HB1292 provides cost-of-living adjustments for retirees in Washington's public employees' and teachers' retirement systems.

HB1292 establishes a new funding policy for the Washington State Retirement Systems to manage costs of ongoing cost-of-living adjustments. It provides a three percent increase to monthly benefits for retirees in the public employees' and teachers' retirement systems, effective July 1, 2022, and July 1, 2023, respectively. The bill also sets contribution rates for employers and the state to fully fund the retirement systems, with a 15-year amortization period for the cost-of-living adjustments.

HB1292 provides cost-of-living adjustments for retirees in Washington's public employees' and teachers' retirement systems.

HB1292 establishes a new funding policy for the Washington State Retirement Systems to manage costs of ongoing cost-of-living adjustments. It provides a three percent increase to monthly benefits for retirees in the public employees' and teachers' retirement systems, effective July 1, 2022, and July 1, 2023, respectively. The bill also sets contribution rates for employers and the state to fully fund the retirement systems, with a 15-year amortization period for the cost-of-living adjustments.