Wash. Rev. Code § 41.40.1987

Current through 2024

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.