Ways & Means Committee Passes COLA Bill

Ways & Means Committee Passes COLA Bill

On the afternoon of Monday, March 13, the Washington State Senate Ways & Means Committee passed Engrossed Substitute House Bill (ESHB) 1057 with an amendment.  The bill provides a one-time 3% cost of living adjustment (COLA) to PERS 1 and TRS 1 retirees in July 2023, not to exceed $110 per month.  Additionally, the bill directs the Select Committee on Pension Policy to study and recommend to the legislature an ongoing COLA proposal for PERS 1 and TRS 1 retirees.

The amendment adopted by Ways & Means fully funds the bill by removing…