Washington State School Retirees' Political Action Committee

TRS Plan 1 and PERS I retirees lost over $360 million from their COLA last year and will give up $4 billion over the next 25 years.

This loss adds to the nearly $7 billion that was lost to borrowing and underfunding of pensions from 1980 to the present.

 

    
 

Sponsors: Representatives: Pettigrew D-37, Darneille D-37, Seaquest D-36, Carlyle D-36, Hunter D-48, Cody D 34
 
Status: Passed

 

HB 2679  An Attempt to Short Change Future Pension Benefits in In Order to Face Legislative Underfunding of Pensions        
This bill delays increases in pension benefits until a risk analysis is completed by the Office of the State Actuary.
        

PAC COMMENT: This bill focuses pension benefit improvements that are built into the system in a logical,

fiscally prudent way if and only if the pensions had been funded properly by past Legislatures.

Therefore, calling for risk analysis begs the question and points at retirees as the cause of the problem when, in fact,

it is the Legislature’s past fiscal irresponsibility regarding fully funding  pensions that is the core of this bill’s focus. OPPOSE HB 2679

 

 

 


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