Washington state appropriates public employees pension funds?

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aggiehawg
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6:39p, 5/6/26
AG
This can't be real, can it?
Quote:
Washington just became the first state in U.S. history to terminate a public employee pension plan.

The plan belongs to retired police officers and firefighters. LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.

The legislature terminated the plan, swept $3.9 billion, and is using $880 million of it to refill a rainy day fund it already drained to cover a deficit it created.

Days ago, retired first responders including former Congressman Dave Reichert sued the state to stop it. The bill passed the House 55-39 and was advanced out of Appropriations without a public hearing. Every yes vote was a Democrat. The governor signed it in April.

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Fightin_Aggie
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6:42p, 5/6/26
AG
When you run out of other people's money you eat your own

California is salivating at CALpers
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Rossticus
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6:44p, 5/6/26
If it holds in court I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.
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Pizza
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6:44p, 5/6/26
Based on what I've read...

Current beneficiaries and remaining assets will be moved into a new entity called the "Restated Law Enforcement Officers' and Firefighters' Retirement System

The existing plan currently holds a massive surplus (estimated at over $3.3 billion). The new law allows the state to move excess funds specifically amounts above 110% of what is needed to cover projected benefits into a pension surplus holding account. These funds can then be transferred to the state's general fund.

Basically Washington State is taking the excess of several Billion from the existing pension fund, and using it to clear existing debt (most likely), which is going to eliminate any buffer for retirees on their fixed income payments, from a market downturn.
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Ag with kids
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In reply to aggiehawg • 6:46p, 5/6/26
AG
aggiehawg said:
This can't be real, can it?
Quote:
Washington just became the first state in U.S. history to terminate a public employee pension plan.

The plan belongs to retired police officers and firefighters. LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.

The legislature terminated the plan, swept $3.9 billion, and is using $880 million of it to refill a rainy day fund it already drained to cover a deficit it created.

Days ago, retired first responders including former Congressman Dave Reichert sued the state to stop it. The bill passed the House 55-39 and was advanced out of Appropriations without a public hearing. Every yes vote was a Democrat. The governor signed it in April.


I hired into LTV Missiles and Electronics Group back in 1988 as a co-op. They had just declared bankruptcy. They basically bought a steel company, raided the pension and put it into the main LTV corporation. The bankruptcy put the pension liability on the PBG which is basically the US government ensuring that if pensions go broke, the people receiving pension benefits won't lose them..

The bankruptcy case went all the way to SCOTUS where they got *****slapped and told LTV that THEY have to fund the pension.

This looks like the same kind of BS...
You can turn off signatures, btw
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aggiehawg
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In reply to Pizza • 6:50p, 5/6/26
AG
Pizza said:
Based on what I've read...

Current beneficiaries and remaining assets will be moved into a new entity called the "Restated Law Enforcement Officers' and Firefighters' Retirement System

The plan currently holds a massive surplus (estimated at over $3.3 billion). The new law allows the state to move excess fundsspecifically amounts above 110% of what is needed to cover projected benefitsinto a pension surplus holding account. These funds can then be transferred to the state's general fund.

Basically Washington State is taking the excess of several Billion, and using it to clear existing debt (most likely), which is going to eliminate any buffer for retirees on their fixed income payments from a market downturn.

My bolded is big SO? Pension fund managers did a great jobs for their beneficiaries and deserve to be robbed?

A windfall profits tax for pension funds?
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Rapier108
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In reply to Rossticus • 6:52p, 5/6/26
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.
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aggiehawg
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In reply to Rossticus • 6:55p, 5/6/26
AG
Quote:
If it holds in court ,

Doesn't matter if it doesn't hold in court. The money will be gone and the state can't repay it.
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Pacifico
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In reply to Rapier108 • 6:57p, 5/6/26
AG
Rapier108 said:
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.


They sure will.
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Logos Stick
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In reply to Pizza • 7:09p, 5/6/26
Pizza said:
Based on what I've read...

Current beneficiaries and remaining assets will be moved into a new entity called the "Restated Law Enforcement Officers' and Firefighters' Retirement System

The plan currently holds a massive surplus (estimated at over $3.3 billion). The new law allows the state to move excess fundsspecifically amounts above 110% of what is needed to cover projected benefitsinto a pension surplus holding account. These funds can then be transferred to the state's general fund.

Basically Washington State is taking the excess of several Billion, and using it to clear existing debt (most likely), which is going to eliminate any buffer for retirees on their fixed income payments from a market downturn.


That surplus money is gone.

