WeVote
Log In

Bill

Bill

SB 5085

Concerning three of Washington state's closed retirement plans.

2025-2026 Regular Session Introduced by June Robinson

SB 5085 - Concerning Three of Washington's Closed Retirement Plans OverviewBill Number: SB 5085 Title: Concerning three of Washington state's closed retirement plans. Status: By

Rules Committee relieved of further consideration. On motion, referred to Ways & Means.
0
WeVote Research Nonpartisan
Bill Summary · SB 5085

SB 5085 - Concerning Three of Washington's Closed Retirement Plans

Overview

Bill Number: SB 5085
Title: Concerning three of Washington state's closed retirement plans.
Status: By resolution, returned to Senate Rules Committee for third reading.
Introduced: December 19, 2024

Purpose and Intent

The primary goal of SB 5085 is to address the financial challenges facing three of Washington state's closed retirement plans: the Judicial Retirement System (JRS), the Judges' Retirement Fund (JRF), and the Law Enforcement Officers' and Fire Fighters' Retirement System Plan 1 (LEOFF 1). These plans have been closed to new members for decades, leading to concerns about their long-term sustainability and ability to meet future obligations to retirees.

Key Provisions

  • Authorizes the Department of Retirement Systems to transfer assets and liabilities from the JRS and JRF plans into the Judicial Retirement Account (JRA), a new consolidated plan.
  • Requires the state to make additional contributions to the LEOFF 1 plan to ensure it remains fully funded and able to meet its obligations to current and future retirees.
  • Establishes a LEOFF 1 Retiree Benefit Improvement Fund to provide cost-of-living adjustments and other benefit enhancements for LEOFF 1 retirees.
  • Directs the state to conduct a comprehensive study on the long-term viability and funding needs of the JRA and LEOFF 1 plans.

Affected Parties and Impacts

  • Current and future retirees of the JRS, JRF, and LEOFF 1 plans will be impacted by the changes to their retirement benefits and funding.
  • The state of Washington will be responsible for providing additional funding to the LEOFF 1 plan and overseeing the consolidation of the JRS and JRF plans.
  • The Department of Retirement Systems will be tasked with implementing the plan consolidation and managing the new JRA plan.

Procedural and Timeline Considerations

SB 5085 has been returned to the Senate Rules Committee for third reading, indicating that it has passed through the initial legislative process and is now awaiting further consideration by the full Senate. If passed by the Senate, the bill would then move to the House for consideration before potentially being signed into law by the governor.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.