SB 5168

CERTIFICATION OF ENROLLMENT
  SUBSTITUTE SENATE BILL 5168
  Chapter 333, Laws of 2025
  69th Legislature
  2025 Regular Session
  STATE ACTUARY—APPOINTMENT, REMOVAL, AND SALARY
  EFFECTIVE DATE: July 27, 2025
Passed by the Senate April 17, 2025  CERTIFICATE
  Yeas 49 Nays 0
  I, Sarah Bannister, Secretary of
  the   Senate   of   the   State  of
  JOHN LOVICK  Washington, do hereby certify that
President of the Senate  the attached is SUBSTITUTE SENATE
  BILL 5168 as passed by the Senate
  and the House of Representatives on
  the dates hereon set forth.
Passed by the House April 10, 2025
  Yeas 95 Nays 0
  SARAH BANNISTER
  LAURIE JINKINS  Secretary
Speaker of the House of
Representatives
Approved May 17, 2025 3:10 PM  FILED
  May 19, 2025
  Secretary of State
  BOB FERGUSON  State of Washington
Governor of the State of Washington
  SUBSTITUTE SENATE BILL 5168
  AS AMENDED BY THE HOUSE
  Passed Legislature - 2025 Regular Session
State of Washington  69th Legislature        2025 Regular Session
By Senate Ways & Means (originally sponsored by Senators Robinson and
Nobles)
READ FIRST TIME 02/07/25.
1     AN ACT Relating to the appointment, removal, and salary of the
2 state actuary; amending RCW 41.04.281 and 44.44.030; adding a new
3 section to chapter 41.45 RCW; and repealing RCW 44.44.013.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
5     Sec. 1.   RCW 41.04.281 and 2003 c 295 s 5 are each amended to
6 read as follows:
7     The select committee on pension policy has the following powers
8 and duties:
9     (1) Study pension issues, develop pension policies for public
10 employees in state retirement systems, and make recommendations to
11 the legislature;
12     (2) Study the financial condition of the state pension systems,
13 develop   funding   policies,  and   make   recommendations  to   the
14 legislature; and
15     (3) ((Consult with the chair and vice chair on appointing members
16 to the state actuary appointment committee upon the convening of the
17 state actuary appointment committee established under RCW 44.44.013;
18 and
19     (4))) Receive the results of the actuarial audits of the
20 actuarial valuations and experience studies administered by the
21 pension funding council pursuant to RCW 41.45.110. The select
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1 committee on pension policy shall study and make recommendations on
2 changes to assumptions or contribution rates to the pension funding
3 council prior to adoption of changes under RCW 41.45.030, 41.45.035,
4 or 41.45.060.
5     NEW SECTION.   Sec. 2.  A new section is added to chapter 41.45
6 RCW to read as follows:
7     Subject to RCW 44.44.030, the council shall appoint, remove, and
8 set the salary of the state actuary, by affirmative vote of four
9 members of the council. When considering the appointment, removal,
10 and salary setting of the state actuary, the council shall consider
11 recommendations from the executive committee of the select committee
12 on pension policy.
13     Sec. 3.   RCW 44.44.030 and 2003 c 295 s 14 are each amended to
14 read as follows:
15     (1) Subject to RCW 44.04.260, the state actuary shall have the
16 authority to select and employ such research, technical, clerical
17 personnel, and consultants as the actuary deems necessary, whose
18 salaries shall be fixed by the actuary and approved by the ((state
19 actuary appointment committee)) pension funding council, and who
20 shall be exempt from the provisions of the state civil service law,
21 chapter 41.06 RCW.
22     (2) All actuarial valuations and experience studies performed by
23 the office of the state actuary shall be signed by a member of the
24 American academy of actuaries. If the state actuary is not such a
25 member, the state actuary, after approval by the select committee,
26 shall contract for a period not to exceed two years with a member of
27 the American academy of actuaries to assist in developing actuarial
28 valuations and experience studies.
29    NEW SECTION.   Sec. 4.   RCW 44.44.013 (State actuary appointment
30 committee—Creation—Membership—Powers) and 2003 c 295 s 13 are each
31 repealed.
  Passed by the Senate April 17, 2025.
  Passed by the House April 10, 2025.
  Approved by the Governor May 17, 2025.
  Filed in Office of Secretary of State May 19, 2025.
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