Media Information
Quick Facts
Statistics
Membership Statistics (as of June 30, 2009)
- 302,903 active members – working and contributing to the plans
- 130,033 annuitants – retirees, beneficiaries and others who receive monthly payments
- 197,802 inactive members – left employment; are not yet receiving payments
Financial Statistics (as of June 30, 2008)
- $67 billion held in retirement trust funds
- $1.9 billion collected annually in retirement contributions
- $2.5 billion paid annually in retirement benefits
Pension System Roles and Responsibilities
The Department of Retirement Systems collects and accounts for contributions, verifies data reported by employers, maintains records, communicates pension information and pays retirement benefits.
The Legislature enacts retirement plan policy, including funding policy, and establishes contribution rates.
The Select Committee on Pension Policy studies pension issues and recommends any retirement plan changes to the Legislature. Committee members represent active and retired members of the retirement systems, as well as state legislators.
The Office of the State Actuary is staff support for the Select Committee on Pension Policy and performs regular valuations of the retirement plans, determining overall health and funding status, and recommends employer/state and member contribution rates to the Pension Funding Council.
The Pension Funding Council evaluates and adopts pension funding assumptions and recommended contribution rates.
The Washington State Investment Board serves as pension fund trustee and invests and accounts for the trust fund dollars.