Public commenters press pension board on climate risk and LEFT‑1 benefit protection
September 16, 2025 | Legislative Sessions, Washington
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Several members of the public addressed the committee during the public-comment period on separate but related pension issues.
On climate and investment mandate: Kristen Edmark, Liz Carney and Donna Albert urged greater study of climate risks to pension returns and asked the committee to consider whether the Washington State Investment Board’s mandate should explicitly account for the state’s climate and environmental policy goals. Edmark asked the committee to “study the impact of climate change on future returns and on the stability of the pension fund within the life of the youngest current public employees.” Speakers cited academic and advocacy reports predicting material GDP or portfolio impacts from unchecked climate change and urged decarbonization planning by WSIB.
On LEFT‑1 protection and tax/legal review: Retiree‑group representatives—including Michael Doucheman (Retired Firefighters of Washington), Patty Mann and David Marin—urged preservation of LEFT‑1 assets for beneficiaries. Several speakers said LEFT‑1 contributors overpaid in past decades and asked for rebates or to prevent asset transfers to other funds. Michael Doucheman and Patty Mann referenced a private‑letter ruling (PLR) the group submitted and asked that it be provided to Ice Miller and committee counsel; staff confirmed the PLR had been forwarded to Ice Miller for review and that Ice Miller agreed to appear for the October meeting.
Municipal and school representatives also commented: Fred Yancey of the Washington Association of School Administrators said school districts need predictability in rates and supported COLAs for Plan 1 retirees while urging stable, predictable funding; Candace Bach of the Association of Washington Cities said cities support predictable, sustainable rates and asked that any Plan 1 COLA solution not shift long‑term costs to municipal employers.
The committee closed the public‑comment period and said staff will publish remaining agency responses and coordinate Ice Miller’s appearance in October.
On climate and investment mandate: Kristen Edmark, Liz Carney and Donna Albert urged greater study of climate risks to pension returns and asked the committee to consider whether the Washington State Investment Board’s mandate should explicitly account for the state’s climate and environmental policy goals. Edmark asked the committee to “study the impact of climate change on future returns and on the stability of the pension fund within the life of the youngest current public employees.” Speakers cited academic and advocacy reports predicting material GDP or portfolio impacts from unchecked climate change and urged decarbonization planning by WSIB.
On LEFT‑1 protection and tax/legal review: Retiree‑group representatives—including Michael Doucheman (Retired Firefighters of Washington), Patty Mann and David Marin—urged preservation of LEFT‑1 assets for beneficiaries. Several speakers said LEFT‑1 contributors overpaid in past decades and asked for rebates or to prevent asset transfers to other funds. Michael Doucheman and Patty Mann referenced a private‑letter ruling (PLR) the group submitted and asked that it be provided to Ice Miller and committee counsel; staff confirmed the PLR had been forwarded to Ice Miller for review and that Ice Miller agreed to appear for the October meeting.
Municipal and school representatives also commented: Fred Yancey of the Washington Association of School Administrators said school districts need predictability in rates and supported COLAs for Plan 1 retirees while urging stable, predictable funding; Candace Bach of the Association of Washington Cities said cities support predictable, sustainable rates and asked that any Plan 1 COLA solution not shift long‑term costs to municipal employers.
The committee closed the public‑comment period and said staff will publish remaining agency responses and coordinate Ice Miller’s appearance in October.
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