L&I Lowering Pension Discount Rate

The Washington state Department of Labor and Industries in April will bring its pension discount rate in line with actuarial recommendations. On April 1, the pension discount rate will drop, to 4.5% from 6.1%, the department said in a notice published in the Washington State Register. The department’s new rules set the pension rate for self-insured employers at 6%. Actuaries for the department in 2017 said the pension discount rate, which was 6.2% at the time, was not consistent with actual investment returns and should be reduced, to 4.5%. The rate accounts for increases in the value...