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LEOFF Plan 2 Summary of Selected Features

For more detailed information on these subjects refer to the LEOFF Plan 2 Member Handbook.

Eligibility for Retirement:

1. You can retire with an unreduced retirement benefit at age 53, if you have at least five service credit years.
2. You can retire with a reduced benefit as early as age 50, if you have at least 20 service credit years

How Service Credit is Accumulated: You receive one service credit month for each calendar month in which you receive basic salary for 90 or more hours. Beginning September 1, 1991, you receive 1/2 service credit month for any month in which you receive basic salary for at least 70 hours but less than 90 hours. You receive 1/4 service credit month for any month in which you receive basic salary for less than 70 hours.

Service Credit for Military Time: You may be eligible to purchase service credit for time spent in the military if you were working in a LEOFF position at the time you entered the military.

Final Average Salary or FAS: The monthly average of your basic salary for the highest consecutive 60 service credit months prior to your retirement, termination or death.

Benefit Formula: Service Credit Months ÷ 12 x 2 percent x FAS = Monthly Benefit.

Benefit Limitation: There is no percentage limitation on the size of your retirement benefit.

Contribution Rates: Your future benefits are funded by contributions – made by you and your employer – and the investment earnings from the contributions. Contribution rates may be changed as necessary to reflect the cost of the Plan.

Disability Benefits: If you become totally incapacitated for continued employment with a LEOFF-covered employer, and you leave that employment as a result of the disability, you may be entitled to receive a disability retirement benefit. Benefits differ for duty and non-duty disabilities.

Death in Service Survivor Benefit:

• If you die after you begin receiving a service or disability retirement, your survivors may be eligible to receive benefits according to the retirement option you chose.
• If you die before accruing 10 years of service credit, your beneficiary receives your accumulated contributions.
• If you die with 10 or more years of service credit, your surviving spouse or the guardian of your minor children can choose between a lump sum payment or a continuing monthly benefit.
• If you die as a result of an injury or occupational disease sustained in the course of employment, your designated beneficiary may be eligible to be paid a $150,000 death benefit in addition to normal survivor benefits.

Cost of Living Adjustment: On July 1 of every year following your first full year of retirement, your monthly benefit will be adjusted based on the Consumer Price Index up to a maximum of 3 percent.