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.
AN ACT Relating to cost-of-living adjustments for plan 1 retirees of the teachers' retirement system and public employees' retirement system; amending RCW 41.32.4992 , 41.40.1987 , 41.45.060 , and 41.45.070 ; adding a new section to chapter 41.32 RCW; adding a new section to chapter 41.40 RCW; creating a new section; providing an effective; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature intends to provide an ongoing cost-of-living adjustment to the plans 1 of the public employees' retirement system and the teachers' retirement system and establish a new funding policy to help manage the costs of this benefit improvement while supporting employer contribution rate stability. The intent of the new funding policy is to consolidate the costs of prior cost-of-living adjustments with the new ongoing cost-of-living adjustment and pay the combined costs over 15 years. The 15-year financing period is intended to apply only to the consolidated cost-of-living adjustments costs. Any other plans 1 benefit improvements, including benefit improvements after the effective date of this section, shall be paid over a fixed 10-year amortization period consistent with current law funding policy.
Sec. 2. RCW 41.32.4992 and 2024 c 255 s 1 are each amended to read as follows: