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HB1292 • 2026

Plan 1 retiree COLAs

Concerning cost-of-living adjustments for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Representative Leavitt, Representative Bronoske, Representative Ryu, Representative Reed, Representative Rude, Representative Goodman, Representative Steele, Representative Paul, Representative Doglio, Representative Eslick, Representative Valdez, Representative Timmons, Representative Pollet, Representative Macri, Representative Simmons, Representative Fey, Representative Low
Last action
2026-01-12
Official status
H Approps
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Plan 1 retiree COLAs

Plan 1 retiree COLAs

What This Bill Does

  • Plan 1 retiree COLAs

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-01-12 House

    By resolution, reintroduced and retained in present status.

Official Summary Text

Plan 1 retiree COLAs

Current Bill Text

Read the full stored bill text
AN ACT Relating to cost-of-living adjustments for plan 1 retirees 1
of the teachers' retirement system and public employees' retirement 2
system; amending RCW 41.32.4992, 41.40.1987, 41.45.060, and 3
41.45.070; adding a new section to chapter 41.32 RCW; adding a new 4
section to chapter 41.40 RCW; creating a new section; providing an 5
effective; and declaring an emergency. 6
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:7
NEW SECTION. Sec. 1. The legislature intends to provide an 8
ongoing cost-of-living adjustment to the plans 1 of the public 9
employees' retirement system and the teachers' retirement system and 10
establish a new funding policy to help manage the costs of this 11
benefit improvement while supporting employer contribution rate 12
stability. The intent of the new funding policy is to consolidate the 13
costs of prior cost-of-living adjustments with the new ongoing cost-14
of-living adjustment and pay the combined costs over 15 years. The 15
15-year financing period is intended to apply only to the 16
consolidated cost-of-living adjustments costs. Any other plans 1 17
benefit improvements, including benefit improvements after the 18
effective date of this section, shall be paid over a fixed 10-year 19
amortization period consistent with current law funding policy.20
Z-0168.1
HOUSE BILL 1292
State of Washington 69th Legislature 2025 Regular Session
By Representatives Leavitt, Bronoske, Ryu, Reed, Rude, Goodman,
Steele, Paul, Doglio, Eslick, Caldier, Timmons, Pollet, Macri,
Simmons, Fey, and Low; by request of Select Committee on Pension
Policy
Read first time 01/14/25. Referred to Committee on Appropriations.
p. 1 HB 1292
Sec. 2. RCW 41.32.4992 and 2024 c 255 s 1 are each amended to 1
read as follows: 2
(1) Beneficiaries who are receiving a monthly benefit from the 3
teachers' retirement system plan 1 on July 1, 2017, shall receive, 4
effective July 1, 2018, an increase to their monthly benefit of one 5
and one-half percent multiplied by the beneficiaries' monthly 6
benefit, not to exceed $62.50. 7
(2) Beneficiaries who are receiving a monthly benefit from the 8
teachers' retirement system plan 1 on July 1, 2019, shall receive, 9
effective July 1, 2020, an increase to their monthly benefit of three 10
percent multiplied by the beneficiaries' monthly benefit, not to 11
exceed $62.50. 12
(3) Beneficiaries who are receiving a monthly benefit from the 13
teachers' retirement system plan 1 on July 1, 2021, shall receive, 14
effective July 1, 2022, an increase to their monthly benefit of three 15
percent multiplied by the beneficiaries' monthly benefit, not to 16
exceed $110.00. 17
(4) Beneficiaries who are receiving a monthly benefit from the 18
teachers' retirement system plan 1 on July 1, 2022, shall receive, 19
effective July 1, 2023, an increase to their monthly benefit of three 20
percent multiplied by the beneficiaries' monthly benefit, not to 21
exceed $110.00. 22
(5) Beneficiaries who are receiving a monthly benefit from the 23
teachers' retirement system plan 1 on July 1, 2023, shall receive, 24
effective July 1, 2024, an increase to their monthly benefit of three 25
percent multiplied by the beneficiaries' monthly benefit, not to 26
exceed $110.00. 27
(6) Beneficiaries who are receiving a monthly benefit from the 28
teachers' retirement system plan 1 on July 1, 2024, shall receive, 29
effective July 1, 2025, an increase to their monthly benefit of three 30
percent multiplied by the beneficiaries' monthly benefit.31
(7) This section does not apply to those receiving benefits 32
pursuant to RCW 41.32.489 or 41.32.540. 33
Sec. 3. RCW 41.40.1987 and 2024 c 255 s 2 are each amended to 34
read as follows: 35
(1) Beneficiaries who are receiving a monthly benefit from the 36
public employees' retirement system plan 1 on July 1, 2017, shall 37
receive, effective July 1, 2018, an increase to their monthly benefit 38
