Washington SB5862 provides cost-of-living adjustments for teachers' and public employees' retirement system plan 1 retirees.
Washington SB5862 amends the teachers' and public employees' retirement system plan 1 to provide cost-of-living adjustments for retirees. Beneficiaries receiving benefits from the public employees' retirement system plan 1 on July 1, 2017, will receive a 1.5% increase in their monthly benefit, not to exceed $62.50, effective July 1, 2018. Additional increases of 3% not to exceed $110.00 will be applied to beneficiaries receiving benefits on July 1, 2019, 2021, 2022, 2023, and 2025.
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