Statutes, codes, and regulations
Revised Code of Washington
Title 41 - PUBLIC EMPLOYMENT, CIVIL SERVICE, AND PENSIONS
Chapter 41.45 - ACTUARIAL FUNDING OF STATE RETIREMENT SYSTEMS
Section 41.45.020 - Definitions

Wash. Rev. Code § 41.45.020

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Current through 2024
Section 41.45.020 - Definitions

As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise.

(1) "Council" means the pension funding council created in RCW 41.45.100.
(2) "Department" means the department of retirement systems.
(3) "Law enforcement officers' and firefighters' retirement system plan 1" and "law enforcement officers' and firefighters' retirement system plan 2" means the benefits and funding provisions under chapter 41.26 RCW.
(4) "Public employees' retirement system plan 1," "public employees' retirement system plan 2," and "public employees' retirement system plan 3" mean the benefits and funding provisions under chapter 41.40 RCW.
(5) "Teachers' retirement system plan 1," "teachers' retirement system plan 2," and "teachers' retirement system plan 3" mean the benefits and funding provisions under chapter 41.32 RCW.
(6) "School employees' retirement system plan 2" and "school employees' retirement system plan 3" mean the benefits and funding provisions under chapter 41.35 RCW.
(7) "Washington state patrol retirement system" means the retirement benefits provided under chapter 43.43 RCW.
(8) "Unfunded liability" means the unfunded actuarial accrued liability of a retirement system.
(9) "Actuary" or "state actuary" means the state actuary employed under chapter 44.44 RCW.
(10) "State retirement systems" means the retirement systems listed in RCW 41.50.030.
(11) "Classified employee" means a member of the Washington school employees' retirement system plan 2 or plan 3 as defined in RCW 41.35.010.
(12) "Teacher" means a member of the teachers' retirement system as defined in *RCW 41.32.010(15).
(13) "Select committee" means the select committee on pension policy created in RCW 41.04.276.
(14) "Actuarial value of assets" means the value of pension plan investments and other property used by the actuary for the purpose of an actuarial valuation.
(15) "Public safety employees' retirement system plan 2" means the benefits and funding provisions established under chapter 41.37 RCW.
(16) "Normal cost" means the portion of the actuarial present value of projected benefits and expenses that is allocated to a period, typically twelve months, under the actuarial cost method.

RCW 41.45.020

2006 c 365 § 1. Prior: 2004 c 242 § 37; 2004 c 93 § 1; 2003 c 295 § 8; 2002 c 26 § 4; prior: 2001 2nd sp.s. c 11 § 4; 2001 2nd sp.s. c 11 § 3; 2000 c 247 § 502; 1998 c 341 § 402; 1998 c 283 § 1; 1995 c 239 § 306; 1989 c 273 § 2.

*Reviser's note:RCW 41.32.010 was alphabetized pursuant to RCW 1.08.015(2)(k), changing subsection (15) to subsection (25).

Effective date-2006 c 365: "This act takes effect July 1, 2009." [ 2006 c 365 s 5.]

Effective date-2004 c 242: See RCW 41.37.901.

Effective date-2001 2nd sp.s. c 11: See note following RCW 41.45.010.

Effective dates-Subchapter headings not law-2000 c 247: See RCW 41.40.931 and 41.40.932.

Effective date-1998 c 341: See RCW 41.35.901.

Intent-Purpose-1995 c 239: See note following RCW 41.32.831.

Effective date-Part and subchapter headings not law-1995 c 239: See notes following RCW 41.32.005.

Benefits not contractual right until date specified: RCW 41.34.100.