SB 5983 and HB 2144 were recently introduced to the Legislature and concern the first responder pensions. Both bills transfer $300 million from the Law Enforcement Officers' and Fire Fighters' Retirement System Plan 2 (LEOFF 2) retirement fund to the Benefits Improvement Account (BIA).

The Benefits Improvement Account is a subaccount of the LEOFF Plan 2 Retirement Fund that was created by legislation in 2008. Its purpose is to provide an additional means of funding benefit improvements in LEOFF Plan 2. The assets in this account are invested in the same way as other LEOFF 2 fund assets managed by the Washington State Investment Board (WSIB).

AWC is opposed to the proposal as it would use a significant amount of the LEOFF 2 fund to cover obligations the state is required to pay under current law.

Dates to remember

HB 2144 is scheduled for a public hearing in the House Appropriations Committee on Monday, March 18 at 3:30 pm.

SB 5983 is scheduled for public hearing in the Senate Ways & Means Committee on Monday, March 18 at 3:30 pm.