Notice of Introduction for Senate Bill 5567 - Update: 10 Year Analysis Complete
Office of the Governor / Office of Financial Management sent this bulletin at 05/09/2023 11:16 AM PDT
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SB 5567, titled AN ACT Relating to splitting the volunteer firefighters' and reserve officers' relief and pension principal fund into two accounts, has been introduced in the Senate. The Office of Financial Management has identified this bill
as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.
Ten-year projection:
|
Fiscal |
Annual Reserve Law Enforcement Relief/Pension Fees |
Annual Vol FF Relief/Pension Fees |
Emergency Medical District Relief/Pension Fees |
Total |
|
|
|
|||||
|
2024 |
$10,500 |
$426,500 |
$13,000 |
$450,000 |
|
|
2025 |
$10,500 |
$421,500 |
$13,000 |
$445,000 |
|
|
2026 |
$10,500 |
$416,500 |
$13,000 |
$440,000 |
|
|
2027 |
$10,500 |
$411,500 |
$13,000 |
$435,000 |
|
|
2028 |
$10,500 |
$406,500 |
$13,000 |
$430,000 |
|
|
2029 |
$10,500 |
$401,500 |
$13,000 |
$425,000 |
|
|
2030 |
$10,500 |
$396,500 |
$13,000 |
$420,000 |
|
|
2031 |
$10,500 |
$391,500 |
$13,000 |
$415,000 |
|
|
2032 |
$10,500 |
$386,500 |
$13,000 |
$410,000 |
|
|
2033 |
$10,500 |
$381,500 |
$13,000 |
$405,000 |
|
|
|
|||||
|
Total: |
$105,000 |
$4,040,000 |
$130,000 |
$4,275,000 |
|
Board for Volunteer Firefighters:
In 2020 SSB 5829 was passed effectively increasing the annual fees paid by city and county municipalities for their volunteer firefighters' and reserve officers' relief and pension benefit enrollment. Prior being able to implement those changes the agency had to verify tax status of the plan with the Internal Revenue Service. This bill proposes the needed changes to meet IRS plan qualification and with passage allows the agency to implement the increase in annual fees paid per member by city and county municipalities for Relief and Pension benefits administered under Chapter 41.24 RCW Volunteer Firefighters and Reserve Officers Relief and Pension Act.
The annual fees are expected to increase from $30 to $50 for Volunteer Firefighter required relief coverage and $60 to $90 for the optional pension enrollment. The estimated impact is based on enrollment trends.
The cash receipts are partially indeterminate because the annual fees paid for city and county reserve law enforcement officers as well as emergency medical service districts are set each October by the Board.
Ten-year projection prepared in consultation with the following agencies:
Board for Volunteer Firefighters
Bill sponsors and contact information:
Senator Liz Lovelett, Prime Sponsor
Democrat
(360) 786-7678
liz.lovelett@leg.wa.gov
Senator Ann Rivers
Republican
(360) 786-7634
ann.rivers@leg.wa.gov
Senator T'wina Nobles
Democrat
(360) 786-7654
T'wina.Nobles@leg.wa.gov
Senator Sharon Shewmake
Democrat
(360) 786-7682
sharon.shewmake@leg.wa.gov
Senator Lisa Wellman
Democrat
(360) 786-7641
lisa.wellman@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp