Lisa — Referenced as having discussed the demographic experience study earlier.
Lisa Wan — Introduces herself as with the Office of the State Actuary and begins the annual update.
Jacob White — Jacob White, senior research and policy manager and staff to the LEOFF 2 Board, was introduced and then began his update on the board, covering its role, membership, plan data, and related policy issues.
Jacob White — Closed his update by offering to provide more updates during executive committee hearings and answer questions.
Erin Gutierrez — Erin Gutierrez, committee staff, is introduced to provide additional background on the LEOFF 1 study plan and related materials for the committee.
Aaron Gutierrez — Continued the LEOFF 1 overview and noted the retirement eligibility rules.
Michael Harbor — Identified himself as an actuary for the Office of the State Actuary and provided a breakdown of annuitants.
HB2034 — The speaker describes the bill as a restatement and termination measure creating a new restated LEOFF 1 plan and terminating the old one.
HB2034 — Dushman argues that Substitute House Bill 2034 would not pass muster, including if pension money were used for budgetary purposes.
SB5085 — The speaker describes the bill as merging LEOFF 1, TERS 1, and PERS 1 into the Legacy Retirement Plan with three benefit tiers and benefit guarantees.
SB5085 — Dushman argues that Substitute Senate Bill 5085 is flawed, citing a submitted private letter ruling indicating that a pension plan identical to the bill would not be tax-qualified, and concluding that the bill would not pass muster.
Michael Dushman — Michael Dushman is introduced as the first public commenter, then takes the podium and identifies himself as president of the Retired Firefighters of Washington. He begins his testimony by saying he will address several issues, including an IRS private letter ruling provided to the committee and state actuary.
Adam Lowe — Adam Lowe is repeatedly called to the podium as a public commenter and then begins his testimony remotely, identifying himself as speaking on behalf of Washington Physicians for Social Responsibility.
Claire Oliver's — Claire Oliver's is named along with other public commenters to come up to the podium, likely as part of the same call for speakers.
Claire Oliver's — Introduced as a Zoom testifier; identifies herself as president of the Retired Public Employees Council of Washington.
Retired Firefighters of Washington — Organization represented by Michael Dushman.
Peter Diedrich — Peter Diedrich is introduced as the next in-person witness, invited to begin his testimony, and later thanked by the chair after speaking.
Patty Mann — Patty Mann is introduced as an in-person testifier and then called forward to begin speaking.
Pete Diedrich — Identified himself as Executive Director of the Washington State School Retirees Association and thanked the committee and actuary staff.
SB5085 — Urged the committee to recommend the bill as a way to eliminate unfunded liabilities and provide an automatic COLA fix.
Steve Conway — Senator Conway is called during roll call.
Steve Conway — Steve Conway raised a question about the funding source for the LEOFF 1 benefit enhancement and then stated his understanding that it was paid from the LEOFF 2 fund, urging caution in considering the issue.
Steve Conway — Asked about the source of funding for medical benefits and whether cities report actual costs.
Travis Couture — Called during roll call as 'Representative Chair Couture'; votes aye.
Joe Fitzgibbon — Called during roll call.
Cyndy Jacobsen — Called during roll call as 'Representative Jacobsen'; votes aye.
Cyndy Jacobsen — Representative Jacobsen’s question is raised and then followed up shortly afterward, continuing the same discussion about the funding issue and related details.
Cyndy Jacobsen — Rep. Jacobsen asks whether the Senate bill allows a reversion and receives confirmation that it does not.
June Robinson — June Robinson is called during roll call and recorded as voting aye, though one transcription is uncertain about the exact name.
June Robinson — Asked about the appropriate timing for requesting a determination letter.
Drew MacEwen — Called during roll call.
Nicole Macri — Called during roll call.
Lisa — Introduced as the next presenter from the State Actuary to give the annual update.
Lisa — Concluded her comments and invited questions.