WA bill's changes to public pension funding could cost taxpayers, critic warns

WA bill's changes to public pension funding could cost taxpayers, critic warns

(The Center Square) - For years, Washington state’s public pension system has been considered one of the best funded in the nation. However, one critic of a new bill passed by the state Legislature warns that it could undermine the…

Washington lawmakers passed a ticking time bomb for pension solvency and the state budget

Washington state’s pension systems have historically maintained a solid reputation for prudent fiscal management and disciplined funding practices. That will all change with the passage of Engrossed Substitute Senate Bill 5357 (ESSB 5357), which jeopardizes this legacy by implementing schemes that, though politically expedient in the short term, threaten severe long-term harm to retirement security and state finances.  A centerpiece of ESSB 5357…

WA bills changes to public pension funding could cost taxpayers, critic warns - Everett Post

(The Center Square) – For years, Washington state’s public pension system has been considered one of the best funded in the nation. However, one critic of a new bill passed by the state Legislature warns that it could undermine the system’s solvency in the long term and at the expense of taxpayers. One of the key factors in actual assumptions is determining the assumed rate of return on investments that fund the system, which in turn determines …