Bill > HB1474

This bill provides a benefit increase to retirees of the Teachers' Retirement System (TRS) Plan 1 and Public Employees' Retirement System (PERS) Plan 1, extending an existing pattern of annual benefit adjustments. Specifically, the bill adds a new provision for beneficiaries receiving monthly benefits on July 1, 2024, who will receive a 3% increase to their monthly benefit effective July 1, 2025, not to exceed $110.00. This continues a series of incremental benefit increases that began in 2017, which have historically ranged from 1.5% to 3% with maximum increases of $62.50 or $110.00 depending on the year. The bill applies only to retirees in Plan 1 of these retirement systems and excludes certain specific benefit recipients. The final section of the bill declares an emergency, which means the legislation will take effect immediately upon being signed into law, ensuring prompt implementation of the benefit increase for eligible retirees.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1474&Year=2025&Initiative=false