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of one and one-half percent multiplied by the beneficiaries' monthly 1
benefit, not to exceed $62.50. 2
(2) Beneficiaries who are receiving a monthly benefit from the 3
public employees' retirement system plan 1 on July 1, 2019, shall 4
receive, effective July 1, 2020, an increase to their monthly benefit 5
of three percent multiplied by the beneficiaries' monthly benefit, 6
not to exceed $62.50. 7
(3) Beneficiaries who are receiving a monthly benefit from the 8
public employees' retirement system plan 1 on July 1, 2021, shall 9
receive, effective July 1, 2022, an increase to their monthly benefit 10
of three percent multiplied by the beneficiaries' monthly benefit, 11
not to exceed $110.00. 12
(4) Beneficiaries who are receiving a monthly benefit from the 13
public employees' retirement system plan 1 on July 1, 2022, shall 14
receive, effective July 1, 2023, an increase to their monthly benefit 15
of three percent multiplied by the beneficiaries' monthly benefit, 16
not to exceed $110.00. 17
(5) Beneficiaries who are receiving a monthly benefit from the 18
public employees' retirement system plan 1 on July 1, 2023, shall 19
receive, effective July 1, 2024, an increase to their monthly benefit 20
of three percent multiplied by the beneficiaries' monthly benefit, 21
not to exceed $110.00. 22
(6) Beneficiaries who are receiving a monthly benefit from the 23
public employees' retirement system plan 1 on July 1, 2024, shall 24
receive, effective July 1, 2025, an increase to their monthly benefit 25
of three percent multiplied by the beneficiaries' monthly benefit.26
(7) This section does not apply to those receiving benefits 27
pursuant to RCW 41.40.1984. 28
NEW SECTION. Sec. 4. A new section is added to chapter 41.32 29
RCW to read as follows: 30
(1) Beginning July 1, 2026, and every year thereafter, the 31
department shall determine the following information for each plan 1 32
retired member or beneficiary whose retirement allowance has been in 33
effect for at least one year: 34
(a) The original dollar amount of the retirement allowance as of 35
June 30, 2026, or the effective date of retirement, whichever is 36
later; 37
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(b) The index for the calendar year prior to July 1, 2025, or the 1
effective date of the retirement allowance, whichever is later, to be 2
known as "index A"; 3
(c) The index for the calendar year prior to the date of 4
determination, to be known as "index B"; and 5
(d) The ratio obtained when index B is divided by index A.6
(2) The value of the ratio obtained is the annual adjustment to 7
the original retirement allowance and must be applied beginning with 8
the July payment. In no event, however, may the annual adjustment:9
(a) Produce a retirement allowance which is lower than the 10
original retirement allowance; 11
(b) Exceed three percent in the initial annual adjustment; or12
(c) Differ from the previous year's annual adjustment by more 13
than three percent. 14
(3) For the purposes of this section, "index" means, for any 15
calendar year, that year's average consumer price index, Seattle, 16
Washington area for urban wage earners and clerical workers, all 17
items, compiled by the bureau of labor statistics, United States 18
department of labor. 19
(4) This section does not apply to members or beneficiaries 20
receiving benefits pursuant to RCW 41.32.489 or 41.32.540.21
(5) The department shall apply the cost-of-living adjustment 22
provided in this section as a cumulative adjustment for a plan 1 23
retired member or beneficiary who elects to receive the benefits 24
provided pursuant to RCW 41.32.530(1)(d) so the retirement allowance 25
reflects the compounded value of both benefits. 26
(6) The legislature reserves the right to amend or repeal this 27
section in the future and no member or beneficiary has a contractual 28
right to receive postretirement adjustments not granted prior to that 29
time. 30
NEW SECTION. Sec. 5. A new section is added to chapter 41.40 31
RCW to read as follows: 32
(1) Beginning July 1, 2026, and every year thereafter, the 33
department shall determine the following information for each plan 1 34
retired member or beneficiary whose retirement allowance has been in 35
effect for at least one year: 36
(a) The original dollar amount of the retirement allowance as of 37
June 30, 2026, or the effective date of retirement, whichever is 38
later; 39
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(b) The index for the calendar year prior to July 1, 2025, or the 1
effective date of the retirement allowance, whichever is later, to be 2
known as "index A"; 3
(c) The index for the calendar year prior to the date of 4
determination, to be known as "index B"; and 5
(d) The ratio obtained when index B is divided by index A.6
(2) The value of the ratio obtained is the annual adjustment to 7
the original retirement allowance and must be applied beginning with 8
the July payment. In no event, however, may the annual adjustment:9
(a) Produce a retirement allowance which is lower than the 10
original retirement allowance; 11
(b) Exceed three percent in the initial annual adjustment; or12
(c) Differ from the previous year's annual adjustment by more 13
than three percent. 14
(3) For the purposes of this section, "index" means, for any 15
calendar year, that year's average consumer price index, Seattle, 16
Washington area for urban wage earners and clerical workers, all 17
items, compiled by the bureau of labor statistics, United States 18
department of labor. 19
(4) This section does not apply to members or beneficiaries 20
receiving benefits pursuant to RCW 41.40.1984. 21
(5) The department shall apply the cost-of-living adjustment 22
provided in this section as a cumulative adjustment for a plan 1 23
retired member or beneficiary who elects to receive the benefits 24
provided pursuant to RCW 41.40.188(1)(c) so the retirement allowance 25
reflects the compounded value of both benefits. 26
(6) The legislature reserves the right to amend or repeal this 27
section in the future and no member or beneficiary has a contractual 28
right to receive postretirement adjustments not granted prior to that 29
time. 30
Sec. 6. RCW 41.45.060 and 2020 c 103 s 4 are each amended to 31
read as follows: 32
(1) The state actuary shall provide preliminary actuarial 33
valuation results based on the economic assumptions and asset value 34
smoothing technique included in RCW 41.45.035 or adopted under RCW 35
41.45.030 or 41.45.035. 36
(2) Not later than July 31, 2008, and every two years thereafter, 37
consistent with the economic assumptions and asset value smoothing 38
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technique included in RCW 41.45.035 or adopted under RCW 41.45.030 or 1
41.45.035, the council shall adopt and may make changes to:2
(a) A basic state contribution rate for the law enforcement 3
officers' and firefighters' retirement system plan 1;4
(b) Basic employer contribution rates for the public employees' 5
retirement system, the teachers' retirement system, and the 6
Washington state patrol retirement system; and 7
(c) Basic employer contribution rates for the school employees' 8
retirement system and the public safety employees' retirement system 9
for funding both those systems and the public employees' retirement 10
system plan 1. 11
The council may adopt annual rate changes for any plan for any 12
rate-setting period. The contribution rates adopted by the council 13
shall be subject to revision by the legislature. 14
(3) The employer and state contribution rates adopted by the 15
council shall be the level percentages of pay that are needed:16
(a) To fully amortize the total costs of the law enforcement 17
officers' and firefighters' retirement system plan 1 not later than 18
June 30, 2024; 19
(b) To fully fund the public employees' retirement system plans 2 20
and 3, the teachers' retirement system plans 2 and 3, the public 21
safety employees' retirement system plan 2, and the school employees' 22
retirement system plans 2 and 3 in accordance with RCW 41.45.061, 23
41.45.067, and this section; and 24
(c) To fully fund the public employees' retirement system plan 1 25
and the teachers' retirement system plan 1 in accordance with RCW 26
41.45.070, 41.45.150, and this section. 27
(4) The aggregate actuarial cost method shall be used to 28
calculate a combined plan 2 and 3 normal cost, a Washington state 29
patrol retirement system normal cost, and a public safety employees' 30
retirement system normal cost. 31
(5) A modified entry age normal cost method, as set forth in this 32
chapter, shall be used to calculate employer contributions to the 33
public employees' retirement system plan 1 and the teachers' 34
retirement system plan 1. 35
(6) The employer contribution rate for the public employees' 36
retirement system and the school employees' retirement system shall 37
equal the sum of: 38
p. 6 HB 1292
(a) The amount required to pay the combined plan 2 and plan 3 1
normal cost for the system, subject to any minimum rates applied 2
pursuant to RCW 41.45.155; plus 3
(b) The amount required to amortize the unfunded actuarial 4
accrued liability in plan 1 of the public employees' retirement 5
system over a rolling ten-year period using projected future salary 6
growth and growth in system membership, and subject to any minimum or 7
maximum rates applied pursuant to RCW 41.45.150; plus8
(c) ((The)) Except as described in (d) of this subsection, the 9
amounts required to amortize the costs of any benefit improvements in 10
plan 1 of the public employees' retirement system that become 11
effective after June 30, ((2009)) 2025. The cost of each benefit 12
improvement shall be amortized over a fixed ten-year period using 13
