This 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. The maximum increase cap is set at $62.50 for the initial years, increasing to $110.00 for subsequent years. Notably, the bill introduces a new provision that mandates a 3% increase for beneficiaries who are receiving benefits on July 1, 2025, effective July 1, 2026.

Additionally, the bill clarifies that these adjustments do not apply to individuals receiving benefits under specific RCWs (41.32.489 for the teachers' retirement system and 41.40.1984 for the public employees' retirement system). 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 regular cost-of-living adjustments to their benefits.

Statutes affected:
Original bill: 41.32.4992, 41.32.489