State Retiree Benefits Fact Sheet – Washington

  • December 18, 2007
Washington has generally a careful eye on the health of its many pension plans, which are well funded on an aggregate basis. The state also has moved quickly to resolve potential problems. For example, the legislature suspended contributions to several large closed pension funds in the 2003-2005 biennium and planned to do so again in 2005-2007, but the 2006 supplemental budget included $350 million for a pension stabilization account that helps position the state to recover from past missed payments. Additional funding has brought that account to $448 million. Retiree health benefits are moderate. So far, the state has chosen not to set aside any retiree health funding for the future, but is trying to use management reforms to lower growth in health costs.