and Tier 2 for direct child-serving costs based on per-child-per-month blended rates. He said the model includes a 2% risk corridor for Tier 2, hold-harmless funding in the first year, and optional Tier 3 performance incentives, with an estimated additional state appropriation need after offsets. Senators raised concerns about prevention, historical inequities, reasonableness of costs, administrative overhead, blended state and federal funds, adoption subsidies, high-acuity placements, and disaster-related disruptions. Penn said some of those issues could be addressed in future iterations as the child welfare information system is modernized, and he agreed to provide written responses to committee questions. Representatives of the Florida Coalition for Children and CBCs responded that the model is a major improvement but urged additional safeguards, including an administrative cap, clearer separation of direct and indirect costs, and better treatment of federal and pass-through funds. They argued that the system already has oversight and that deficits reflect insufficient appropriations rather than excess spending, while also noting that higher-acuity children and regional differences can drive costs. No votes were taken on either topic, and the meeting ended with committee staff introductions and adjournment.

Transcript Highlights:

• It sounds like we're slightly behind. have not done that at this point.
• It has no actuarial effect on the state because it comes out of the individual's pockets.
• We're deciding if it's an actuarial... ...of it, but that's not what we're deciding.
• We also did actuarial analysis.
• Seems like this sort of change will have an actuarial impact.

Summary: The Employee Benefits Committee met to approve prior minutes, hear presentations on state employee health insurance, compensation, leave, and related policy issues, and then recess for lunch. PERS reviewed the history and structure of the state health plan, noting the long-standing state-paid family coverage, cost-control measures, wellness incentives, the current grandfathered PPO and high-deductible options, and the effects of recent benefit mandates such as insulin caps, prosthetic coverage, medication management, prescription copay changes, and ambulance balance-billing limits. Committee members questioned the fiscal impact of adding benefits and the possible cost of moving to a non-grandfathered plan, while PERS and HRMS emphasized that health insurance remains the top-ranked employee benefit and that any major plan changes should be considered carefully. HRMS also presented compensation comparisons showing state pay generally below private-market benchmarks, discussed targeted market equity adjustments, identified ongoing recruitment and retention concerns in fields like nursing, IT, engineering, and attorneys, and reviewed leave policies, tuition reimbursement, and family leave comparisons with neighboring states. Job Service provided labor market data showing low unemployment, high labor force participation, and wage growth that still trails some neighboring markets, and OMB explained that prevailing wage requirements apply to federally funded projects under Davis-Bacon, not to ordinary state contracts. After lunch, the committee took up the required process for health insurance mandate bills and adopted an amendment to Joint Rule 211. The amendment clarified that the deadline for submitting mandate measures is intended to allow time for all required reports, including both the cost-benefit analysis and any Employee Benefits Committee actuarial report, while leaving the existing deadline unchanged. The amendment was adopted on a roll call vote, with several members voting yes and a few no votes recorded. The committee then moved into its jurisdiction review of bill drafts, beginning with a bill that would automatically renew pre-tax dental and vision elections; members debated whether it had any actuarial or administrative impact on PERS or the state, and the chair explained that the committee’s role was only to decide whether further analysis was needed before later testimony and recommendations.

Transcript Highlights:

• Actually, I love— Actuarial update. Michael. Michael Harbor: Thank you, Mr. Chair.
• But I think what she suggested putting on the agenda going forward sounded good to me.
• But I think what she suggested putting on the agenda going forward sounded good to me.
• Okay, sounds like a good plan. Anybody else have any comments on this? I don't.
• So anyway, if that works for all of you, that sounds good. All right, very good.

