Re: “Don’t treat WA’s pension surplus like a slush fund” (June 10, Opinion):
Thanks for elevating the necessity for the state to make use of the $3 billion surplus within the Regulation Enforcement and Hearth Fighters Plan 1 pension plan in a accountable method and to not merely offset the state’s deficit.
The Legislature had an opportunity within the final legislative session to make use of the excess to broaden pension safety by way of the passage SSB 5085. This invoice would have saved the state and employers billions of {dollars}, absolutely paid off the unfunded legal responsibility within the Public Staff and Academics Retirement Methods Plans 1, restored an annual cost-of-living adjustment to the pensioners in these plans and preserved the beneficiant pensions, well being care advantages and annual cost-of-living changes for LEOFF 1 retirees.
PERS/TRS 1 retirees are the one public sector retirees with out an annual COLA. They’ve misplaced 41% of their buying energy since 2014, when the Legislature eradicated their COLA to steadiness the working funds. Utilizing the excess to stabilize the PERS/TRS 1 plans honors the unique intent of the state’s funding.
It’s time for the Legislature to make use of the excess to make sure that all Plans 1 retirees have steady pensions by way of absolutely funded pension plans and annual COLAs.
Laurie Weidner, government director, Retired Public Staff Council of Washington, Olympia
