The new law, signed this month by Gov. Bob Ferguson, terminates the overfunded pension account at the end of June 2029. It would then reinstate the fund, leaving 110% of what the state expects to owe its members. As of June 2024, the fund was 160% funded. By 2029, it's expected to reach more than 200%. This move is expected to sweep nearly $4 billion from the Law Enforcement Officers' and Firefighters' System Plan 1, or LEOFF 1, with that surplus put into a separate pot where it could potentially cover general state expenses.