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LEOFF 2 Board Meeting Agenda - December 7, 2016

The next LEOFF Plan 2 Retirement Board meeting is Wednesday December 7th, 2016 at 9:30AM.
Public attendance is welcomed.  Meeting materials will be available on our website to view on Monday, December 5th.
The meeting will be held at:

Washington State Investment Board*
Large Conference Room
2100 Evergreen Park Drive SW, Suite 100
Olympia, WA 98502

*Located to the left of the building’s front door is an intercom system. Please press the top button (“Washington State Investment Board”) to receive access inside the building.

December 7, 2016 - 9:30AM
1.            Approval of Minutes
2.            Risk Assessment Study
3.            LEOFF 1 /LEOFF 2 Merger Study, Final Report
4.            LEOFF 1 /LEOFF 2 Merger Actuarial Analysis

5.            Public Testimony
6.            Administrative Update
7.            Possible Executive Session
8.            2017 Calendar Adoption
9.            Agenda Items for Future Meetings

SCPP Meeting 12/13/16

Pension Policy, Select Committee - 12/13/2016 10:00 a.m.
Full Committee
House Hearing Rm A
John L. O'Brien Building
Olympia, WA

REVISED ON 11/29/2016 AT 4:22 PM

1.    Approval of Minutes.
2.    Risk Assessment Update.
3.    Plans 1 COLA (Work Session).
4.    PSERS Membership: Definition of "Full Time" (Public Hearing with Possible Executive Session).
5.    Merger Study: Final Report (Public Hearing with Possible Executive Session).
6.    PSERS Membership: Nursing, Custody, and Safety (Public Hearing with Possible Executive Session).
7.    WSPRS Proposal (Public Hearing with Possible Executive Session).
8.    Plan Membership Default (Public Hearing with Possible Executive Session).
9.    Age-Based Plan Opt-Out (Public Hearing with Possible Executive Session).
10.    Interim Review and Session Prep (Work Session).

For further details, please visit the SCPP web site. Meeting start time subject to change depending on the needs of the committee.

LEOFF Plan 1 Members May Purchase an Annuity

A new law will open a future annuity purchase window for certain other LEOFF retirees

A new law that took effect June 9, 2016, allows Law Enforcement Officers' and Fire Fighters' (LEOFF) Plan 1 members to purchase an annuity at retirement to supplement their pension benefit. (An annuity purchase is a way to convert a lump sum of money to a guaranteed income stream.)

Details on the provisions for making an annuity purchase are available in the Purchasing an Annuity brochure from the Department of Retirement Systems.

The new law (SB 6264) will also provide a future opportunity for an annuity purchase by LEOFF Plan 1 retirees who retired before June 9, 2016, and LEOFF Plan 2 and WSPRS Plan 1 or Plan 2 retirees who retired before having an opportunity to buy an annuity. The window for this purchase option will be Jan. 1 to June 1, 2017. Look for more information about this window later this year.

SCPP Meeting 11/15/16

The Select Committee on Pension Policy was held Tuesday.  It was televised on TVW and you can watch it here:

Other business took up to 39:35 when Anne Hall of the State Attorney General Office, Mary Beth Braittman and Rob Gauss from ICE Miller stated there presentation.

At 1:56:30, Steve Nelsen of the LEOFF 2 Board gave his presentation of an update on the LEOFF 1 /LEOFF 2 Proposed Merger..

At 2:35:00, Matt Smith gave his presentation from the Office of State Actuary.

At 3:09:00, Dick Warbrouck confirmed that there will be time for comments at the December on the draft recommendation to the Legislature.  The draft report will be published before the December meeting.
If you have been following the documents coming out for the next SCPP meeting you will have noted the legal analysis provided by Assistant Attorney General Anne Hall. We were disturbed by her analysis because it appeared to be a typical analysis provided by an attorney in support of an issue rather than a full analysis of the issues. Her declaratory statements about legal positions are poorly supported and, more importantly, are dismissive of strong legal arguments provided to the SCPP by stakeholder groups. One of those opinions was provided by Robert Klausner who has served as an Acting Assistant Attorney General in the past. Another was from Phil Talmadge a former Washington State Supreme Court Justice. Hall appears to ignore those analysis.

Director Steve Nelson Spoke About the LEOFF 1/2 Merger Study.

Due to the LEOFF 2 Board Meeting date change (meeting being held in early November) analysis from the State Actuary, Attorney General & Ice Miller is incomplete. The information that is not available at this time will be included as an appendix and not amended. The complete & final report will be submitted to the LEOFF 2 Board in December. Today's presentation is preliminary information.

SCPP Meeting Agenda - November 15, 2016

Note: This will be an important meeting that should provide a draft version of the study.

Pension Policy, Select Committee - 11/15/2016 10:00 a.m.

House Hearing Rm A, John L. O'Brien Building
Olympia, WA

1.    Approval of Minutes.
2.    OSA 17-19 Budget.
3.    Merger Study.
       a.    Policy Update.
       b.    AAG Update.
       c.    LEOFF 2 Board Update.
       d.    Actuarial Update.
       e.    DRS Update.

       f.    Break - 5 Minutes.
4.    Adoption of 2017 Meeting Dates.
5.    Age-Based Plan Opt-Out.
6.    Emergency Dispatchers: Initial Briefing.
7.    PSERS Membership.

For further details, please visit the SCPP web site.
The Select Committee on Pension Policy met on Tuesday, October 18, 2016.  On the Agenda was an update of TRS 1/LEOFF 1 Merger Study.  As with most of these updates there was little new information.  The exception for this meeting is that the first legal review of the merger proposal from the Attorney General’s Office was presented and the Actuary’s Office provided an updated version of the Fiscal Note for SB 6668.
Audio of the meeting:
Video of the meeting:   (between 47:20 and 1:19:30)
Note that the video shows only the committee and no slides or presenters.  The audio works better than the video because it is easier to move about on the timeline.
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