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 active members and beneficiaries. The legislation establishes a new retirement system while ensuring that existing benefits continue uninterrupted until June 30, 2029. Key provisions include the creation of a restated law enforcement officers' and firefighters' defined benefit retirement fund, the transfer of assets from the existing fund, and the determination of actuarial present value of projected benefits by the state actuary. The bill also introduces new definitions for terms such as "employee," "employer," and "final average salary," and expands the definition of "law enforcement officer" to include individuals employed by federally recognized tribes.

Additionally, the bill outlines various provisions related to disability retirement, survivor benefits, and the management of retirement systems. It establishes that members on paid leave will continue to receive service credit, allows retirees to purchase additional service credit, and mandates annual adjustments to retirement allowances based on the Consumer Price Index. The bill also clarifies the obligations of the department regarding direct payments of property division obligations and introduces new provisions for presumptions of occupational diseases for firefighters and law enforcement officers. Overall, the bill aims to modernize and enhance the retirement benefits framework for public safety personnel in Washington State, ensuring that it reflects current needs and standards.

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