IMPORTANT Starting in April 2023, optional, non-security preview updates will release on the fourth Tuesday of the month. Hopefully they will correct these problems. What additional pension benefits are available to me?You will receive the lump-sum benefit of $100 per service credit month that you have earned. There is one rumor of an attempt being made to merge LEOFF 1 with TRS 1, but we think it is an old rumor based on the unsuccessful bill in the last session. This increase only applies for members that are not receiving a minimum benefit. The error message is, "The request is not supported". LEOFF 2 Benefit Improvement - SHB 1701 PASSED Please know how long a journey this has been. Dear WACOPS members, Great News! The LEOFF Plan 2 Retirement Board has recommended three bills to the 2022 Legislature. Members retired as of February 1, 2021, receive a one-time lump sum payment of $100 per month of service credit, Provides a minimum lump sum benefit of $20,000 to duty-death beneficiaries, and duty disability retirees, Members new to LEOFF 2 after February 1, 2021, receive an increased multiplier for their years of service after 15 and up to 25 years, Members active in LEOFF 2 as of February 1, 2021, have the option between the lump sum payment payable at retirement or the increased multiplier, Freezes LEOFF 2 contribution rates through the 2025 fiscal year, Transfers funds from the LEOFF 2 Trust Fund to the Benefit Improvement Account to allow for the purchase of the benefit improvements using the Benefit Improvement Account, Puts the current LEOFF 2 minimum rate funding policy into statute, Creates an offset to ensure that the cost of the benefit improvements does not result in an increase to the plans contribution rates. Board Recommends Benefit Improvements for LEOFF 2 Members The AWA, which was originally referred to as the Laboratory Animal Welfare Act of 1966, Pub. Please take a few minutes to visit the LEOFF 2 Boards webpage (see link below). What additional pension benefits are available to me?If you earned over 15 years of service credit, you will be eligible to make an irrevocable choice between the $100 per service credit lump-sum benefit or the tiered multiplier at the time you retire.
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