Transfers of funds.

(1) On June 30, 2029, at the direction of the director of retirement systems, the state treasurer shall transfer to the restated law enforcement officers' and firefighters' defined benefit retirement fund an amount equal to 110 percent of the actuarial present value of the fully projected benefits of plan 1 of the Washington law enforcement officers' and firefighters' retirement system, as identified in subsection (2) of this section.(2)(a) No later than December 31, 2028, the state actuary must determine the actuarial present value of fully projected benefits of plan 1 of the Washington law enforcement officers' and firefighters' retirement system on June 30, 2029, by projecting the results of the latest actuarial valuation available at the time of determination to June 30, 2029.(b) The pension funding council may solicit and administer an independent actuarial audit of the valuation in this subsection.(3) On June 30, 2029, the state treasurer shall transfer the remaining assets in the Washington law enforcement officers' and firefighters' system plan 1 retirement fund, after the transfer in subsection (1) of this section, into the pension surplus holding account and the remaining assets shall continue to be invested by the state investment board until otherwise directed by law.(4) The director of retirement systems may direct the state treasurer, subsequent to the transfer of assets under this section, to make such additional transfers as are necessary to reconcile the amounts transferred and the requirements of RCW 41.26A.500 through 41.26A.530.[ 2026 c 261 s 105.]Notes:Nonseverability—2026 c 261 ss 101-108: See note following RCW 41.26A.505.