Since this is a Boaz post we know it is highly misleading for completely false.
The truth according to the Washington State Council of Firefights, the organization that exists to protect the beneficiaries of the fund, says about the bill.
"Over the decades, LEOFF 1 has become one of the most well-funded public pension systems in the country. Through disciplined funding, strong investment performance, and responsible oversight, the plan reached a funded status of approximately 160%, meaning it holds significantly more assets than actuarially required to pay all projected benefits."
"HB 2034 does not reduce benefits.
HB 2034 does not change eligibility.
HB 2034 does not alter pension formulas or COLAs.
HB 2034 does not eliminate medical benefits.
HB 2034 does not impact LEOFF Plan 2
LEOFF 1 retirees and beneficiaries will continue to receive the pension and benefits they earned through decades of service to their communities.
The transfer reduces the plan's funded ratio from approximately 160% to about 110%"
www.wscff.org
So the system is still overfunded and has no impact on current or future retiree benefits.
inb4: wait not me
-Yes you too