Shown verbatim: the complete text as captured from the official page posted by the Washington Legislature, fetched 2026-08-29. This is the chaptered version. The official bill page.
CERTIFICATION OF ENROLLMENT SUBSTITUTE SENATE BILL 5862 Chapter 248, Laws of 2026 69TH LEGISLATURE 2026 REGULAR SESSION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND TEACHERS' RETIREMENT SYSTEM—PLAN 1 BENEFIT INCREASE EFFECTIVE DATE: July 1, 2026 Passed by the Senate February 13, 2026 Yeas 48 Nays 0 DENNY HECK President of the Senate Passed by the House March 6, 2026 Yeas 96 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 SUBSTITUTE SENATE BILL 5862 as passed by the Senate and the House of Representatives on the dates hereon set forth. SARAH BANNISTER Secretary Secretary Approved March 30, 2026 2:55 PM FILED March 31, 2026 BOB FERGUSON Governor of the State of Washington Secretary of State State of Washington SUBSTITUTE SENATE BILL 5862 Passed Legislature - 2026 Regular Session State of Washington 69th Legislature 2026 Regular Session By Senate Ways & Means (originally sponsored by Senators Dozier, Bateman, Christian, Goehner, Hasegawa, Holy, Lovelett, Wagoner, and J. Wilson) READ FIRST TIME 02/09/26. AN ACT Relating to providing a cost-of-living adjustment for plan 1 retirees of the teachers' retirement system and public employees' retirement system; 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 2024 c 255 s 1 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) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2025, shall receive, effective July 1, 2026, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00. (7) 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 2024 c 255 s 2 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) Beneficiaries who are receiving a monthly benefit from the public employees' retirement system plan 1 on July 1, 2025, shall receive, effective July 1, 2026, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed $110.00. (7) 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, 2026. Passed by the Senate February 13, 2026. Passed by the House March 6, 2026. Approved by the Governor March 30, 2026. Filed in Office of Secretary of State March 31, 2026.
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