This bill passed the House and is now in the Senate. Scheduled for public hearing in the Senate Committee on Ways & Means at 1:30 PM on February 26th.
We need everybody to respond and notify the Senate that this bill should be rejected. For so many reasons it is wrong. We suspect it will see a serious lawsuit to stop it if it passes. We believe it is unconstitutional and violates both state an federal laws.
For more information please view the documents on the Legislature website.
Also see this article by Jason Rantz.
As Reported by House Committee On: Appropriations
Title: An act relating to termination and restatement of plan 1 of the law enforcement officers’ and firefighters’ retirement system.
Title: An act relating to termination and restatement of plan 1 of the law enforcement officers’ and firefighters’ retirement system.
Brief Description: Concerning termination and restatement of plan 1 of the law enforcement officers’ and firefighters’ retirement system.
Sponsors: Representatives Ormsby, Fitzgibbon, Gregerson and Macri.
Brief Summary of Second Substitute Bill: Restates and terminates the Law Enforcement Officers’ and Firefighters’ Retirement System Plan 1 (LEOFF 1), and creates the Restated Law Enforcement Officers’ and Firefighters’ Retirement System (Restated LEOFF) on June 30, 2029.
- Specifies that benefits to members are unchanged by the transfer from LEOFF 1 to the Restated LEOFF.
- Provides for a transfer of assets from LEOFF 1 to the Restated LEOFF to 110 percent of fully funding the benefits of the new plan.
- Provides for immediate vesting of all remaining terminated, nonvested members of LEOFF 1 prior to the transfer.
- Deposits $569 million of the remaining assets in the Climate Commitment Account, and the remainder in the Pension Funding Stabilization Account, from which they may be transferred to the State General Fund
