The bill proposes the termination and restatement of Plan 1 of the Washington Law Enforcement Officers' and Firefighters' Retirement System (LEOFF Plan 1), which has been closed to new members for nearly 25 years. It recognizes a surplus of over $3.3 billion in LEOFF Plan 1 and aims to secure retirement benefits for current members and beneficiaries until the termination date of June 30, 2029. The legislation establishes a new defined benefit retirement fund, mandates an independent audit of actuarial calculations, and reserves the legislature's right to amend the act without diminishing members' rights. Key provisions include the introduction of a new section allowing certain active members to receive additional service credit and a one-time lump sum benefit if they elect to enter annuitant status by a specified date.

Additionally, the bill amends definitions and provisions related to the retirement system, including the redefinition of terms such as "employee," "employer," and "final average salary." It terminates the existing Plan 1 for members who joined before October 1, 1977, transitioning them to a new retirement system. The bill also clarifies the calculation of service credit months and years, introduces new definitions for service credit, and ensures that furloughs or reduced work hours do not affect service credit. Furthermore, it establishes a new section for the restated retirement system, outlines eligibility criteria, and includes provisions for disability retirement, survivor benefits, and the management of retirement funds, ultimately aiming to modernize and enhance the retirement benefits for law enforcement officers and firefighters in Washington State.

Statutes affected:
Original Bill: 41.26.010, 41.26.040, 41.26.061, 2.10.155, 6.15.020, 11.96A.220, 28B.15.380, 28B.15.520, 35.21.935, 35A.21.380, 36.28A.010, 41.04.205, 41.04.270, 41.54.010, 41.04.393, 41.04.400, 41.04.405, 41.04.450, 41.04.803, 41.05.320, 41.16.020, 41.16.060, 41.16.145, 41.18.015, 41.18.104, 41.18.210, 41.20.010, 41.20.170, 41.20.175, 41.24.400, 41.32.800, 41.32.802, 41.32.860, 41.32.862, 41.35.060, 41.35.230, 41.37.050, 41.37.180, 41.40.010, 41.40.037, 41.40.059, 41.40.061, 41.40.850, 41.45.010, 41.45.020, 41.45.050, 41.45.060, 41.45.030, 41.48.050, 41.50.030, 41.50.033, 41.50.055, 41.50.080, 41.50.090, 41.50.110, 41.50.112, 41.50.150, 41.50.255, 41.50.500, 41.50.650, 41.50.670, 41.50.700, 41.56.030, 46.52.130, 49.44.160, 51.08.142, 51.32.050, 51.32.067, 72.72.060, 41.45.230
Substitute Bill: 41.26.010, 41.26.040, 41.26.061, 2.10.155, 6.15.020, 11.96A.220, 28B.15.380, 28B.15.520, 35.21.935, 35A.21.380, 36.28A.010, 41.04.205, 41.04.270, 41.54.010, 41.04.393, 41.04.400, 41.04.405, 41.04.450, 41.04.803, 41.05.320, 41.16.020, 41.16.060, 41.16.145, 41.18.015, 41.18.104, 41.18.210, 41.20.010, 41.20.170, 41.20.175, 41.24.400, 41.32.800, 41.32.802, 41.32.860, 41.32.862, 41.35.060, 41.35.230, 41.37.050, 41.37.180, 41.40.010, 41.40.037, 41.40.059, 41.40.061, 41.40.850, 41.45.010, 41.45.020, 41.45.050, 41.45.060, 41.45.030, 41.48.050, 41.50.030, 41.50.033, 41.50.055, 41.50.080, 41.50.090, 41.50.110, 41.50.112, 41.50.150, 41.50.255, 41.50.500, 41.50.650, 41.50.670, 41.50.700, 41.56.030, 46.52.130, 49.44.160, 51.08.142, 51.32.050, 51.32.067, 72.72.060, 41.45.230