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WashingtonSB 53572025-2026 Regular SessionSenateWALLET

Concerning actuarial funding of pension systems.

Sponsored By: Steve Conway (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Employers get more time for pension costs

Beginning July 1, 2025, employers fund covered pension improvements over a fixed 15 years instead of 10. This covers Public Employees’ and Teachers’ Retirement System Plan 1 improvements effective after June 30, 2009. For improvements effective July 1, 2018, through June 30, 2025, a separate rule pauses payments for remaining costs. That contribution rate is zero from July 1, 2025, through June 30, 2029; remaining costs still require full funding over 15 years. These rules change employer payment timing, not individual pension benefits.

New funding estimates for public pensions

Beginning July 1, 2025, Washington's state actuary uses set assumptions for public pension funding calculations. These cover public employees, public safety employees, school employees, teachers, and law enforcement officers and firefighters. The assumptions are 2.75% inflation and 3.25% salary growth, excluding merit or longevity raises. They also include a 7.25% investment return and 1.00% yearly membership growth. These figures affect funding estimates, not individual pension benefits.

Sponsors & Cosponsors

Sponsor

  • Steve Conway

    Democratic • Senate

Cosponsors

  • T'wina Nobles

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 239 • No: 50

Senate vote • 4/24/2025

Final Passage as Amended by the House

Yes: 29 • No: 19

House vote • 4/23/2025

Final Passage as Amended by the House

Yes: 82 • No: 14 • Other: 1

House vote • 4/23/2025

Final Passage as Amended by the House on Reconsideration

Yes: 80 • No: 17 • Other: 1

Senate vote • 3/12/2025

3rd Reading & Final Passage

Yes: 48 • No: 0 • Other: 1

Actions Timeline

  1. Effective date 7/1/2025.

    5/20/2025Senate

  2. Chapter 381, 2025 Laws.

    5/20/2025Senate

  3. Governor signed.

    5/20/2025legislature

  4. Delivered to Governor.

    4/27/2025legislature

  5. Speaker signed.

    4/26/2025legislature

  6. President signed.

    4/25/2025legislature

  7. Passed final passage; yeas, 29; nays, 19; absent, 0; excused, 0.

    4/24/2025Senate

  8. Senate concurred in House amendments.

    4/24/2025House

  9. Held for further consideration.

    4/24/2025Senate

  10. Third reading, passed; yeas, 80; nays, 17; absent, 0; excused, 1.

    4/23/2025Senate

  11. Vote on third reading will be reconsidered.

    4/23/2025Senate

  12. Third reading, passed; yeas, 82; nays, 14; absent, 1; excused, 1.

    4/23/2025Senate

  13. Rules suspended. Placed on Third Reading.

    4/23/2025Senate

  14. Floor amendment(s) adopted.

    4/23/2025Senate

  15. Committee amendment not adopted.

    4/23/2025Senate

  16. Rules Committee relieved of further consideration. Placed on second reading.

    4/10/2025Senate

  17. Referred to Rules 2 Review.

    4/8/2025Senate

  18. APP - Executive action taken by committee.

    4/3/2025Senate

  19. APP - Majority; do pass with amendment(s).

    4/3/2025Senate

  20. First reading, referred to Appropriations.

    3/14/2025Senate

  21. Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1.

    3/12/2025Senate

  22. Rules suspended. Placed on Third Reading.

    3/12/2025Senate

  23. Floor amendment(s) adopted.

    3/12/2025Senate

  24. 1st substitute bill substituted.

    3/12/2025Senate

  25. Placed on second reading by Rules Committee.

    3/10/2025Senate

Bill Text

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