S-4796.1
SUBSTITUTE SENATE BILL 6340
State of Washington
65th Legislature
2018 Regular Session
By Senate Ways & Means (originally sponsored by Senators Conway, Bailey, Hobbs, Walsh, Hasegawa, Hunt, Mullet, Keiser, Palumbo, and Saldaña; by request of Select Committee on Pension Policy)
READ FIRST TIME 02/06/18.
AN ACT Relating to providing a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1; adding a new section to chapter 41.32 RCW; adding a new section to chapter 41.40 RCW; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION.  Sec. 1.  A new section is added to chapter 41.32 RCW under the subchapter heading "plan 1" 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 two percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) This section does not apply to those receiving benefits pursuant to RCW 41.32.489 or 41.32.540.
NEW SECTION.  Sec. 2.  A new section is added to chapter 41.40 RCW under the subchapter heading "plan 1" to read as follows:
(1) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2017, shall receive, effective July 1, 2018, an increase to their monthly benefit of two percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) This section does not apply to those receiving benefits pursuant to RCW 41.40.1984.
NEW SECTION.  Sec. 3.  This act takes effect July 1, 2018.
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