Concerning law enforcement officers' and firefighters' retirement system benefits.
Summary
Increases the retirement benefit multiplier for certain members of the Law Enforcement Officers' and Fire Fighters' Retirement System Plan 2 (LEOFF 2) from 2 percent to 2.5 percent for years of service from 15 and up to 25.
Provides certain LEOFF 2 retirees with a one-time lump sum equal to $100 per month of service for retirees and a minimum of $20,000 for catastrophic and duty disability retirees and duty death beneficiaries.
Creates a minimum contribution rate for the Law Enforcement Officers' and Fire Fighters' Retirement System and freezes contribution rates for two biennia at the rates adopted by the LEOFF 2 Board.
Creates tiered minimum contribution rates for future biennia, from 80 percent to 100 percent of employer normal cost, depending on the funded status of the plan, and subject to revision by the Legislature.
Requires the Washington State Investment Board to transfer the full balance of the Local Law Enforcement Officers' and Firefighters' System Benefits Improvement Account to the LEOFF 2 Retirement Fund.
Requires the Office of the State Actuary to calculate a contribution rate reduction to begin June 1, 2025, that will ensure member contribution rates do not increase as a result of the benefit improvement.
From the Substitute House Bill Report (SHB 1701), written by the Legislature's nonpartisan staff. Read the full report ↗