Senate Releases 2017-2019 Omnibus Operating Budget (PSSB 5048)
The Senate released their 2017-2019 Omnibus Operating Budget (PSSB 5048) March 21st..
Issues Impacting LEOFF Plan 2: Contribution Rates (Sections 939 & 940)
Merger (not included in budget proposal)
Alternate Revenue (Section 941)
Other Sections of Interest:
Fire Insurance Premium Tax (Section 938)
Changes are made to the distribution of the fire insurance premium tax. Twenty-five percent of fire insurance premiums tax will be distributed eligible cities, towns, and fire protection districts with a cap of $2,000 per eligible firefighter. Eligibility criteria are specified.
DRS and OSA Administrative Expenses (Sections 942 & 943)
The Department of Retirement Systems (DRS) administrative fee of 0.18 percent on all employers is suspended during the 2017-2019 biennium. Expenses for administration of DRS and the Office of the State Actuary (OSA) are instead paid on a proportional basis from the interest earnings on the pension trust funds. There is intent language stating that his policy will be continued in subsequent fiscal biennia.