SF0084

Official summary

2008 General Session Summary for SF0084 Bill No.: SF0084 Drafter: DRN LSO No.: 08LSO-0344 Effective Date: 7/1/2008 Enrolled Act No.: SEA0038 Chapter No.: Prime Sponsor: Senator Job Catch Title: Firemen's pension account-amendments. Subject: Firemen's "plan B" pension plan for firefighters employed by cities, towns, counties and fire protection districts. Summary/Major Elements: The Firemen's pension plan currently provides a benefit for a paid firefighter at age 50 of 2.5% of salary for each year of service for the first 25 years and 1% for each year after 25 years up to 32.5 years. This caps the benefit at 70% of the firefighter's salary. The contributions currently paid for this benefit are set at 6% of the paid firefighter's salary and 12% for the employer. The firefighter's do NOT contribute to federal social security. This act raises the 2.5% multiplier for each year of service for the first 25 years of service to 2.8%. The 70% cap is then reached in 25 years and the 1% firefighter contribution for subsequent years of service is eliminated. To fund the difference, the firefighter's contribution is increased from 6% to 8.5% of his salary; The increase in benefits was requested by firefighters due to the lack of social security.