Statutes, codes, and regulations
Revised Code of Washington
Title 41 - PUBLIC EMPLOYMENT, CIVIL SERVICE, AND PENSIONSChapter 41.40 - WASHINGTON PUBLIC EMPLOYEES' RETIREMENT SYSTEM
"PLAN 1"
Section 41.40.1987 - Monthly benefit increase

Wash. Rev. Code § 41.40.1987

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Current through the 2024 Regular Session
Section 41.40.1987 - Monthly benefit increase
(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.

RCW 41.40.1987

Amended by 2024 c 255,§ 2, eff. 6/6/2024.
Amended by 2023 c 397,§ 4, eff. 7/1/2023.
Amended by 2022 c 52,§ 2, eff. 7/1/2022.
Amended by 2020 c 329,§ 1, eff. 7/1/2020.
Added by 2018 c 151,§ 2, eff. 7/1/2018.

Finding-Effective date-Study on ongoing cost-of-living adjustments- 2023 c 397 : See notes following RCW 41.32.4992.

Effective date- 2022 c 52 : See note following RCW 41.32.4992.

Effective date- 2020 c 329 : See note following RCW 41.32.4992.

Effective date- 2018 c 151 : See note following RCW 41.32.4992.