AWSP Blog

As the legislative session nears its end, retirement-related bills remain in flux. Key issues include the use of the LEOFF 1 surplus, cost-of-living adjustments for PERS/TRS Plan 1 members, and potential short- and long-term impacts of various pension reform bills. Several bills affecting public employees’ benefits and post-retirement employment rules are still active. Final outcomes hinge on budget negotiations and floor actions in the closing days of the session.

This week’s budget developments remain uncertain as Governor Ferguson plans to veto the proposed wealth tax, leaving both House and Senate budgets short on expected revenue. Pressure is mounting to use the $3 billion LEOFF 1 surplus, with several competing bills proposing different strategies. Key retirement-related legislation continues to move, including bills that adjust pension rates, expand retiree work limits, and introduce new voluntary benefits. While many proposals offer short-term savings, most come with long-term costs. Meanwhile, budget negotiations and committee work continue behind the scenes.

As the session moves toward Sine Die, now is the time for both houses to coordinate and negotiate their differing budgets and bills that have made it past both houses. Note, both House and Senate budgets will be released 3/24 so the status of much of what is covered below may be clarified by inclusion or exclusion within any budget.

As the session moves toward Sine Die, now is the time for both houses to coordinate and negotiate their differing budgets and bills that have made it past both houses. Note, both House and Senate budgets will be released 3/24 so the status of much of what is covered below may be clarified by inclusion or exclusion within any budget.

Since covering pension/retirement/health insurance issues on behalf of WASA and AWSP, there are a few important points we have learned. This is just a brief summary of selected retirement related topics. One needs to check with the Department of Retirement Systems (DRS) and the Health Care Authority (HCA) for definitive answers to questions about their own situation. Policies change so this document is just a broad overview highlighting some issues.  The importance of advance planning cannot be overstated. These are not issues to put off until the last months of either one’s impending retirement or approaching Medicare eligible age. Start by requesting an official benefit estimate from DRS 3-12 months prior to your retirement date.