Wow, idk can companies even do this type of thieving?
Posted by oneironaut

Have you never worked for a company that offers a pension? If you have then you would receive periodic pension statements what would tell you to what level the pension if funded. You would know that businesses can adjust funding levels and that plans are often funded at levels less than 100% funded.

The Washington plan, at 110%, is still funded at a level far above most public employee plans which are on average around 80% funded.

Here's what I replied with when Boaz posted nonsense about this several months ago.

"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."