OLYMPIA – Bothell state Rep. Derek Stanford (D, 1st district) has been appointed to serve on Washington’s Select Committee on Pension Policy, a group that plays a key role in managing the assets in the state’s pension system – assets that currently total nearly $80 billion.
Washington’s pension system provides retirement income for most of the retired public employees in the state. According to data provided by Standard & Poor’s Financial Services, it is one of the soundest and best-run state retirement systems, ranked number four in the nation.
The Select Committee on Pension Policy was established in 2003 to study pension issues, develop pension policies for public employees and make recommendations to the Legislature, which is ultimately responsible for both funding and benefits policies.
“Financial security in retirement is a crucial part of building strong communities and making sure seniors can live with dignity and independence,” Stanford said. “That’s why I am excited to work on the Select Committee on Pension Policy to maintain financially sound pension systems and ensure that we live up to our responsibilities to teachers, police, firefighters, and others who have worked hard for us.”
Stanford, who holds a master’s in mathematics and a doctorate in statistics, is also chair of the state’s Caseload Forecast Council and vice chair on the House Business and Financial Services Committee. He has served in the House of Representatives since 2011.
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