LEOFF Plan 1 members may purchase an annuity

Posted 09-Jun-2016

New law will also open a future annuity purchase window for certain other LEOFF and WSPRS retirees

A new law that took effect June 9, 2016, allows Law Enforcement Officers’ and Fire Fighters’ (LEOFF) Plan 1 members to purchase an annuity at retirement to supplement their pension benefit. (An annuity purchase is a way to convert a lump sum of money to a guaranteed income stream.) Details on the provisions for making an annuity purchase are available in the Purchasing an Annuity brochure from the Department of Retirement Systems.

The new law (SB 6264) will also provide a future opportunity for an annuity purchase by LEOFF Plan 1 retirees who retired before June 9, 2016, and LEOFF Plan 2 and WSPRS Plan 1 or Plan 2 retirees who retired before having an opportunity to buy an annuity. The window for this purchase option will be Jan. 1 to June 1, 2017. Look for more information about this window later this year.

For more on how purchasing an annuity works, check out the Purchasing an Annuity brochure.