LEOFF 2: Healthiest Public Pension Plan in the Country

June 13, 2014
LEOFF Plan 2 is the healthiest public pension plan in the country according to a new report from the Center for State and Local Government Excellence. The Center compared assets to liabilities for 150 state and local government pension plans and found the LEOFF Plan 2 trust fund has 117% of the assets necessary to meet current liabilities. Washington’s other open pension plans (PERS 2/3, TRS 2/3, and SCERS 2/3) weren’t far behind, each with a funded ratio of over 100%. The average public plan in the report was funded at only 72 percent in 2013. Underfunded pension plans have been in the news nationwide, but LEOFF is not part of that story. Since its inception in 1977, LEOFF Plan 2 has been over 100% funded. The LEOFF Plan 2 Board, which sets the contribution rates, is committed to making sure that story doesn’t change. Read the Brief