PERS/TRS 1 benefit increase

AN ACT Relating to providing a benefit increase to certain 1
retirees of the public employees' retirement system plan 1 and the 2
teachers' retirement system plan 1; amending RCW 41.32.4992 and 3
41.40.1987; and declaring an emergency. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:5
Sec. 1. RCW 41.32.4992 and 2024 c 255 s 1 are each amended to 6
read as follows: 7
(1) Beneficiaries who are receiving a monthly benefit from the 8
teachers' retirement system plan 1 on July 1, 2017, shall receive, 9
effective July 1, 2018, an increase to their monthly benefit of one 10
and one-half percent multiplied by the beneficiaries' monthly 11
benefit, not to exceed $62.50. 12
(2) Beneficiaries who are receiving a monthly benefit from the 13
teachers' retirement system plan 1 on July 1, 2019, shall receive, 14
effective July 1, 2020, an increase to their monthly benefit of three 15
percent multiplied by the beneficiaries' monthly benefit, not to 16
exceed $62.50. 17
(3) Beneficiaries who are receiving a monthly benefit from the 18
teachers' retirement system plan 1 on July 1, 2021, shall receive, 19
effective July 1, 2022, an increase to their monthly benefit of three 20
Z-0245.1
HOUSE BILL 1474
State of Washington 69th Legislature 2025 Regular Session
By Representatives Gregerson, Callan, and Scott; by request of Office
of Financial Management
Read first time 01/21/25. Referred to Committee on Appropriations.
p. 1 HB 1474
percent multiplied by the beneficiaries' monthly benefit, not to 1
exceed $110.00. 2
(4) Beneficiaries who are receiving a monthly benefit from the 3
teachers' retirement system plan 1 on July 1, 2022, shall receive, 4
effective July 1, 2023, an increase to their monthly benefit of three 5
percent multiplied by the beneficiaries' monthly benefit, not to 6
exceed $110.00. 7
(5) Beneficiaries who are receiving a monthly benefit from the 8
teachers' retirement system plan 1 on July 1, 2023, shall receive, 9
effective July 1, 2024, an increase to their monthly benefit of three 10
percent multiplied by the beneficiaries' monthly benefit, not to 11
exceed $110.00. 12
(6) Beneficiaries who are receiving a monthly benefit from the 13
teachers' retirement system plan 1 on July 1, 2024, shall receive, 14
effective July 1, 2025, an increase to their monthly benefit of three 15
percent multiplied by the beneficiaries' monthly benefit, not to 16
exceed $110.00.17
(7) This section does not apply to those receiving benefits 18
pursuant to RCW 41.32.489 or 41.32.540. 19
Sec. 2. RCW 41.40.1987 and 2024 c 255 s 2 are each amended to 20
read as follows: 21
(1) Beneficiaries who are receiving a monthly benefit from the 22
public employees' retirement system plan 1 on July 1, 2017, shall 23
receive, effective July 1, 2018, an increase to their monthly benefit 24
of one and one-half percent multiplied by the beneficiaries' monthly 25
benefit, not to exceed $62.50. 26
(2) Beneficiaries who are receiving a monthly benefit from the 27
public employees' retirement system plan 1 on July 1, 2019, shall 28
receive, effective July 1, 2020, an increase to their monthly benefit 29
of three percent multiplied by the beneficiaries' monthly benefit, 30
not to exceed $62.50. 31
(3) Beneficiaries who are receiving a monthly benefit from the 32
public employees' retirement system plan 1 on July 1, 2021, shall 33
receive, effective July 1, 2022, an increase to their monthly benefit 34
of three percent multiplied by the beneficiaries' monthly benefit, 35
not to exceed $110.00. 36
(4) Beneficiaries who are receiving a monthly benefit from the 37
public employees' retirement system plan 1 on July 1, 2022, shall 38
receive, effective July 1, 2023, an increase to their monthly benefit 39
p. 2 HB 1474
of three percent multiplied by the beneficiaries' monthly benefit, 1
not to exceed $110.00. 2
(5) Beneficiaries who are receiving a monthly benefit from the 3
public employees' retirement system plan 1 on July 1, 2023, shall 4
receive, effective July 1, 2024, an increase to their monthly benefit 5
of three percent multiplied by the beneficiaries' monthly benefit, 6
not to exceed $110.00. 7
(6) Beneficiaries who are receiving a monthly benefit from the 8
public employees' retirement system plan 1 on July 1, 2024, shall 9
receive, effective July 1, 2025, an increase to their monthly benefit 10
of three percent multiplied by the beneficiaries' monthly benefit, 11
not to exceed $110.00.12
(7) This section does not apply to those receiving benefits 13
pursuant to RCW 41.40.1984. 14
NEW SECTION. Sec. 3. This act is necessary for the immediate 15
preservation of the public peace, health, or safety, or support of 16
the state government and its existing public institutions, and takes 17
effect immediately.18
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p. 3 HB 1474