CERTIFICATION OF ENROLLMENT
SUBSTITUTE HOUSE BILL 1985
Chapter 255, Laws of 2024
68TH LEGISLATURE
2024 REGULAR SESSION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND TEACHERS' RETIREMENT SYSTEM—PLAN 1 BENEFIT INCREASE
EFFECTIVE DATE: June 6, 2024
Passed by the House February 6, 2024 Yeas 97 Nays 0 LAURIE JINKINS
Speaker of the House of Representatives Passed by the Senate February 28, 2024 Yeas 49 Nays 0 DENNY HECK
President of the Senate | CERTIFICATE I, Bernard Dean, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1985 as passed by the House of Representatives and the Senate on the dates hereon set forth. BERNARD DEAN
Chief Clerk Chief Clerk |
Approved March 26, 2024 9:08 AM | FILED March 27, 2024 |
JAY INSLEE
Governor of the State of Washington | Secretary of State State of Washington |
SUBSTITUTE HOUSE BILL 1985
Passed Legislature - 2024 Regular Session
State of Washington | 68th Legislature | 2024 Regular Session |
ByHouse Appropriations (originally sponsored by Representatives Timmons, Leavitt, Fitzgibbon, Ryu, Ramos, Ramel, Bateman, Ormsby, Jacobsen, Callan, Rule, Kloba, Street, Doglio, Fosse, Paul, Bergquist, Goodman, Ortiz-Self, Lekanoff, Reeves, Nance, Riccelli, Hackney, Pollet, and Shavers; by request of Select Committee on Pension Policy)
READ FIRST TIME 01/29/24.
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; and amending RCW
41.32.4992 and
41.40.1987.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW
41.32.4992 and 2023 c 397 s 3 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.
(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 $62.50.
(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 $110.00.
(4) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2022, shall receive, effective July 1, 2023, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00.
(5) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2023, shall receive, effective July 1, 2024, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00.
(6) 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 2023 c 397 s 4 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 $62.50.
(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 $62.50.
(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 $110.00.
(4) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2022, shall receive, effective July 1, 2023, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00.
(5) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2023, shall receive, effective July 1, 2024, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00.
(6) This section does not apply to those receiving benefits pursuant to RCW
41.40.1984.
Passed by the House February 6, 2024.
Passed by the Senate February 28, 2024.
Approved by the Governor March 26, 2024.
Filed in Office of Secretary of State March 27, 2024.
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