CERTIFICATION OF ENROLLMENT
SENATE BILL 5676
Chapter 52, Laws of 2022
67TH LEGISLATURE
2022 REGULAR SESSION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM PLAN 1 AND TEACHERS' RETIREMENT SYSTEM PLAN 1—BENEFIT INCREASE
EFFECTIVE DATE: July 1, 2022
Passed by the Senate February 2, 2022 Yeas 47 Nays 0 DENNY HECK
President of the Senate Passed by the House March 2, 2022 Yeas 95 Nays 0 LAURIE JINKINS
Speaker of the House of Representatives | CERTIFICATE I, Sarah Bannister, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5676 as passed by the Senate and the House of Representatives on the dates hereon set forth. SARAH BANNISTER
Secretary Secretary |
Approved March 11, 2022 10:48 AM | FILED March 11, 2022 |
JAY INSLEE
Governor of the State of Washington | Secretary of State State of Washington |
SENATE BILL 5676
Passed Legislature - 2022 Regular Session
State of Washington | 67th Legislature | 2022 Regular Session |
BySenators Conway, Billig, Gildon, Holy, Hunt, Keiser, Kuderer, Lovelett, Lovick, Mullet, Muzzall, Pedersen, Randall, Rivers, Robinson, Saldaña, Stanford, Van De Wege, Wagoner, Warnick, Wellman, C. Wilson, and L. Wilson; by request of Select Committee on Pension Policy
Prefiled 01/05/22.Read first time 01/10/22.Referred to Committee on Ways & Means.
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; 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 2020 c 329 s 2 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 sixty-two dollars and fifty cents.
(2) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2019, shall receive, effective July 1, 2020, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(3) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2021, shall receive, effective July 1, 2022, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed one hundred ten dollars and zero cents.
(4) This section does not apply to those receiving benefits pursuant to RCW
41.32.489 or
41.32.540.
Sec. 2. RCW
41.40.1987 and 2020 c 329 s 1 are each amended 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 one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2019, shall receive, effective July 1, 2020, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(3) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2021, shall receive, effective July 1, 2022, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed one hundred ten dollars and zero cents.
(4) 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, 2022.
Passed by the Senate February 2, 2022.
Passed by the House March 2, 2022.
Approved by the Governor March 11, 2022.
Filed in Office of Secretary of State March 11, 2022.
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