The bill amends existing laws regarding cost-of-living adjustments for retirees of the teachers' retirement system and the public employees' retirement system in Washington State. It establishes a series of incremental increases to monthly benefits for beneficiaries of both systems, starting with a 1.5% increase for those receiving benefits on July 1, 2017, and progressing to a 3% increase for beneficiaries on July 1, 2021, and beyond. Notably, the bill introduces new provisions that specify beneficiaries receiving monthly benefits on July 1, 2025, will receive a 3% increase effective July 1, 2026, for both retirement systems.

Additionally, the bill clarifies that these adjustments do not apply to individuals receiving benefits under specific RCWs (41.32.489 for teachers and 41.40.1984 for public employees). The effective date for the new provisions is set for July 1, 2026. Overall, the bill aims to enhance the financial support for retirees by ensuring their benefits keep pace with inflation and cost-of-living changes.

Statutes affected:
Original bill: 41.32.4992, 41.32.489