This bill amends existing laws related to benefit increases for retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 in Washington State. It establishes a series of scheduled increases to monthly benefits for beneficiaries who have been receiving benefits on specific dates, starting from July 1, 2017, through July 1, 2024. The increases are set at one and one-half percent for the first year, followed by three percent increases in subsequent years, with caps on the maximum increase amount, which varies from $62.50 to $110.00 depending on the year.

Notably, the bill introduces new provisions that extend the benefit increase to beneficiaries who are receiving monthly benefits on July 1, 2024, effective July 1, 2025, ensuring they also receive a three percent increase, capped at $110.00. Additionally, the bill clarifies that these provisions do not apply to individuals receiving benefits under specific other statutes. The act is declared an emergency measure, indicating its immediate necessity for the preservation of public welfare and the functioning of state institutions.

Statutes affected:
Original Bill: 41.32.4992, 41.32.489