Washington State Pension Fund Raided for Budget

Washington State Lawmakers Propose $3B Pension Fund Raid to Close Budget Gap

Washington state lawmakers are proposing to tap into a surplus in a closed pension fund for police and firefighters to help close a massive budget shortfall. The plan, outlined in House Bill 2034, targets the Law Enforcement Officers and Fire Fighters Retirement System Plan One, which serves about 6,000 retirees with only four active members. The fund is overfunded by 160%, and Democrats argue that this is a one-time fix that protects benefits while trimming the surplus. However, retirees and some lawmakers express concerns about potential market dips, longer lifespans, and setting a bad precedent. The proposal has also drawn criticism from Republicans who argue that its a raid on sacred pension money and risks the states top credit ratings. Despite these concerns, Democratic leaders expect the bill to pass and have included it in their latest budget plan.

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