This 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 based on specific eligibility dates. For instance, beneficiaries receiving benefits on July 1, 2024, will see an increase of three percent of their monthly benefit, capped at $110.00, effective July 1, 2025. The bill also clarifies that these increases do not apply to individuals receiving benefits under certain other statutes.

Additionally, the bill declares an emergency, indicating that the changes are necessary for the immediate preservation of public peace, health, or safety, and thus takes effect immediately. The amendments to RCW 41.32.4992 and RCW 41.40.1987 include the new provisions for the benefit increases for the year 2025, ensuring that retirees continue to receive adjusted benefits in line with inflation and cost of living considerations.

Statutes affected:
Original Bill: 41.32.4992, 41.32.489