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What's happening in Olympia?

The Legislature will convene for a Regular Session on January 9, 2017.

Regular Session is scheduled to end on or by April 23, 2017.

As of now we have no rumors of any new merger bill.  Be sure to follow us here.  We will be on vacation until the 25th but will be following the actions and will send out a notification if anything big surfaces.

Merry Christmas

Merry Christmas from LEOFF1.Net!

A DRS Annuity

All of you should have now received the letter from DRS regarding an annuity purchase. Numerous calls have been made to myself and others asking for explanation of what it's about. At the SCPP meeting Dec.13 I spoke with representatives of DRS and asked questions to get a better idea of how it works. This is what I learned but caution that with respect to tax laws you should contact your accountant or tax preparer to determine if this plan is right for you.
The SCPP met on Tuesday, December 13th for presentation of the final LEOFF 1/TRS 1 Merger Study.  Basically the presentation was limited to the Executive Report and a slight skimming of the other data.  Of interest was an attempt by the Committee Chair to get the Actuary, Matt Smith, to recommend a particular course of action.  Matt was emphatic in stating that he was making no recommendation but simply explaining what would happen with the system under various scenarios.

The Select Committee on Pension Policy will meet on Tuesday, December 13th, 10:00 a.m. – 2:15 p.m., House Hearing Room A, Olympia.  The final version of the TRS 1/LEOFF 1 Merger Study will be presented at this meeting.  See the full story for details and links.
The LEOFF 2 Board met on Wednesday, December 8, 2017.  Unfortunately there was no quorum so no official business could be conducted.  Never the less, they did present the final version of their “update” of the 2011 LEOFF 1/LEOFF 2 merger study.  This “update” is to be included in the SCPP’s LEOFF 1/TRS 1 merger study.  We don’t understand quite how that works since there was no quorum, so the final report did not receive approval from the LEOFF 2 Board.
The LEOFF I merger study continues, still a lot of unknowns and unanswered questions.  The LEOFF II board is scheduled to submit their report on a LEOFF I and LEOFF II merger to the Select Committee on Pension Policy (SCPP) at the December committee meeting.  At the SCPP meeting in November the Attorney General’s office gave a brief report in reference to a LEOFF I – TRS I  merger, not necessarily complete or definitive. The Assistant Attorney General listed two LEOFF I benefits, the monthly pension benefit and the local boards that she considered to be contractual and protected under the Bakenhus Supreme Court decision.  She failed to mention the LEOFF I annual COLA, the independent LEOFF I retirement system or the LEOFF I retirement fund resulting in an incomplete report.

Tacoma Officer Killed

The killing of a Tacoma police officer tonight is another example of the sacrifice made by these public servants on the front line. We need always to remember the risks that our brothers and sisters in the Police and Fire services take everyday.
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