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Board weighs LEOFF 1 restatement, surplus transfer and studies as members press protections for Plan 2
Summary
Board staff summarized legislation that restates LEOFF Plan 1 effective 2029, funds the restated system at 110% (retaining roughly $3.8 billion) and would deposit about $3.5 billion into a pension surplus holding account; the Select Committee on Pension Policy was directed to study governance and state assumption of administration, and the board was assigned a study on enrolling DNR wildland firefighters in LEOFF 2.
Board staff briefed trustees on several major legislative items arising from the recently concluded session, including a restatement and termination package for LEOFF Plan 1 that carries substantial fiscal and governance implications.
Jacob told the board the legislation (as read to the board) terminates LEOFF Plan 1 and creates a restated system effective June 2029 with identical pension benefits. "Looking at the fiscal note, the current value of LEOFF 1 is around $7,000,000,000," Jacob said, and under the bill the restated system would retain roughly 110 percent funding while depositing the remaining roughly $3.5 billion into a pension surplus holding account that could be transferred to the state general fund in…
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