"Washington just became the first state in U.S. history to terminate a public employee pension plan." "I sacrificed my body and a good chunk of my life for our state, they committed to providing a benefit for me and raided it."

x.com ^ | May 6, 2026 | Shane Kidwell @shanerkidwell

[ransomnote]

Shane Kidwell
@shanerkidwell
·
5h
Washington just became the first state in U.S. history to terminate a public employee pension plan.

The plan belongs to retired police officers and firefighters. LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.

The legislature terminated the plan, swept $3.9 billion, and is using $880 million of it to refill a rainy day fund it already drained to cover a deficit it created.

Days ago, retired first responders including former Congressman Dave Reichert sued the state to stop it. The bill passed the House 55-39 and was advanced out of Appropriations without a public hearing. Every yes vote was a Democrat. The governor signed it in April.

I publish the full research and sourced breakdowns on Substack every week. Search Shane Kidwell if you want the deeper dive.

I sacrificed my body and a good chunk of my life for our state, they committed to providing a benefit for me and raided it.

@GovBobFerguson

@komonews

@KIRO7Seattle

@KING5Seattle

@fox13seattle

@seattletimes

---

TOPICS: Miscellaneous
KEYWORDS: democrats; misleadingtitle; pension; retirement; theft

[Hot Tabasco]

As a follow up to my prior post, I have no idea what is going on with this pension plan stuff. Way too much information not being supplied.

[Pontiac]

Your government hates you.

Funny, they love to steal from me.

[sphinx]

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.

[right way right]

I hold the same belief.
Crooked as hell mail in ballots and
endless vote manufacturing.

If we could just get the Right voters
motivated I think it can still be saved.

The state does contain a huge amount of
rat bastard sheep.

[SJackson]

Note post 31, this is an old plan not the current one which only covers officers hired pre 1977. Presumably the pensions being paid will be secure, just not double funded. Corporations do this routinely. You might recall many back in the 80s, largely for the same reason, to recover excess assets.

[SJackson]

Exactlly, only covers pre 1977 hires, all now on pensions. A new plan replaced it long ago.

[mewzilla]

They were warned...

A government big enough to give you everything you want is big enough to take it all away.

[Biblebelter]

This guy is not exactly a financial reporter.

I think there are details missing that give a clearer picture.

That said if I were a public employee I’d be nervous.

But I’d be nervous just living in a Commie state in the first place no matter what I did.

I’m Shane Kidwell, CEO of Dwell Mortgage, based in Seattle, WA. As a former Seattle firefighter turned entrepreneur and coffee snob. Starting in the mortgage industry in 2009, through luck and hard work I quickly became a Top 1% Mortgage Originator and built a top-performing branch. In 2023 I launched Dwell Mortgage, a private mortgage brokerage based in Everett, WA. My job now is to focus on growing Dwell Mortgage and supporting my business partners.

[Antoninus]

If the state truly is full of rat bastard sheep, then the way to fix the problem is to outsmart them. Sheep are notoriously dimwitted. Convince the ballot harvesters/manufacturers that the Democrats are so corrupt that they're going to take away all their freebies. Get them fighting amongst themselves.

It shouldn't really be that hard to do.

[vikingd00d]

>>As far as teacher’s union pensions, the commies will burn the state down first before they give those up.

The teacher’s pension funds were likely raided long ago and filtered to donations to Democrats. The police pension was properly funded, so there was money to steal.

[Responsibility2nd]

Just another way liberal follow through on defunding law enforcement.

Now even their pensions are being stolen.

[Tolerance Sucks Rocks]

“You can feed 13 families with that pension!”

[for-q-clinton]

Absolutely noticed that. Let the police and firefighters go on strike though and see how upset the voters get.

That’s the other reason they attack them first. The voters then will agree to raise taxes to refund their pension. Do it to the teachers and voters will be fine with it.

[Kid Shelleen]

I wonder if they will steal the teacher’s pension/retirement fund too?

[DIRTYSECRET]

My friends I feel anger here. This is what leftists do. Blue state. I wouldn’t want to be one of those screwed folk but that’s THEIR battle, not ours. Would it spread? Me thinks anyone running for office better explain beforehand how they’re going to fund pensions by taking away from the undeserving.

Gonna be awesome.

[ThisLittleLightofMine]

Washington state has always had fully funded pensions until now. This is disgusting. It’s going to come back to bite.

[LouAvul]

It’s amazing - and not in a good way - what a state can do.

Or, the POTUS. Jorge Busho accomplished something good when he ended the death tax. Then O'Dummy came in and reinstated it.

[oil_dude]

The illegal immigrants need it more than you

[Pete Dovgan]

Blueprint for all the blue states.

[Drago]

It is a legacy pension plan (”LEOFF Plan 1”) closed to new participants since 1977...5K retirees on that plan will get their pension as per normal...6 people are left to retire hired before 1977 and will get all their pension benefits...WA state is sweeping the amount over 110% of “full funding” into the new “LEOFF Plan 2”.
Background:

https://www.king5.com/article/news/local/retired-washington-first-responders-sue-state-pension-fund-transfer/281-6b059a88-3475-468a-8bab-977d2297d077

https://www.drs.wa.gov/plan/leoff1/

https://wa-law.org/bill/2025-26/hb/2034/S/

https://www.wscff.org/update-on-hb-2034-and-leoff-1/