Summary: The Executive Committee approved the April minutes by roll call vote, with members present voting aye and the minutes adopted. The committee then received an Attorney General update on several pension-related cases. Counsel discussed the newly filed Dawson class action, which seeks to invalidate Gross Second Substitute House Bill 2034 on federal and state constitutional grounds; she said the pleadings were unclear, the committee’s involvement was uncertain, and the case would need monitoring. She also reported that the Dolan case appears concluded after the Court of Appeals upheld the trial court’s ruling on constructive payment of attorney fees, and that the Fowler case remains pending after an oral ruling for plaintiffs on retroactive interest and possible disgorgement of state gains, with a written ruling still awaited. The actuarial update said June would include the preliminary 2025 valuation results and contribution-rate discussion, along with commentary on the demographic experience study, and staff noted actuarial resources were limited for additional items until later in the summer or fall. The committee then discussed the interim work plan and correspondence, including letters supporting a Plan 1 COLA recommendation, retiree organization comments, and a request from Senator Robinson to study whether certain animal control technicians should be included in PERS. Members emphasized the need to keep working on an ad hoc COLA for Plan 1 retirees while also exploring a longer-term COLA mechanism, including possible budget proviso language to require COLA consideration each budget cycle. Staff also explained changes to correspondence handling: materials will no longer be posted publicly on the website, but will still be available through public records requests and distributed securely to members by email or form submission. The committee agreed to add a June briefing on the PERS animal control technician issue and an introductory discussion of Plan 3, and to bring back COLA proposals in July for further executive committee review. The agenda was approved as amended, and the meeting adjourned.

Transcript Highlights:

• Sarah Baker, actuarial update. Sarah Baker, actuarial update. Thank you, Chair.
• It sounded like a few years in PERS, then 21 years in PERS, and now he's back to PERS.
• Do you, and you might not have actuarial numbers at this... Capped?
• Do you, and you might not have actuarial numbers at this point in time.
• I will be told that, but does that sound right?

Keywords: 904, all

Transcript Highlights:

• To ensure the actuarial soundness of the teacher retirement system for the foreseeable future.
• Um, would it be OK if I had our staff actuary come up and answer that question, because I'm not the actuary
• sound.
• As everyone was running away from the sounds of gunfire, uh, I, I did the opposite.
• Sounds good. Is there anyone else who wishes to testify on for or against House Bill 4802?

Transcript Highlights:

• </c><00:04:50.320><c> assumed</c> able to exceed their actuarial assumed able to exceed their actuarial
• they look at these actuary assumptions they look at these actuary assumptions mortality<01:10:13.040>
• </c> trend has been projected by the actuary trend has been projected by the actuary for<01:27:04.159
• And I know that sounds 300 300 days.
• </c> &gt;&gt; Uh the 1.71% was an actuary number. &gt;&gt; Uh the 1.71% was an actuary number.

Keywords: 958, all

Summary: The meeting opened with a quorum call, the Pledge of Allegiance, a prayer, and approval of the prior meeting minutes. The first presentation was from Bo Craycraft of the Judicial Form Retirement System, who gave an update on investment performance, asset allocation, cash flow, and projected employer costs. He reported strong fiscal year 2025 investment results, with both the legislative and judicial retirement plans outperforming their actuarial assumed rates of return and benchmarks, driven largely by U.S. equity performance. He also noted the plans remained near their target asset allocation and continued to experience negative cash flow, though he said that was manageable in context of strong asset growth. Craycraft then discussed a recent experience study and actuarial assumption changes, especially a revised salary growth assumption and a higher cash balance interest credit rate. He said these changes increased projected employer costs, with contributions rising from about $700,000 to a projected $2 million in later years, though he expected the eventual 2025 valuation and investment gains to reduce that estimate. Members asked about mortality assumptions, the impact of the experience study on liabilities, and the sharp increase in the judicial plan’s projected employer cost. Craycraft explained that the increase was driven mainly by the updated assumptions and that no other major plan changes were involved. At the chair’s request, Craycraft also addressed the recent rise in Medicare Advantage premiums for the plan’s health coverage, saying the 2025 increase was largely tied to Part D changes and the Inflation Reduction Act and had been about 45%, but that future growth was expected to be under 5%. After his presentation, the committee moved to the Kentucky Public Pensions Authority update, where the next speaker began by saying the funds had exceeded actuarial assumed returns for the fiscal year.

