It is the intent of the legislature to provide a dependable and systematic process for funding the benefits provided to members and retirees of the public employees' retirement system, chapter 41.40 RCW; the teachers' retirement system, chapter 41.32 RCW; the law enforcement officers' and firefighters' retirement systems, chapter 41.26 RCW; the school employees' retirement system, chapter 41.35 RCW; the public safety employees' retirement system, chapter 41.37 RCW; and the Washington state patrol retirement system, chapter 43.43 RCW. The funding process established by this chapter is intended to achieve the following goals: (1) To fully fund the public employees' retirement system plans 2 and 3, the teachers' retirement system plans 2 and 3, the school employees' retirement system plans 2 and 3, the public safety employees' retirement system plan 2, and the law enforcement officers' and firefighters' retirement system plan 2 as provided by law; (2) To fully amortize the total costs of the law enforcement officers' and firefighters' retirement system plan 1, not later than June 30, 2024; (3) To fully amortize the unfunded actuarial accrued liability in the public employees' retirement system plan 1 and the teachers' retirement system plan 1 within a rolling ten-year period, using methods and assumptions that balance needs for increased benefit security, decreased contribution rate volatility, and affordability of pension contribution rates; (4) To establish long-term employer contribution rates which will remain a relatively predictable proportion of the future state budgets; and (5) To fund, to the extent feasible, all benefits for plan 2 and 3 members over the working lives of those members so that the cost of those benefits are paid by the taxpayers who receive the benefit of those members' service. [ 2009 c 561 s 1; 2005 c 370 s 4; (2005 c 370 s 3 expired July 1, 2006); 2004 c 242 s 36; 2002 c 26 s 3; 2001 2nd sp.s. c 11 s 2; (2001 2nd sp.s. c 11 s 1 expired March 1, 2002); 2000 c 247 s 501; 1998 c 341 s 401; 1995 c 239 s 305; 1989 c 273 s 1.]
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