Senate Passes Plan 1 COLA

Senate Passes Plan 1 COLA

On the afternoon of Monday, February 27, the Washington State Senate unanimously passed two bills that grant a one-time cost of living adjustment (COLA) to Plan 1 retirees and lay the groundwork for a recurring COLA.

Senate Bill 5350 provides PERS 1 and TRS 1 retirees with a 3% COLA in July 2023 not to exceed $110 per month.  The bill also directs the Select Committee on Pension Policy (SCPP) to study and recommend to the legislature a recurring COLA proposal for Plan 1 retirees.

Senator Steve Conway (D, Tacoma), the bill’s primary sponsor, and…