The Law Enforcement Officers’ and Fire Fighters’ (LEOFF) Plan 2 Retirement Board serves over 19,000 active and retired members of the Washington State LEOFF 2 retirement plan. The Board sets contribution rates for the plan and studies related pension issues. The Board also recommends pension policy to the Legislature in the interest of the members and beneficiaries of the plan.
The Washington State Law Enforcement Officers’ and Fire Fighters’ Plan 2 Retirement Board (LEOFF Plan 2 Board) was created by Initiative 790, passed by the people of Washington state in November 2002. It was established as a state agency in July 2003 and is governed by a Board of Trustees.
The Board of Trustees is responsible for:
- the adoption of actuarial standards to be applied to the plan;
- providing for additional benefits for firefighters and law enforcement officers subject to the cost limitations provided for in chapter 2, Laws of 2003;
- exercising fiduciary responsibility in the oversight of those pension management functions assigned to the board;
- providing effective monitoring of the plan by providing an annual report to the legislature, to the members and beneficiaries of the plan, and to the public;
- establishing contribution rates for employees, employers, and the state of Washington that will guaranty viability of the plan, subject to the limitations provided for in chapter 2, Laws of 2003;
- provide for an annual budget and to pay costs from the trust, as part of the normal cost of the plan; and
- retain professional and technical advisors as necessary for the fulfillment of their statutory responsibilities.