Transcript Highlights:

• It will have the OIC look at the actuarial report.
• We'll go ahead and start off the first panel: Kim Hickman, Lower Sound.
• Sounds good. Tell us all about it. Good morning.
• Okay, sounds good.
• Sounds like the common sense amendment. I support it. Please vote yes.

Bills: HB2384, HB2402, HB2505, HB1904, HB2145, HB2182, HB2211, HB2242, HB2247, HB2329, HB2339

Keywords: continuing care retirement community, CCRC, life plan community, senior housing, retirement community, long-term care, assisted living, nursing home, actuarial analysis, solvency, financial oversight, resident contracts, entrance fee, disclosure statement, registration, insurance commissioner, DSHS, consumer protection, elder care, aging services

Summary: The committee held public hearings on three bills. HB 2384 would require continuing care retirement communities that offer life care contracts to submit actuarial analyses every other registration cycle for review by the Office of the Insurance Commissioner, with results sent to DSHS for registration decisions and an appeal process through DSHS. Supporters said the bill would improve transparency and protect residents’ financial security; LeadingAge Washington supported transparency but raised cost and implementation concerns. HB 2505 would exempt certain foster parents and child-specific foster care providers from adult family home licensure when former foster youth remain in the home as adults and other conditions are met. The sponsor and DSHS said the bill would help vulnerable young adults stay with caregivers and avoid unnecessary licensure barriers. HB 2402 would phase out DEHP in IV solution containers and later IV tubing, with exemptions for certain blood and cell therapy products; testimony largely supported removing phthalates for health and environmental reasons, while manufacturers, hospitals, and AdvaMed raised supply chain, timing, and implementation concerns and requested later phase-out dates and exemptions. In executive session, the committee adopted amendments and advanced several bills. HB 1904, prohibiting cat declawing, was amended to remove recordkeeping, reporting, fines, and disciplinary references tied to declawing and was reported out with a do pass recommendation. HB 2145 on the 340B drug pricing program was advanced as a proposed substitute after a lengthy discussion about transparency, reporting, and concerns over authority and litigation. HB 2182, concerning abortion medications held and distributed by the Department of Corrections, was amended to require appropriations for purchases, restore cost-based distribution language, prioritize Indian health providers, add annual reporting, and remove the emergency clause; the substitute bill then passed out of committee. HB 2211 on medically tailored meals also passed out, with one member opposing due to concerns about limiting participation to certain nonprofits. The committee also passed out HB 2247 on veterinarian-client-patient relationships and telehealth after adopting a substitute that clarified recordkeeping, telehealth prescribing, clinical practice requirements, and the effective date. HB 2329 on supervision of medical assistants and lactation consultants by licensed midwives passed after a cleanup amendment clarified that midwives are not prohibited from coordinating with lactation consultants. HB 2339 on nurse licensing passed after a technical amendment updated definitions and terminology for nurse practitioner and clinical nurse specialist credentials. The meeting concluded with all of these measures reported from committee, mostly on strong bipartisan votes, though several bills drew mixed votes or dissent over scope, costs, or implementation.

Transcript Highlights:

• Sarah Baker, actuarial update. Sure. Sarah Baker, actuarial update. Thank you, Chair.
• You did just hear about one of the biggest projects, which is the actuarial evaluation report on the
• Is there anything on the actuarial evaluation results that the members want to talk about?
• And you might not have actuarial numbers at this...
• I will be told that, but does that sound right? Okay.

