November 23rd 2024
LEOFF 1 Coalition report of an Oct 19/2010 Commission on Pension Policy meeting
The meeting was a continuation of the previous Pension Policy meeting geared mostly about higher contributions for pension systems. Employers are on the hook to fund pension systems that include LEOFF 1, That is with a surplus of 125% MARKET VALUE. We are predicted to go in and out of surplus and contributions are needed for the long term. The LEOFF 1 “Contribution Holiday” is still in law. It is predictable that the legislature will have to reconsider any and all options to get funding anywhere they can. PERS 1 and TRS 1 are most on the minds of the Committee, because of many years of neglect and is a serious concern. We are not a burden on state government at this time. We have a well funded system and want to see it continue to be a good one. We are funded with investments. The Actuary sees that assets will go down in time due to investment ups and downs. We will be seeing a pay-as- we go system in Washington. This is a “risky system” style. Contributions are needed. State Government has good reason to fear for pension solvency and is scrambling to shore up pension funding. All our state systems are stand alone systems. Some other states are now adopting strategies similar to the Washington system, and other state suffer serious futures. Our unfunded liability is $1 million,135,000. That alone will be on the minds of legislators for the future. Our attention to what the legislature does or does not do is important to LEOFF 1 people. We need to be vigilant.
Bob Monize, President
LEOFF 1 Coalition