Re: “Don’t treat WA’s pension surplus like a slush fund” (June 10, Opinion):
Thank you for elevating the need for the state to use the $3 billion surplus in the Law Enforcement and Fire Fighters Plan 1 pension plan in a responsible manner and not to merely offset the state’s deficit.
The Legislature had a chance in the last legislative session to use the surplus to broaden pension security through the passage SSB 5085. This bill would have saved the state and employers billions of dollars, fully paid off the unfunded liability in the Public Employees and Teachers Retirement Systems Plans 1, restored an annual cost-of-living adjustment to the pensioners in these plans and preserved the generous pensions, health care benefits and annual cost-of-living adjustments for LEOFF 1 retirees.
PERS/TRS 1 retirees are the only public sector retirees without an annual COLA. They have lost 41% of their purchasing power since 2014, when the Legislature eliminated their COLA to balance the operating budget. Using the surplus to stabilize the PERS/TRS 1 plans honors the original intent of the state’s investment.
It’s time for the Legislature to use the surplus to ensure that all Plans 1 retirees have stable pensions through fully funded pension plans and annual COLAs.
Laurie Weidner, executive director, Retired Public Employees Council of Washington, Olympia
