Loading chat...
WA SB5085
Bill
Status
3/3/2025
Primary Sponsor
June Robinson
Click for details
AI Summary
-
Merges three closed Washington state retirement plans (Law Enforcement Officers' and Firefighters' Plan 1, Teachers' Plan 1, and Public Employees' Plan 1) into a new "Legacy Retirement System" effective September 1, 2027
-
Transfers excess assets from LEOFF Plan 1 (149% funded as of June 30, 2023) to improve funding for TRS Plan 1 (86% funded) and PERS Plan 1 (80% funded), while maintaining all existing benefits for members of each plan
-
Provides new ongoing cost-of-living adjustments (COLAs) for TRS Plan 1 and PERS Plan 1 retirees, capped at 3% annually based on Seattle-area Consumer Price Index, beginning July 1, 2026
-
Removes the $110 cap on existing annual benefit increases for TRS Plan 1 and PERS Plan 1 beneficiaries effective July 1, 2025, allowing full 3% increases
-
Exempts LEOFF Plan 1 employers from future contributions while establishing a sustainable funding mechanism through the merged legacy retirement system account
Legislative Description
Concerning three of Washington state's closed retirement plans.
Last Action
Rules Committee relieved of further consideration. On motion, referred to Ways & Means.
1/12/2026