Washington PERS 2/3 Basics

  • Established 1977
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Washington PERS 2/3, 2001-2019

Fiscal Year Net Assets (billions)
2001 10.2
2002 9.5
2003 9.2
2004 10.7
2005 12.1
2006 14.2
2007 17.6
2008 17.7
2009 14.2
2010 16.4
2011 20.1
2012 20.7
2013 23.5
2014 28.1
2015 29.5
2016 30.5
2017 35.0
2018 38.7
2019 42.5

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2019

Fiscal Year Washington PERS 2/3 US State and Local Pensions
2001 14.9 2.5
2002 13.6 2.4
2003 12.3 2.3
2004 11.2 2.2
2005 10.1 2.1
2006 9.2 2.1
2007 8.8 2.0
2008 8.1 2.0
2009 7.2 1.9
2010 6.4 1.8
2011 5.5 1.7
2012 4.9 1.6
2013 4.3 1.5
2014 3.9 1.5
2015 3.6 1.5
2016 3.3 1.4
2017 3.1 1.4
2018 2.9 1.3
2019 2.9 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Washington PERS 2/3, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 2.2 0.0 5.0 1.1 1.1
2002 0.9 0.4 4.8 1.3 1.3
2003 0.6 1.7 5.7 2.4 2.4
2004 1.1 2.0 7.3 3.1 3.1
2005 1.2 2.4 9.0 3.5 3.5
2006 2.2 2.3 9.3 4.5 4.5
2007 3.4 1.2 10.0 4.6 4.6
2008 4.1 0.6 10.4 4.6 4.6
2009 5.4 0.0 10.2 4.5 4.5
2010 4.0 0.7 10.5 4.7 4.7
2011 4.0 1.0 12.5 5.0 5.0
2012 4.7 0.3 12.9 5.0 5.0
2013 4.7 0.2 13.9 4.9 4.9
2014 4.9 0.1 14.5 5.1 5.1
2015 5.0 0.2 14.9 5.1 5.1
2016 5.9 1.0 14.8 7.0 7.0
2017 6.2 0.8 15.1 7.0 7.0
2018 7.4 0.6 18.1 7.9 7.9
2019 7.5 0.6 18.8 8.1 8.1

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Washington PERS 2/3, 2001-2019

Fiscal Year Washington PERS 2/3 National Data
2001 179.1 106.5
2002 157.9 101.1
2003 142.5 94.2
2004 134.4 93.1
2005 127.0 91.1
2006 121.3 90.5
2007 119.9 91.2
2008 118.7 90.2
2009 116.3 83.2
2010 112.7 81.5
2011 111.6 80.4
2012 111.3 78.9
2013 102.3 78.7
2014 90.0 79.0
2015 88.0 78.2
2016 87.0 76.3
2017 89.0 76.4
2018 91.0 76.5
2019 91.0 76.1

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Washington PERS 2/3, 2019

Category Percent
Equities 33.4
Fixed Income 21.5
Private Equity 21.5
Real Estate 18.3
Cash 0.1
Other 0.0
Commodities 5.1
Hedge Fund 0.1
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.2
Fixed Income 22.9
Private Equity 9.0
Real Estate 9.0
Cash 1.8
Other 0.0
Commodities 1.9
Hedge Fund 6.7
Misc. Alternatives 1.5

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Washington PERS 2/3, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 51.0 25.6 13.4 8.5 1.3 0.0 0.0 0.0 0.0
2002 48.3 28.0 13.2 9.2 1.3 0.0 0.0 0.0 0.0
2003 47.7 27.3 14.4 9.4 1.2 0.0 0.0 0.0 0.0
2004 50.0 25.6 12.0 9.4 1.1 0.0 0.0 0.0 0.0
2005 49.2 26.0 14.6 9.3 1.0 0.0 0.0 0.0 0.0
2006 47.8 24.1 16.8 10.5 0.9 0.0 0.0 0.0 0.0
2007 47.1 23.5 18.3 11.0 0.1 0.0 0.0 0.1 0.0
2008 38.7 23.4 22.3 14.0 0.1 0.0 0.7 0.9 0.0
2009 36.0 23.2 21.2 17.5 0.2 0.0 1.1 0.8 0.0
2010 34.7 21.9 25.8 14.2 1.4 0.0 1.2 0.8 0.0
2011 36.8 19.6 25.1 13.8 1.6 0.0 1.2 2.0 0.0
2012 36.0 22.2 26.0 13.7 0.2 0.0 1.4 0.6 0.0
2013 37.7 22.6 23.8 13.6 0.2 0.0 1.5 0.5 0.0
2014 38.0 25.1 22.3 12.4 0.2 0.0 1.6 0.4 0.0
2015 37.3 23.8 22.0 14.5 0.2 0.0 2.0 0.3 0.0
2016 38.0 22.0 21.0 15.8 0.3 0.0 2.9 0.1 0.0
2017 39.4 19.3 20.4 17.0 0.1 0.0 3.8 0.0 0.0
2018 34.2 23.5 20.6 17.2 0.1 0.0 4.4 0.0 0.0
2019 33.4 21.5 21.5 18.3 0.1 0.0 5.1 0.1 0.0

Source: Public Plans Database


Annual Return as of June 30 for Washington PERS 2/3, 2001-2019

Fiscal Year Washington PERS 2/3 Assumed return
2001 -5.96 8.00
2002 -6.40 8.00
2003 4.15 8.00
2004 16.06 8.00
2005 13.34 8.00
2006 16.69 8.00
2007 21.33 8.00
2008 -1.24 8.00
2009 -22.84 8.00
2010 13.22 8.00
2011 21.14 7.90
2012 1.40 7.90
2013 12.36 7.80
2014 17.06 7.80
2015 4.93 7.70
2016 2.65 7.70
2017 13.44 7.50
2018 10.20 7.50
2019 8.36 7.50

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Washington PERS 2/3
2001-2019

Fiscal Year Cash Flow Assets
2001 -1,776.8 10,162.3
2002 -36.6 9,472.8
2003 -646.3 9,199.3
2004 -8.7 10,651.6
2005 4.4 12,077.6
2006 122.5 14,228.1
2007 272.7 17,563.1
2008 319.5 17,665.5
2009 563.2 14,178.7
2010 301.8 16,368.7
2011 249.1 20,098.6
2012 287.4 20,679.8
2013 212.8 23,459.1
2014 185.3 28,100.3
2015 107.6 29,515.2
2016 231.3 30,485.1
2017 188.7 35,001.2
2018 320.5 38,688.0
2019 214.7 42,536.8

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Washington PERS 2/3
2001-2019

Fiscal Year Washington PERS 2/3 National Average
2001 -17.5 -2.3
2002 -0.4 -2.3
2003 -7.0 -2.6
2004 -0.1 -1.7
2005 0.0 -1.9
2006 0.9 -1.9
2007 1.6 -1.7
2008 1.8 -1.9
2009 4.0 -2.7
2010 1.8 -2.9
2011 1.2 -2.8
2012 1.4 -3.1
2013 0.9 -3.0
2014 0.7 -2.7
2015 0.4 -2.8
2016 0.8 -3.0
2017 0.5 -2.9
2018 0.8 -2.4
2019 0.5 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Washington PERS 2/3 benefit descriptions.