This bill amends RCW 41.32.4992 to provide a series of benefit increases for beneficiaries of the teachers' retirement system plan 1, starting from July 1, 2018, and extending through July 1, 2026. Beneficiaries who were receiving monthly benefits on specific dates (July 1 of 2017, 2019, 2021, 2022, and 2023) will receive incremental increases based on a percentage of their monthly benefit, with caps on the maximum increase amount. Specifically, the increases range from one and one-half percent to three percent, with maximum increases set at $62.50 for the earlier years and $110.00 for the later years.

Additionally, the bill introduces new provisions for beneficiaries who are receiving benefits on July 1, 2025, ensuring they will also receive a three percent increase effective July 1, 2026, capped at $110.00. The bill clarifies that these increases do not apply to individuals receiving benefits under RCW 41.32.489 or 41.32.540.

Statutes affected:
Original bill: 41.32.4992