Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF 2) is a defined-benefit retirement plan that provides a secure formula-driven income for retirement.
The Department of Retirement Systems (DRS) provides plan information in the LEOFF 2 Handbook. Here are the plan highlights:
Participation in the LEOFF 2 retirement plan starts on your first day of employment as a commissioned police officer. In this 401(a) defined benefit plan, you and the University contribute money that funds your retirement income. Once you retire, you will receive your retirement benefit based on a formula which includes your years of service credit and average final compensation. Here is how it works:
Full-time commissioned UW police officers are eligible to participate in LEOFF 2.
Your retirement benefits are calculated using this formula:
Monthly retirement income = service credit months ÷ 12 x 2% x final average salary.
You receive one service-credit month for each calendar month that you receive basic salary for 90 or more hours. Beginning September 1, 1991, you receive half a service credit month for any month that you receive basic salary for at least 70 hours but less than 90 hours. You receive a quarter service credit month for any month that you receive basic salary for less than 70 hours.
Your average final compensation is the monthly average of your 60 consecutive highest-paid service credit months.
For example, suppose you retire at age 55 with 30 years and 2 months (362 months) of service and your final average salary is $3,000. Your monthly retirement benefit will be $1,809. The formula used to arrive at this figure is: 362 months ÷ 12 x 2% x $3,000 = $1,809
This calculation results in the standard single-life-only benefit. It will be lower if you choose to continue benefits to a survivor upon your death.
UW police officers participate in LEOFF2 from the beginning of employment. Retirement plan participation is a condition of employment.
The LEOFF 2 enrollment form can be found in the Department of Retirement System (DRS) LEOFF 2 Handbook. Please contact the UW Benefits Office for further information.
You can withdraw or transfer your employee contributions plus interest only if you end your employment as a law enforcement officer in the State of Washington. You are not eligible for a withdrawal if you enter into eligible employment with an employer covered by the same system before receiving the withdrawn money.
If you have 10 or more years of service credit in LEOFF, you may withdraw 150% of your accumulated contributions.
If you withdraw your contributions prior to retirement, you lose your right to future benefits. You can restore your contributions and reestablish your benefits under certain circumstances.
Processing a withdrawal may require 60 to 90 days. Your choices are:
If you withdraw your contributions before retirement, you lose your right to future retirement benefits. You can restore your contributions and re-establish your benefits under certain circumstances. Explore the LEOFF website for more information including member publications.
Disclaimer: If there are any discrepancies between this document and the provisions of the LEOFF 2 Plan Document, the Plan Document will prevail.