Providing a cost-of-living adjustment for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

 S-4857.1

SUBSTITUTE SENATE BILL 5862

State of Washington

69th Legislature

2026 Regular Session

By Senate Ways & Means (originally sponsored by Senators Dozier, Bateman, Christian, Goehner, Hasegawa, Holy, Lovelett, Wagoner, and J. Wilson)

READ FIRST TIME 02/09/26.

AN ACT Relating to providing a cost-of-living adjustment for plan 1 retirees of the teachers' retirement system and public employees' retirement system; amending RCW 41.32.4992 and 41.40.1987 ; and providing an effective date.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1. RCW 41.32.4992 and 2024 c 255 s 1 are each amended to read as follows:

(1) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2017, shall receive, effective July 1, 2018, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed $62.50.