Plan to sweep $4B from WA police and firefighter pension fund spurs lawsuit
Retired police officers and firefighters in Washington, including former Congressman Dave Reichert, sued the state Thursday to block an attempt to raid their pension fund to help with ongoing budget shortfalls.
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The new law, signed this month by Gov. Bob Ferguson, terminates the overfunded pension account at the end of June 2029. It would then reinstate the fund, leaving 110% of what the state expects to owe its members. As of June 2024, the fund was 160% funded. By 2029, it’s expected to reach more than 200%.
This move is expected to sweep nearly $4 billion from the Law Enforcement Officers’ and Firefighters’ System Plan 1, or LEOFF 1, with that surplus put into a separate pot where it could potentially cover general state expenses.
Backers of the legislation note that about 80% of the contributions to the pension plan came from the state, with the remaining 20% split between local government employers and workers.
https://washingtonstatestandard.com/2026/04/30/plan-to-sweep-4b-from-wa-police-and-firefighter-pension-fund-spurs-lawsuit/