160 percent funded as of 2024? Projected to hit 200% funded with a $4.3 billion surplus by 2029? Had not required a single contribution in 25 years?
So the state closed it and swept a $3.9 billion surplus?
Ok. Not theft. If this was a defined benefit pension, thoae vested in it are entitled to the benefits promised, and not a penny more. If there is a surplus based on realistic actuarial assumptions, the surplus belongs to the state, not the beneficiaries. It would mean the state had overfunded the plan. Good on them. But the surplus is an excess payment by the state that the state can take back.
My guess is that closing the plan was the only way for the state to sweep the money. It’s too bad that Washington doesn’t have a conservative governor and legislature that might put the cash towards something useful. Instead, it will propably get tossed into some leftist black hole. But either way, the money is the state’s.
I would also assume that when they closed the plan, they put aside enough to cover all anticipated claims with a reasonable cushion. That’s presumably in escrow. The monies swept are the surplus on top of that.
My last guess is that this is an old plan long since superceded by whatever plan new hires are offered when they come aboard. This is just accerating the cleanup of something dwindling away in any case.
Exactlly, only covers pre 1977 hires, all now on pensions. A new plan replaced it long ago.