How Bad Is It? (Washington)
Washington just became the first state in U.S. history to terminate a public employee pension plan.
The plan belongs to retired police officers and firefighters. LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.
The legislature terminated the plan, swept $3.9 billion, and is using $880 million of it to refill a rainy day fund it already drained to cover a deficit it created.
Days ago, retired first responders including former Congressman Dave Reichert sued the state to stop it. The bill passed the House 55-39 and was advanced out of Appropriations without a public hearing. Every yes vote was a Democrat. The governor signed it in April.
Our pension never hit anything near 100%. We think (think) it may have been funded at or near 75% back around 2000, but then Shortshanks invented pension "holidays," refused to follow actuarial funding recommendations, and redirected spending toward pet projects to buy votes, thereby leading to the current crises.
In Washington, they're just stealing the surplus instead of going through the actuarial recommendations, which will most likely lead to a funding shortfall within a few years.
Labels: out-of-state
posted by SCC at 12:01 AM
38 Comments:
https://washingtonstatestandard.com/2026/04/30/plan-to-sweep-4b-from-wa-police-and-firefighter-pension-fund-spurs-lawsuit/
Progressives need your pension funds and taxes for the illegal aliens. Illegal aliens are the new constituents - not you!
"WA House bill raids billions from pension plan while lawmakers also pass record tax hikes"
By TJ Martinell Feb 17, 2026 The Center Square
the center square.com
What the State of Washington did is raid the pension fund much like corporate raiders did 30 tor 40 years back. If they did it once, they will do it again.
Gotta feed the beast. Democrats can't stand to see other people's money just sitting in the bank. So many votes to buy and friends to bribe. It's okay,it's for the children's.
This is what happens when you vote blue no matter who. This is the same politicians who wanna let men play women’s sports and allow men and women’s locker rooms. Come on people start looking around who you’re voting for.
Using other people’s savings accounts as collateral for their pet project loans. Nice
You heard it here first:
PENSIONS will be gone by 2035!.
Inside source from 5th floor headquarters stated paperwork already drafted in Springfield to rewrite constitution..
Even though you probably won't post this...
Rest assured. You are becoming the most embarrassing department in the country. IMHO.
So...one market correction and poof goes the 100% funding.
Hard to feel any sympathy for Chicago public pensions going insolvent when I pass by a CPS campus and see Porsches, Land Rovers, Jaguars and Lexus in the staff parking lot!
funded at least 75% in 2000 until that pos daley decided to follow the state's lead in destroying the pensions... they all need to be in jail
If it is there, Democrats will find a way to steal it.
As I recall, the CPD pension was funded around 90% in early 1992 when Daley took office. Downhill from there.
Go back to the basement Junior
He’s wetting his diaper and can’t remember who he is, right now. Sometimes, karma goes around Justice.
That seems criminal. To take what is NOT YOURS to take, to give away to those who DID NOT WORK TO EARN IT. Pensioneers need to file a lawsuit, QUICK! All the way up to the Supreme Court!
And yet city workers are that fucking dumb and some racist enough to continue to vote D.
This is insane. I’m guessing that no one will be applying for the police and fire jobs in Washington
This is so very true
Any change to the State Constitution has to be put before the voters.
Wish I had a nickel for time I heard they can never take your pension away.
Washington could do what Illinois cannot even attempt. Illinois’ constitution makes the Washington maneuver — terminating a pension trust, sweeping surplus assets, and reinstating the plan — flatly impossible under binding state Supreme Court precedent.
It’s the politics of jealousy, we don’t get a pension so you don’t get a pension.
The pension clause is not amendable by citizen initiative, and the legislature is extremely unlikely to propose weakening it, a constitutional convention is the only realistic path.
That ship sailed....
Got to agree.
Also stop by the school and watch where the cars come from as they drop their kids off. Many of them have suburban stickers.
Lock n load
I think if anyone believes it was 160% funded, I’ve got a bridge to sell you. Especially in DC. Like a previous poster, I think shtf with regards to pensions around 2030. Most of all, SS. They’ll probably release another deadly virus to deal with protests and kill more retirees. Or more war.
Geez you're stupid!
Not going to happen. Anyone think the CTU is on board or any other union to diminish or eliminate pensions?
Gotta take the dollars for the Illegal Aliens and the non-for-profit agencies that shipped the Illegal Aliens into the USA from foreign countries. No money for US citizens.
WA State jackass
He's not wrong. That rewrite of the state constitution will come when people vote for this "millionare tax". That will be the open door that allows them ammend the constitution. As far as CTU is concerned, they have no worries as usual.
These unions better wake up. They open up the constitution to write in that millionare tax, pensions getting hit. That millionare tax is all b.s. they all have tax shelters, they wont be paying anything additional. Quinn been running ads supporting it. Property taxes in the hoof suddenly up. "We must pass this tax to alleviate" it's gonna be on the ballot and all the sheep are gonna go for it. I can see if now.... "should millionaires pay a higher income tax rate to alleviate property taxes?" Once that constitution opens,it's.over.
This is the poster for why you should MANAGE YOUR OWN MONEY. The employer should give it to you and YOU INVEST IT to your advantage or detriment. Leave everyone else out of your financial decisions unless you're PAYING THEM TO WORK FOR YOU as a fiduciary.
Social Security "lockbox" - ripped off... So this is no big surprise.
Yes, my friend. If I had a crystal ball and could see when some dumb politicians vote to take our pensions, somebody would die. We are still getting paid, but when that stops, I predict violence a whole lot of violence.
We had pension holidays, and I didn't even get a day off.
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