Washington LEOFF Plan 2 Basics

  • Established 1977
  • Currently open to new hires
  • Plan covers police and/or fire
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Washington LEOFF Plan 2, 2001-2019

Fiscal Year Net Assets (billions)
2001 2.4
2002 2.3
2003 2.4
2004 2.9
2005 3.4
2006 4.1
2007 5.2
2008 5.3
2009 4.3
2010 5.1
2011 6.4
2012 6.6
2013 7.6
2014 9.3
2015 9.8
2016 10.2
2017 11.8
2018 13.0
2019 14.2

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2019

Fiscal Year Washington LEOFF Plan 2 US State and Local Pensions
2001 73.8 1.9
2002 57.4 1.8
2003 46.1 1.7
2004 34.2 1.6
2005 26.4 1.6
2006 20.2 1.5
2007 17.4 1.5
2008 14.7 1.5
2009 12.4 1.5
2010 10.2 1.4
2011 8.3 1.3
2012 7.1 1.3
2013 6.0 1.2
2014 5.2 1.2
2015 4.6 1.2
2016 4.0 1.2
2017 3.6 1.3
2018 3.3 1.3
2019 3.3 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Washington LEOFF Plan 2, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 6.3 0.0 12.1 4.1 4.1
2002 4.4 0.4 12.8 4.8 4.8
2003 4.3 1.5 14.8 5.9 5.9
2004 5.0 1.8 16.9 6.8 6.8
2005 5.0 2.4 21.2 7.4 7.4
2006 6.8 1.8 23.7 8.6 8.6
2007 7.8 0.0 25.5 7.7 7.7
2008 8.9 0.0 28.0 7.6 7.6
2009 8.9 0.0 29.1 7.3 7.3
2010 8.6 0.0 29.3 7.5 7.5
2011 8.6 0.0 31.2 5.5 5.5
2012 8.5 0.0 33.6 6.2 6.2
2013 8.6 0.0 34.7 5.9 5.9
2014 8.5 0.0 33.8 8.5 8.5
2015 8.5 0.0 33.7 8.5 8.5
2016 8.5 0.0 34.0 8.5 8.5
2017 8.4 0.0 33.3 8.0 8.0
2018 8.8 0.0 35.6 7.9 7.9
2019 8.8 0.0 37.1 7.9 7.9

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Washington LEOFF Plan 2, 2001-2019

Fiscal Year Washington LEOFF Plan 2 National Data
2001 154.4 107.1
2002 136.6 101.2
2003 124.9 91.9
2004 116.9 86.3
2005 113.5 83.2
2006 115.7 80.8
2007 128.8 80.2
2008 133.4 79.6
2009 127.9 77.6
2010 119.0 73.2
2011 118.7 72.2
2012 118.9 71.9
2013 114.6 72.7
2014 107.0 72.2
2015 105.0 72.4
2016 105.0 72.2
2017 109.0 74.0
2018 108.0 74.7
2019 108.0 74.7

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Washington LEOFF Plan 2, 2019

Category Percent
Equities 33.4
Fixed Income 21.5
Private Equity 21.5
Real Estate 18.3
Cash 0.1
Other 0.0
Commodities 5.1
Hedge Fund 0.1
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.1
Fixed Income 22.6
Private Equity 9.3
Real Estate 9.1
Cash 1.6
Other 0.0
Commodities 1.9
Hedge Fund 6.8
Misc. Alternatives 1.6

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Washington LEOFF Plan 2, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 51.0 25.6 13.4 8.5 1.3 0.0 0.0 0.0 0.0
2002 48.3 28.0 13.2 9.2 1.3 0.0 0.0 0.0 0.0
2003 47.7 27.3 14.4 9.4 1.2 0.0 0.0 0.0 0.0
2004 50.0 25.6 12.0 9.4 1.1 0.0 0.0 0.0 0.0
2005 49.2 26.0 14.6 9.3 1.0 0.0 0.0 0.0 0.0
2006 47.8 24.1 16.8 10.5 0.9 0.0 0.0 0.0 0.0
2007 47.1 23.5 18.3 11.0 0.1 0.0 0.0 0.1 0.0
2008 38.7 23.4 22.3 14.0 0.1 0.0 0.7 0.9 0.0
2009 36.0 23.2 21.2 17.5 0.2 0.0 1.1 0.8 0.0
2010 34.7 21.9 25.8 14.2 1.4 0.0 1.2 0.8 0.0
2011 36.8 19.6 25.1 13.8 1.6 0.0 1.2 2.0 0.0
2012 36.0 22.2 26.0 13.7 0.2 0.0 1.4 0.6 0.0
2013 37.7 22.6 23.8 13.6 0.2 0.0 1.5 0.5 0.0
2014 38.0 25.1 22.3 12.4 0.2 0.0 1.6 0.4 0.0
2015 37.3 23.8 22.0 14.5 0.2 0.0 2.0 0.3 0.0
2016 38.0 22.0 21.0 15.8 0.3 0.0 2.9 0.1 0.0
2017 39.4 19.3 20.4 17.0 0.1 0.0 3.8 0.0 0.0
2018 34.2 23.5 20.6 17.2 0.1 0.0 4.4 0.0 0.0
2019 33.4 21.5 21.5 18.3 0.1 0.0 5.1 0.1 0.0

Source: Public Plans Database


Annual Return as of June 30 for Washington LEOFF Plan 2, 2001-2019

Fiscal Year Washington LEOFF Plan 2 Assumed return
2001 -5.96 8.00
2002 -6.40 8.00
2003 4.15 8.00
2004 16.06 8.00
2005 13.34 8.00
2006 16.69 8.00
2007 21.33 8.00
2008 -1.24 8.00
2009 -22.84 8.00
2010 13.22 8.00
2011 21.14 7.90
2012 1.40 7.50
2013 12.36 7.80
2014 17.06 7.50
2015 4.93 7.50
2016 2.65 7.50
2017 13.44 7.50
2018 10.20 7.40
2019 8.36 7.40

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Washington LEOFF Plan 2
2001-2019

Fiscal Year Cash Flow Assets
2001 93.7 2,359.6
2002 65.6 2,271.7
2003 72.8 2,444.9
2004 89.0 2,927.6
2005 89.9 3,412.4
2006 138.6 4,129.1
2007 162.6 5,186.2
2008 198.2 5,316.4
2009 212.1 4,308.9
2010 200.8 5,081.7
2011 194.8 6,366.1
2012 179.0 6,640.7
2013 168.4 7,637.4
2014 154.0 9,251.3
2015 148.3 9,833.6
2016 129.6 10,211.4
2017 111.5 11,776.2
2018 97.1 13,006.4
2019 72.1 14,240.1

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Washington LEOFF Plan 2
2001-2019

Fiscal Year Washington LEOFF Plan 2 National Average
2001 4.0 -3.2
2002 2.9 -3.0
2003 3.0 -4.2
2004 3.0 -3.1
2005 2.6 -2.4
2006 3.4 -1.8
2007 3.1 -1.2
2008 3.7 -0.8
2009 4.9 -0.8
2010 4.0 -1.1
2011 3.1 -2.4
2012 2.7 -1.1
2013 2.2 -1.1
2014 1.7 -3.3
2015 1.5 -1.9
2016 1.3 -1.7
2017 0.9 -3.1
2018 0.7 -2.4
2019 0.5 -2.3

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Washington LEOFF Plan 2 benefit descriptions.