Requires that beginning September 30, 2011, and every two years thereafter, the State Treasurer shall transfer, subject to appropriation by the Legislature, $5 million to a new Local Public Safety Enhancement Account (LPSEA), provided that state revenues exceed the previous fiscal biennium's by 5 percent.
Increases the transfer to the LPSEA to $10 million for the 2013-15 biennium, and $20 million for the 2015-17 biennium $50 million for the 2017-19 biennium, and each biennium thereafter.
Creates the LEOFF Benefits Improvement Account (Account) and grants the LEOFF 2 Board sole authority to establish policies and make disbursements from the Account, with the exception of investment authority.
Provides that half of the funds deposited into the LPSEA are transferred to the new Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF) Benefits Improvement Account, and half of the funds are distributed for public safety purposes to employers of LEOFF Plan 2 (LEOFF 2) employers based on the share of total LEOFF 2 membership employed by each. Funds distributed to local jurisdictions may not suppliment existing expenditures.
Restricts funds in the LEOFF Benefits Improvement Account (Account) to be used for financing benefit improvements that the State Actuary determines that the present value of fully projected benefits under the benefit, along with other benefits financed from the Account, do not exceed the present value fully projected of revenues to the Account.
Excludes the funds in the LEOFF Benefits Improvement Account from the State Actuary's calculation of the market value of assets of the LEOFF 2 pension fund until the LEOFF 2 Board directs that the funds be included, and requires the LEOFF 2 Board to transfer sufficient funds to support benefit obligations.
From the Substitute House Bill Report (SSB 6573), written by the Legislature's nonpartisan staff. Read the full report ↗