April 20th 2024
Office of the State Actuary – Frequently Asked Questions
Who is eligible for the LEOFF I retirement plan?
Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF) Plan I is eligible for: Fire fighters, law enforcement officers (sheriffs, University of Washington and city police officers, and town marshals), port police (Port of Seattle), and Department of Fish and Wildlife enforcement officers.
What plan design does the LEOFF I retirement plan use?
LEOFF 1 is a defined benefit retirement, medical, and disability plan.
What is the difference between a defined benefit plan and a defined contribution plan?
A defined benefit plan provides a guaranteed monthly retirement benefit for life; it is based on service credit and average final compensation, not the amount the member or employer contributes. A defined contribution plan is a retirement benefit based on the amount contributed and the performance of the investments; there is no guaranteed benefit. A hybrid plan (such as the Plans 3 of PERS, SERS, and TRS) combine elements of both defined benefit and defined contribution plans.
What is a COLA and how is it calculated?
A COLA is a cost-of-living adjustment that allows retirement benefits to maintain purchasing power by growing with inflation. LEOFF Plan 1 members receive a COLA that matches the Consumer Price Index (CPI). The other plans have a percentage increase, which is the lower of the CPI or 3 percent.
What is the Consumer Price Index (CPI)?
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The CPI is used as a measure to represent the rate of inflation.
For more information, please visit the Office of the State Actuary website.