Pension money spent is pension money not earning interest/dividends/cap gains in an investment account to pay future pension payments. That can never be made up.

They are ****ed.
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aggiehawg
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In reply to Logos Stick • 7:14p, 5/6/26
AG
Quote:
That surplus money is gone.

Pension money spent is pension money not earning interest in an investment account to pay future pension payments.

They are ****ed.

Yep. Sadly I agree.

Broad daylight robbery. Nothing less.
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AlexNguyen
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7:16p, 5/6/26
It will be interested how the politicians explain this away. I imagine they will try to create some type of conflict with private sector workers who don't have a public pension fund and might be more than OK with giving the government workers one in the pants.
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aggiehawg
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In reply to AlexNguyen • 7:35p, 5/6/26
AG
AlexNguyen said:
It will be interested how the politicians explain this away. I imagine they will try to create some type of conflict with private sector workers who don't have a public pension fund and might be more than OK with giving the government workers one in the pants.

It is Washington state. The populace hates cops and firefighters anyway.
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Pacifico
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In reply to AlexNguyen • 7:35p, 5/6/26
AG
AlexNguyen said:
It will be interested how the politicians explain this away. I imagine they will try to create some type of conflict with private sector workers who don't have a public pension fund and might be more than OK with giving the government workers one in the pants.


They won't have to explain anything. This is exactly what their communist constituents want.
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pacecar02
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7:50p, 5/6/26
went after cops and firefighters

I wonder what the municipal workers and teachers funds looked like
no sig
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APHIS AG
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7:55p, 5/6/26
And I am sure that the Democrats have been thinking about the trillions in 401ks and IRAs that are now personally owned by hard working individuals that can be used to "benefit" the country to include free healthcare, funding illegals, and "helping" the have nots.
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An L of an Ag
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10:06p, 5/6/26
AG
How are these ****ers not getting SHOT for robbing their citizens???
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BTKAG97
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10:27p, 5/6/26
AG
More will follow. This is just the 1st.
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Ellis Wyatt
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In reply to AlexNguyen • 10:37p, 5/6/26
AlexNguyen said:
It will be interested how the politicians explain this away. I imagine they will try to create some type of conflict with private sector workers who don't have a public pension fund and might be more than OK with giving the government workers one in the pants.
The democrat party is immoral. They have no ethical bounds. They took the money because they want to spend it. Some would call it theft, but there is nothing wrong with theft to democrats, as long as it advance their cause.
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RangerRick9211
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11:00p, 5/6/26
AG
Nope from your southern neighbor in OR. The dollars are earmarked for the pension. Not a cent transfer to the general fund. I don't care how well it's performed; why didn't yours perform that well? **** off.
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deddog
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In reply to Ellis Wyatt • 11:12p, 5/6/26
AG
Ellis Wyatt said:
AlexNguyen said:
It will be interested how the politicians explain this away. I imagine they will try to create some type of conflict with private sector workers who don't have a public pension fund and might be more than OK with giving the government workers one in the pants.

The democrats party is immoral. They have no ethical bounds. They took the money because they want to spend it. Some would call it theft, but there is nothing wrong with theft to democrats, as long as it advance their cause.

I bet most folks that were rationalizing the execution of the United Healthcare CEO will be perfectly fine with this.
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deddog
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In reply to pacecar02 • 11:15p, 5/6/26
AG
pacecar02 said:
went after cops and firefighters

I wonder what the municipal workers and teachers funds looked like

Votes from teachers + municipal workers >>> votes from cops + firefighters.
Democrats are for the unions, until they are not.

But now that the pandora's box is open, the only question is which one the Democrat governments go after first: 401Ks ? Or teachers and municipal worker pension funds?
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Garrelli 5000
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11:15p, 5/6/26
AG
The state was flush with cash during Covid. Shipping ports once they weren't scared of the flu were busier than they ever imagined importing more Chinese ***** Tax revenue was endless. FedGov covidiot cash flowed freely. They spent like drunk high liberal idiots, never thinking what happens when the world returns to normal and the math equation reaches the =.

Now they're flush with debt they can't repay. Homeless drug shelter communities across from govt buildings and "how to get to our facility safely" emails from the government.

Nothing gained but debt, addicts, and height to the moral horse.
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Jeeper79
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In reply to Rapier108 • 11:18p, 5/6/26
AG
Rapier108 said:
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.
Do you have a link for this? I'd like to read up on it.
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deddog
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In reply to Garrelli 5000 • 11:19p, 5/6/26
AG
Garrelli 5000 said:
The state was flush with cash during Covid. Shipping ports once they weren't scared of the flu were busier than they ever imagined importing more Chinese ***** Tax revenue was endless. FedGov covidiot cash flowed freely. They spent like drunk high liberal idiots, never thinking what happens when the world returns to normal and the math equation reaches the =.

