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 the termination date of June 30, 2029. Key provisions include the creation of a restated law enforcement officers' and firefighters' defined benefit retirement fund, the requirement for an independent audit of actuarial calculations, and the introduction of a statute of limitations for claims challenging the bill's validity.

Additionally, the bill amends various definitions and provisions related to the retirement systems, including the redefinition of terms such as "employee," "employer," and "final average salary." It introduces a new structure for calculating service credit months based on hours worked and establishes a new section for the restated retirement system, ensuring that members' service is accurately credited. The bill also includes provisions for death benefits, disability retirement, and the treatment of service in the armed forces, while emphasizing compliance with new medical and health standards. Overall, the legislation aims to modernize the retirement system for law enforcement and firefighting personnel, ensuring it reflects current employment practices and economic realities while enhancing the security and accessibility of retirement benefits.

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