Sec. 1. RCW 41.40.1987 and 2018 c 151 s 2 are each amended to read as follows:Monthly benefit increase—July 1, 2018.
(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) This section does not apply to those receiving benefits pursuant to RCW 41.40.1984.
2018 c 151 § 2.
Effective date—2018 c 151: See note following RCW 41.32.4992.
Sec. 2. RCW 41.32.4992 and 2018 c 151 s 1 are each amended to read as follows:Monthly benefit increase—July 1, 2018.
(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) This section does not apply to those receiving benefits pursuant to RCW 41.32.489 or 41.32.540.
2018 c 151 § 1.
Effective date—2018 c 151: "This act takes effect July 1, 2018." [2018 c 151 § 3.]