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SB 5567

Splitting the volunteer firefighters' and reserve officers' relief and pension principal fund into two accounts.

2023-2024 Regular Session Introduced by Liz Lovelett and 4 co-sponsors

SB 5567 divides Washington's combined volunteer firefighter and reserve officer pension fund into two separate accounts, affecting benefit management and fund operations.

By resolution, reintroduced and retained in present status.
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Bill Summary · SB 5567

Legislative bill overview

SB 5567 proposes dividing Washington's volunteer firefighters' and reserve officers' relief and pension principal fund into two separate accounts rather than maintaining it as a single fund. The bill underwent reintroduction in 2024 after initial referral to the Ways & Means Committee in 2023, suggesting substantive fiscal or administrative considerations are central to the proposal.

Why is this important

Volunteer firefighters and reserve officers rely on these pension and relief funds for retirement security and emergency financial assistance. How these funds are structured—whether combined or separated—affects investment strategy, fund management efficiency, benefit distribution, and long-term solvency. This change could impact thousands of volunteers across Washington and their families' financial security.

Potential points of contention

  • Fund performance and risk: Splitting one fund into two may reduce economies of scale in investment management or alter risk diversification, potentially affecting returns or fund stability
  • Administrative complexity: Maintaining two separate accounts instead of one increases administrative overhead, costs, and operational complexity without clear stated benefits in available materials
  • Benefit equity concerns: Separating firefighters from reserve officers raises questions about whether different benefit structures or contribution requirements would follow, potentially creating inequitable treatment between groups

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

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