The bill amends existing laws related to the benefit increases for retirees of the Teachers' Retirement System Plan 1 and the Public Employees' Retirement System Plan 1 in Washington State. It establishes a structured increase in monthly benefits for beneficiaries who have been receiving benefits as of specific dates, with increases set to take effect on July 1 of the following years. For instance, beneficiaries receiving benefits on July 1, 2023, will see an increase of three percent, capped at $110.00, effective July 1, 2024. This pattern of increases is consistent across both retirement systems.

Additionally, the bill clarifies that the new benefit increases do not apply to individuals receiving benefits under specific RCWs (41.32.489 for teachers and 41.40.1984 for public employees). The amendments ensure that retirees from both systems receive equitable adjustments to their benefits over the coming years, reflecting a commitment to support public sector retirees in Washington.

Statutes affected:
Original Bill: 41.32.4992, 41.32.489
Substitute Bill: 41.32.4992, 41.32.489
Bill as Passed Legislature: 41.32.4992, 41.32.489
Session Law: 41.32.4992, 41.32.489