projected future salary growth and growth in system membership. The 14
amounts required under this subsection are not subject to, and are 15
collected in addition to, any minimum or maximum rates applied 16
pursuant to RCW 41.45.150; plus17
(d)(i) The amounts required to amortize the remaining costs of 18
benefit improvements in the public employees' retirement system plan 19
1 effective from July 1, 2018, through June 30, 2025. The remaining 20
cost of these benefit improvements as of July 1, 2025, shall be 21
amortized over a fixed 15-year period using projected future salary 22
growth and growth in system membership. Contribution rates collected 23
under this subsection are effective on September 1, 2025. The amounts 24
required under this subsection are not subject to, and are collected 25
in addition to, any minimum or maximum rates applied pursuant to RCW 26
41.45.150; plus27
(ii) The amounts required to amortize the cost of the benefit 28
improvement provided in section 3, chapter . . ., Laws of 2025 29
(section 3 of this act) and section 5 of this act to the public 30
employees' retirement system plan 1 effective July 1, 2025, and July 31
1, 2026, respectively. The cost of this benefit improvement shall be 32
amortized over a fixed 15-year period using projected future salary 33
growth and growth in system membership. Contribution rates collected 34
under this subsection are effective on September 1, 2025. The amounts 35
required under this subsection are not subject to, and are collected 36
in addition to, any minimum or maximum rates applied pursuant to RCW 37
41.45.150. 38
(7) The employer contribution rate for the public safety 39
employees' retirement system shall equal the sum of:40
p. 7 HB 1292
(a) The amount required to pay the normal cost for the system, 1
subject to any minimum rates applied pursuant to RCW 41.45.155; plus2
(b) The amount required to amortize the unfunded actuarial 3
accrued liability in plan 1 of the public employees' retirement 4
system over a rolling ten-year period using projected future salary 5
growth and growth in system membership, and subject to any minimum or 6
maximum rates applied pursuant to RCW 41.45.150; plus7
(c) ((The)) Except as described in (d) of this subsection, the 8
amounts required to amortize the costs of any benefit improvements in 9
plan 1 of the public employees' retirement system that become 10
effective after June 30, ((2009)) 2025. The cost of each benefit 11
improvement shall be amortized over a fixed ten-year period using 12
projected future salary growth and growth in system membership. The 13
amounts required under this subsection are not subject to, and are 14
collected in addition to, any minimum or maximum rates applied 15
pursuant to RCW 41.45.150; plus16
(d)(i) The amounts required to amortize the remaining costs of 17
benefit improvements in the public employees' retirement system plan 18
1 effective from July 1, 2018, through June 30, 2025. The remaining 19
cost of these benefit improvements as of July 1, 2025, shall be 20
amortized over a fixed 15-year period using projected future salary 21
growth and growth in system membership. Contribution rates collected 22
under this subsection are effective on September 1, 2025. The amounts 23
required under this subsection are not subject to, and are collected 24
in addition to, any minimum or maximum rates applied pursuant to RCW 25
41.45.150; plus26
(ii) The amounts required to amortize the cost of the benefit 27
improvement provided in section 3, chapter . . ., Laws of 2025 28
(section 3 of this act) and section 5 of this act to the public 29
employees' retirement system plan 1 effective July 1, 2025, and July 30
1, 2026, respectively. The cost of this benefit improvement shall be 31
amortized over a fixed 15-year period using projected future salary 32
growth and growth in system membership. Contribution rates collected 33
under this subsection are effective on September 1, 2025. The amounts 34
required under this subsection are not subject to, and are collected 35
in addition to, any minimum or maximum rates applied pursuant to RCW 36
41.45.150. 37
(8) The employer contribution rate for the teachers' retirement 38
system shall equal the sum of: 39
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(a) The amount required to pay the combined plan 2 and plan 3 1
normal cost for the system, subject to any minimum rates applied 2
pursuant to RCW 41.45.155; plus 3
(b) The amount required to amortize the unfunded actuarial 4
accrued liability in plan 1 of the teachers' retirement system over a 5
rolling ten-year period using projected future salary growth and 6
growth in system membership, and subject to any minimum or maximum 7
rates applied pursuant to RCW 41.45.150; plus 8
(c) ((The)) Except as described in (d) of this subsection, the 9
amounts required to amortize the costs of any benefit improvements in 10
