Retired Firefighters oppose Washington pension bills citing IRS violations and budget manipulation

The Select Committee on Pension Policy convened on June 17, 2025, to discuss critical issues surrounding pension legislation and investment strategies in Washington State. The meeting featured testimony from various stakeholders, including retired firefighters, pensioners, and advocates for climate-conscious investment policies.

Michael Dushman, president of the Retired Firefighters of Washington, voiced strong opposition to proposed pension bills SSB 5085 and SHB 2034. He argued that these bills would misuse pension funds for budget relief, potentially violating IRS regulations and setting a dangerous precedent for future pension management. Dushman emphasized that Washington should not be the first state to implement such measures, which he described as both illegal and irresponsible.

Donna Albert, a retired member of the Public Employees Retirement System (PERS), raised concerns about the Washington State Investment Board's lack of alignment with state climate goals. She criticized the board for investing in companies that contribute to high climate emissions, which she argued could jeopardize the financial security of future retirees. Albert called for the board to adopt a net-zero emissions investment strategy to protect pension funds from the risks associated with climate change.

Barbara Carey, also a retired PERS member, echoed these sentiments, highlighting the systemic financial risks posed by continued investments in fossil fuels. She urged the committee to consider the long-term implications of such investments on pension returns and to follow the example set by New York City, which has begun divesting from fossil fuel companies.

David Marin, a retiree from the King County Sheriff's Office, expressed unanimous opposition among his peers to any attempts to divert funds from the LEOFF 1 pension system. He described the ongoing threats to pension security as a form of elderly abuse, emphasizing the need for a fair resolution that respects the contributions of pension members.

The meeting concluded with a call for actionable recommendations from the committee to address the long-term challenges facing pension systems in Washington. Stakeholders urged the committee to prioritize the financial security of retirees and to consider the implications of climate change on investment strategies. The discussions underscored the urgent need for a comprehensive approach to pension policy that safeguards both financial stability and environmental responsibility.