It is the intent of chapter 2, Laws of 2003 to: (1) Establish a board of trustees responsible for the adoption of actuarial standards to be applied to the plan; (2) Provide for additional benefits for firefighters and law enforcement officers subject to the cost limitations provided for in chapter 2, Laws of 2003; (3) Exercise fiduciary responsibility in the oversight of those pension management functions assigned to the board; (4) Provide effective monitoring of the plan by providing an annual report to the legislature, to the members and beneficiaries of the plan, and to the public; (5) Establish contribution rates for employees, employers, and the state of Washington that will guaranty viability of the plan, subject to the limitations provided for in chapter 2, Laws of 2003; (6) Provide for an annual budget and to pay costs from the trust, as part of the normal cost of the plan; and (7) Enable the board of trustees to retain professional and technical advisors as necessary for the fulfillment of their statutory responsibilities.
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