plan 1 of the teachers' retirement system that become effective after 11
June 30, ((2009)) 2025. The cost of each benefit improvement shall be 12
amortized over a fixed ten-year period using projected future salary 13
growth and growth in system membership. The amounts required under 14
this subsection are not subject to, and are collected in addition to, 15
any minimum or maximum rates applied pursuant to RCW 41.45.150; plus16
(d)(i) The amounts required to amortize the remaining costs of 17
benefit improvements in the teachers' retirement system plan 1 18
effective from July 1, 2018, through June 30, 2025. The remaining 19
cost of these benefit improvements as of July 1, 2025, shall be 20
amortized over a fixed 15-year period using projected future salary 21
growth and growth in system membership. Contribution rates collected 22
under this subsection are effective on September 1, 2025. The amounts 23
required under this subsection are not subject to, and are collected 24
in addition to, any minimum or maximum rates applied pursuant to RCW 25
41.45.150; plus26
(ii) The amounts required to amortize the cost of the benefit 27
improvement provided in section 2, chapter . . ., Laws of 2025 28
(section 2 of this act) and section 4 of this act to the teachers' 29
retirement system plan 1 effective July 1, 2025, and July 1, 2026, 30
respectively. The cost of this benefit improvement shall be amortized 31
over a fixed 15-year period using projected future salary growth and 32
growth in system membership. Contribution rates collected under this 33
subsection are effective on September 1, 2025. The amounts required 34
under this subsection are not subject to, and are collected in 35
addition to, any minimum or maximum rates applied pursuant to RCW 36
41.45.150. 37
(9) The employer contribution rate for each of the institutions 38
of higher education for the higher education supplemental retirement 39
benefits must be sufficient to fund, as a level percentage of pay, a 40
p. 9 HB 1292
portion of the projected cost of the supplemental retirement benefits 1
for the institution beginning in 2035, with the other portion 2
supported on a pay-as-you-go basis, either as direct payments by each 3
institution to retirees, or as contributions to the higher education 4
retirement plan supplemental benefit fund. Contributions must 5
continue until the council determines that the institution for higher 6
education supplemental retirement benefit liabilities are satisfied.7
(10) The council shall immediately notify the directors of the 8
office of financial management and department of retirement systems 9
of the state and employer contribution rates adopted. The rates shall 10
be effective for the ensuing biennial period, subject to any 11
legislative modifications. 12
(11) The director shall collect those rates adopted by the 13
council. The rates established in RCW 41.45.062, or by the council, 14
shall be subject to revision by the legislature. 15
(12) The state actuary shall prepare final actuarial valuation 16
results based on the economic assumptions, asset value smoothing 17
technique, and contribution rates included in or adopted under RCW 18
41.45.030, 41.45.035, and this section. 19
Sec. 7. RCW 41.45.070 and 2009 c 561 s 4 are each amended to 20
read as follows: 21
(1) In addition to the basic employer contribution rate 22
established in RCW 41.45.060 or 41.45.054, the department shall also 23
charge employers of public employees' retirement system, teachers' 24
retirement system, school employees' retirement system, public safety 25
employees' retirement system, or Washington state patrol retirement 26
system members an additional supplemental rate to pay for the cost of 27
additional benefits, if any, granted to members of those systems. 28
Except as provided in subsections (6), (7), ((and)) (9), and (10) of 29
this section, the supplemental contribution rates required by this 30
section shall be calculated by the state actuary and shall be charged 31
regardless of language to the contrary contained in the statute which 32
authorizes additional benefits. 33
(2) In addition to the basic member, employer, and state 34
contribution rate established in RCW 41.45.0604 for the law 35
enforcement officers' and firefighters' retirement system plan 2, the 36
department shall also establish supplemental rates to pay for the 37
cost of additional benefits, if any, granted to members of the law 38
enforcement officers' and firefighters' retirement system plan 2. 39
p. 10 HB 1292
Except as provided in subsection (6) of this section, these 1
supplemental rates shall be calculated by the actuary retained by the 2
law enforcement officers' and firefighters' board and the state 3
actuary through the process provided in RCW 41.26.720(1)(a) and the 4
state treasurer shall transfer the additional required contributions 5
regardless of language to the contrary contained in the statute which 6
