Event Details

Pension Discount Rate (PDR) 2023

Public Hearing on Proposed Rules
Wednesday, January 4, 2023
1 p.m.

Location

To join on your computer or mobile app (Zoom):
https://lni-wa-gov.zoom.us/j/9361655337
Meeting ID: 936 165 5337

To join by phone (audio only):
1-253-215-8782 US (Tacoma)
Find your local number: https://lni-wa-gov.zoom.us/u/kdFrdfe0fg

The hearing will start at 1:00 p.m. and continue until all oral comments are received.

L&I encourages the submittal of written comments, due by 5:00 p.m. on January 4, 2023.

Public hearings held virtually have proven effective in allowing greater public access, eliminating the burden of physical travel, and maintaining public safety. Accordingly, this public hearing will not be held in person.

Purpose

The purpose of this rulemaking is to lower the pension discount rate (PDR) in WAC 296-14-8810 to better align with the rate of return for long-term treasuries for self-insured pensions. The PDR is the interest rate used to account for the time value money when evaluating the present value of future pension payments. This rule proposes to lower the PDR for self-insured employers from 5.7 percent to 5.6 percent effective April 1, 2023. These reductions allow our financial statements to more accurately reflect our liabilities and overall financial position, and are consistent with recommendations from our annual independent actuarial review of our rate making.