Now they're flush with debt they can't repay. Homeless drug shelter communities across from govt buildings and "how to get to our facility safely" emails from the government.

Nothing gained but debt, addicts, and height to the moral horse.

Democrats were hoping for a world, where the government would always force everyone to wear masks,. And the government would keep paying them to do nothing.

It's every democrats dream to see you in a mask, and get paid for "running" a learing center or hospice.
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deddog
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In reply to Jeeper79 • 11:23p, 5/6/26
AG
Jeeper79 said:
Rapier108 said:
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.

Do you have a link for this? I'd like to read up on it.

https://waysandmeans.house.gov/2016/10/06/executive-overreach-replacing-401ks-iras-obamacare-retirement/

Also, lets not forget...Obama wanted to provide "free college" by taxing gains from 529s. Absolute marxist scum. I know democrats who were saving 529s for their kids who supported the idea. Idiots.
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Ag87H2O
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11:47p, 5/6/26
AG
Quit electing Democrats. Problem solved.
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Ellis Wyatt
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In reply to deddog • 11:48p, 5/6/26
It means nothing to them. They have no compass. Anything goes.
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Ellis Wyatt
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In reply to Jeeper79 • 11:49p, 5/6/26
Jeeper79 said:
Rapier108 said:
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.
Do you have a link for this? I'd like to read up on it.
It was all over at the time. Rush Limbaugh shined a spotlight on it.
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BigRobSA
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In reply to deddog • 12:09a, 5/7/26
deddog said:
Jeeper79 said:
Rapier108 said:
Rossticus said:
If it holds in court , I wouldn't be shocked to see other states follow suit. Hell, I wouldn't be shocked to see the federal government do it at some point under Dem control.

They almost tried it under Obama.

One of his advisors was pushing for the seizure of all 401Ks and IRAs, but even Obama knew doing that would mean the shooting starts so he scuttled that idea.

They will try it again one day.

Do you have a link for this? I'd like to read up on it.

https://waysandmeans.house.gov/2016/10/06/executive-overreach-replacing-401ks-iras-obamacare-retirement/

Also, lets not forget...Obama wanted to provide "free college" by taxing gains from 529s. Absolute marxist scum. I know democrats who were saving 529s for their kids who supported the idea. Idiots.

Well.....yeah.


Duh.
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W
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12:39a, 5/7/26
AG
retired firefighters and police officers are probably not a voting block for democrats in Washington state

thus they were a ripe target
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PCC_80
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In reply to APHIS AG • 12:55a, 5/7/26
AG
APHIS AG said:
And I am sure that the Democrats have been thinking about the trillions in 401ks and IRAs that are now personally owned by hard working individuals that can be used to "benefit" the country to include free healthcare, funding illegals, and "helping" the have nots.

Yep. The Dems/Libs have been looking enviously at the Trillions in peoples 401Ks & IRAs for years now. Clinton floated a trial balloon about a one time 5%-10% tax of all IRAs & 401Ks to do "good things" for the country. That trial balloon lasted about 5mins.

I think the latest crop of Dems/Libs are all about envy and greed and will try to steal everyone's IRA and/or 401K that they can. If they do not have a Fat 401K or IRA it is just not fair that other people do.
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ts5641
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In reply to aggiehawg • 5:56a, 5/7/26
aggiehawg said:
This can't be real, can it?
Quote:
Washington just became the first state in U.S. history to terminate a public employee pension plan.

The plan belongs to retired police officers and firefighters. LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.

The legislature terminated the plan, swept $3.9 billion, and is using $880 million of it to refill a rainy day fund it already drained to cover a deficit it created.

Days ago, retired first responders including former Congressman Dave Reichert sued the state to stop it. The bill passed the House 55-39 and was advanced out of Appropriations without a public hearing. Every yes vote was a Democrat. The governor signed it in April.


Holy ***** They're literally stealing from pensioners who contributed for decades. Mother ****ing leftists and all because they keep running out of other people's money.
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Owlagdad
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6:03a, 5/7/26
Seems I remember Ted Kennedy et al wanted to get hold of all public pensions, especially Texas Teacher Retirement that had done real well and was solvent.
Democrats see money, and assume it is theirs.
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doubledog
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7:21a, 5/7/26
Democrats : Promises made, Promises broken... Oh well.
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