authorizes the additional benefits. 7
(3) Beginning July 1, 2009, the supplemental rate charged under 8
this section to fund benefit increases provided to active members of 9
the public employees' retirement system plan 1 and the teachers' 10
retirement system plan 1 shall be calculated as the level percentage 11
of all system pay needed to fund the cost of the benefit over a fixed 12
ten-year period, using projected future salary growth and growth in 13
system membership. The supplemental rate to fund benefit increases 14
provided to active members of the public employees' retirement system 15
plan 1 shall be charged to all system employers in the public 16
employees' retirement system, the school employees' retirement 17
system, and the public safety employees' retirement system. The 18
supplemental rate to fund benefit increases provided to active 19
members of the teachers' retirement system plan 1 shall be charged to 20
all system employers in the teachers' retirement system.21
(4) The supplemental rate charged under this section to fund 22
benefit increases provided to active and retired members of the 23
public employees' retirement system plan 2 and plan 3, the teachers' 24
retirement system plan 2 and plan 3, the public safety employees' 25
retirement system plan 2, the school employees' retirement system 26
plan 2 and plan 3, or the Washington state patrol retirement system 27
shall be calculated as the level percentage of all members' pay 28
needed to fund the cost of the benefit, as calculated under RCW 29
41.45.060, 41.45.061, 41.45.0631, or 41.45.067. 30
(5) The supplemental rate charged under this section to fund 31
postretirement adjustments which are provided on a nonautomatic basis 32
to current retirees shall be calculated as the percentage of pay 33
needed to fund the adjustments as they are paid to the retirees. 34
((Beginning)) Except as described in subsection (10) of this section, 35
beginning July 1, 2009, the supplemental rate charged under this 36
section to fund increases in the automatic postretirement adjustments 37
for active or retired members of the public employees' retirement 38
system plan 1 and the teachers' retirement system plan 1 shall be 39
calculated as the level percentage of pay needed to fund the cost of 40
p. 11 HB 1292
the automatic adjustments over a fixed ten-year period, using 1
projected future salary growth and growth in system membership. The 2
supplemental rate to fund increases in the automatic postretirement 3
adjustments for active members or retired members of the public 4
employees' retirement system plan 1 shall be charged to all system 5
employers in the public employees' retirement system, the school 6
employees' retirement system, and the public safety employees' 7
retirement system. The supplemental rate to fund increases in 8
automatic postretirement adjustments for active members or retired 9
members of the teachers' retirement system plan 1 shall be charged to 10
all system employers in the teachers' retirement system.11
(6) A supplemental rate shall not be charged to pay for the cost 12
of additional benefits granted to members pursuant to chapter 340, 13
Laws of 1998. 14
(7) A supplemental rate shall not be charged to pay for the cost 15
of additional benefits granted to members pursuant to chapter 41.31A 16
RCW; section 309, chapter 341, Laws of 1998; or section 701, chapter 17
341, Laws of 1998. 18
(8) A supplemental rate shall not be charged to pay for the cost 19
of additional benefits granted to members and survivors pursuant to 20
chapter 94, Laws of 2006. 21
(9) A supplemental rate shall not be charged to pay for the cost 22
of the additional benefits granted to members of the teachers' 23
retirement system and the school employees' retirement system plans 2 24
and 3 in sections 2, 4, 6, and 8, chapter 491, Laws of 2007 until 25
September 1, 2008. A supplemental rate shall not be charged to pay 26
for the cost of the additional benefits granted to members of the 27
public employees' retirement system plans 2 and 3 under sections 9 28
and 10, chapter 491, Laws of 2007 until July 1, 2008.29
(10) A supplemental rate shall be charged to pay for the 30
additional cost of benefits granted to members under sections 2 and 31
3, chapter . . ., Laws of 2025 (sections 2 and 3 of this act) and 32
sections 4 and 5 of this act. The supplemental rate shall be 33
calculated as the level percentage of pay needed to fund the cost of 34
the additional benefits over a fixed 15-year period, using projected 35
future salary growth and growth in system membership.36
NEW SECTION. Sec. 8. This act is necessary for the immediate 37
preservation of the public peace, health, or safety, or support of 38
p. 12 HB 1292
the state government and its existing public institutions, and takes 1
effect July 1, 2025. 2
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