Summary: The executive committee approved the May minutes by roll call vote, then received an actuarial update from Sarah Baker of the State Actuary’s Office. Baker explained the office’s annual work, including the DRS pension actuarial evaluation, support for state financial reporting, cash flow analysis, a six-year pension contribution outlook, interim support for GIT and WAL CARES, and an upcoming actuarial evaluation of the volunteer firefighters pension plan. She also responded to questions about bills allowing members to transfer into PERS, noting that such transfers have historically increased PERS costs and that any added cost would be borne by PERS members and employers depending on bill structure and affected demographics. Kate Adams of the Attorney General’s office reported no new developments in the cases the committee is monitoring. She said the Dawson case is still in its early stages, with a judge assigned and a discovery plan due at the end of July. The committee asked for continued updates on that litigation. The committee then discussed interim work planning, focusing first on animal control officers’ eligibility for PERS and asking staff to continue researching definitions, comparable treatment in nearby states, and the cost and service-credit implications for affected employees. Members also discussed Plan 3 issues, including comparisons of Plan 2 and Plan 3 membership and data, and possible future briefing topics. The largest discussion centered on Plan 1 COLAs: members and retiree representatives debated whether to pursue a permanent COLA or an ad hoc COLA, and whether budget language should require future budget writers to consider a COLA. Retiree groups said they preferred a permanent COLA but were open to further discussion; staff was asked to continue work on possible language and policy options. The committee reviewed correspondence on four topics: Plan 1 COLA requests, a request to study LEOFF 2-style medical reimbursements for Washington State Patrol survivors, and a request to allow certain members to change survivor option elections after the federal Social Security Fairness Act. The committee agreed to bring the State Patrol medical reimbursement issue and the Social Security Fairness Act issue back for July, with staff to gather more information and provide an informational briefing. The July agenda was approved and includes the OSA annual update, the LEOFF 2 Board annual update, a PERS/TRS Plan 1 ad hoc COLA item, and the two survivor-related topics.

Transcript Highlights:

• if we can move forward with that, will provide the information that will allow us to design an actuarially
• sound system and work with the administrators and boards to have the information that we all need to
• sound system and work with the administrators and boards to have the information that we all need to
• :01:14.720><c> offerings</c> employees enrolles plan offerings employees enrolles plan offerings actuarial
• sound system and work with the administrators and boards to have the information that we all need to

Keywords: 1183, house

Transcript Highlights:

• For the record, Michael Harbour, actuary for OSA.
• Sounds good. Let's go directly to constituent... or correspondence.
• Sounds good. Let's go directly to constituent, or correspondence. Sounds good, Mr. Chair.
• In June, we've penciled in a preliminary actuarial evaluation.
• Does that sound? That makes sense.

Summary: The committee first approved the November minutes by roll call vote, with a majority of members voting aye and some members excused. Staff then provided brief litigation updates: Fowler et al. v. Leathers remains pending in federal district court over interest calculations on transferred TERS funds, with summary judgment motions expected to be heard May 1; Dolan v. King County was decided against the state in Pierce County Superior Court on the issue of recouping attorney’s fees from a former PERS member, though no fees were assessed against the state in that case. An actuarial update noted upcoming presentations on the agency’s work and the latest valuation report, including new contribution rates reflecting updated demographic assumptions. The committee then reviewed its draft interim work plan and correspondence items, focusing on requests related to Plan 3, Plan 1 COLAs, teacher retirement age, and a missed early retirement factor. Members discussed a possible study of Plan 3’s design and outcomes compared with Plan 2, including retirement ages and benefit adequacy, and staff was asked to work with DRS on a study outline. The committee also discussed ongoing COLA requests and the need for retiree groups to bring forward a more formal proposal for the next budget cycle, with members noting that any recommendation should likely be made by October or November. Another major topic was the study of LEOFF 1 medical/disability boards, including how many boards exist, how they operate, and what costs they incur; staff said it was still gathering basic information and would provide an overview next month. Staff also explained planned changes to how correspondence will be handled and posted online due to cybersecurity concerns. The committee approved the May agenda by voice vote and then adjourned.