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New Director of DRS

Gov. Jay Inslee today announced the appointment of Tracy Guerin as director of the Washington State Department of Retirement Systems. Guerin now serves as deputy director of the Office of Financial Management, the state’s budget office. She replaces Marcie Frost, who has accepted a position as CEO of the California Public Employees’ Retirement System, or CalPERS.

See the full announcement on the Governor's website.

Tracy will assume the new post on September 1.

LEOFF 1 Roundtable Meeting #2

LEOFF 1 Roundtable Meeting #2
Where: JLOB - House office bldg. basement - on capitol campus
When: August 30, 2016, 1:00 PM

State Actuary Matt Smith will be at this meeting to explain the LEOFF 1 and TERS 1 merger proposal and answer questions.
Senator Steve Conway
(360) 786-7656 Oly.

LEOFF1.Net will update this notice when more information becomes available.

July 27, 2016 was also the first meeting for the Roundtable Discussion of the TRS 1/LEOFF 1 merger study.  The Select Committee on Pension Policy is charged with conduction this study and after a couple of Select Committee meetings Senator Steve Conway agreed to setup a series of roundtable discussions dealing with the study and the report the Select Committee must submit to the legislature in January. This meeting was held following the LEOFF 2 Board meeting. 

The meeting was attended by a large number of stakeholders including representatives of the Seattle Police Retired Officers Association, Retired Fire Fighters of Washington, Washington Association of Retire Police Officers, Washington Council of Fire Fighters, Washington Council of Police and Sheriffs, Washington Association of Counties and the Association of Washington Cities.

Wednesday, July 27th was the day of the last LEOFF 2 Board meeting.  Like most such meetings there were few items of immediate interest to LEOFF 1 members.  The bulk of the meeting dealt with the Annual Valuation Audit and the contribution rate adoption for LEOFF 2 (unchanged). Of concern was an agenda item entitled, LEOFF 1/LEOFF 2 Merger Study - Initial Consideration. 

AARP Opposes SS Windfall Tax

AARP President Jeannine English has urged the House Ways and Means Committee to end the Social Security provision known as the Windfall Elimination Provision, or WEP, which reduces benefits for workers who have both state and private-sector jobs.  Under HR 711, sponsored by Chairman Kevin Brady (R-Texas), workers who are already retired may receive a rebate and those still working will get benefits based on earnings and contributions, like all other workers.  Call 844-259-9352 toll-free and ask your lawmakers to cosponsor HR 711.

AARP started supporting this bill in 2014 but so far it has not moved in the House.
We are pleased to report that the two issues in the City of Longview regarding the excess of benefit and retention of benefits clause for Prior Act members in RCW 41.26.040 has been resolved.

First Round Table Discussion

The first round table discussion on the merger will be on Wednesday July 27th 2016 at 2pm, after the LEOFF II board meeting. The meeting will be in the state investment board conference room located at 2100 Evergreen Parkway Drive SW in Olympia. The location is not on the capital campus it is off highway 101 at the Black Lake exit in West Olympia. Please check MapQuest for directions or call the LEOFF II board office at (360) 586-2323.

The LEOFF 2 Board Hearing on the merger is scheduled for 1:00 PM on July 27th, but could start sooner if the meeting moves quickly.  The LEOFF 1/TRS 1 Merger Roundtable is in the same location and is scheduled to start at 2:00 PM.

Click here for presentation Slides:  http://www.leoff1.net/pdf/072716_L2Board_MergerStudy_Slides.pdf

Click her for presentation document: http://www.leoff1.net/pdf/072716_L2Board_MergerStudy.pdf

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