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(1) As a management tool to reduce costs and make more effective 1 use of resources, while improving employee productivity and morale, 2 agencies may implement either a voluntary retirement or separation 3 program, or both, that is cost neutral or results in cost savings, 4 including costs to the state pension systems, over a two-year period 5 following the commencement of the program, provided that such a 6 program is approved by the director of financial management. Agencies 7 participating in this authorization may offer voluntary retirement 8 and/or separation incentives and options according to procedures and 9 guidelines established by the office of financial management in 10 consultation with the department of retirement systems. The options 11 may include, but are not limited to, financial incentives for 12 voluntary separation or retirement. An employee does not have a 13 contractual right to a financial incentive offered under this 14 section. The office of financial management and the department of 15 retirement systems may review and monitor incentive offers. Agencies 16 are required to submit a report by the date established by the office 17 of financial management in the guidelines required in this section to 18 the legislature and the office of financial management on the outcome 19 of their approved incentive program. The report should include 20 information on the details of the program, including the incentive 21 payment amount for each participant, the total cost to the state, and 22 the projected or actual net dollar savings over the two-year period. 23 (2) The department of retirement systems may collect from 24 employers the actuarial cost of any incentive provided under this 25 program, or any other incentive to retire provided by employers to 26 members of the state's pension systems, for deposit in the 27 appropriate pension account. 28 NEW SECTION. Sec. 906. COLLECTIVE BARGAINING AGREEMENTS NOT 29 IMPAIRED 30 Nothing in this act prohibits the expenditure of any funds by an 31 agency or institution of the state for benefits guaranteed by any 32 collective bargaining agreement in effect on the effective date of 33 this section. 34 NEW SECTION. Sec. 907. COLLECTIVE BARGAINING AGREEMENTS 35 (1) In accordance with chapters 41.80 and 41.56 RCW, agreements 36 have been reached between the governor and organizations representing 37 state employee bargaining units and nonstate employee bargaining 38 p. 648 ESSB 5187.SL