Terminates and restates Plan 1 of the Washington law enforcement officers' and firefighters' retirement system.

The bill terminates Plan 1 of the Washington law enforcement officers' and firefighters' retirement system, effective June 30, 2029. It establishes a new restated retirement system for law enforcement officers and firefighters, effective July 1, 2029. The new system is for members who were part of Plan 1 prior to the termination date. The bill also creates a defined benefit retirement fund for the restated system and allocates assets from the terminated Plan 1. It specifies that the new system will not create new benefits for members but will maintain existing benefits.

Terminates and restates Plan 1 of the Washington law enforcement officers' and firefighters' retirement system.

The bill terminates Plan 1 of the Washington law enforcement officers' and firefighters' retirement system, effective June 30, 2029. It establishes a new restated retirement system for law enforcement officers and firefighters, effective July 1, 2029. The new system is for members who were part of Plan 1 prior to the termination date. The bill also creates a defined benefit retirement fund for the restated system and allocates assets from the terminated Plan 1. It specifies that the new system will not create new benefits for members but will maintain existing benefits.