House Bill 1565

Source

Section 1

This section modifies existing section 41.40.1987. Here is the modified chapter for context.

  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, 2020, shall receive, effective July 1, 2021, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed $22.

  4. This section does not apply to those receiving benefits pursuant to RCW 41.40.1984.

Section 2

This section modifies existing section 41.32.4992. Here is the modified chapter for context.

  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, 2020, shall receive, effective July 1, 2021, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed $22.

  4. This section does not apply to those receiving benefits pursuant to RCW 41.32.489 or 41.32.540.

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